Stock-Based Compensation

12 Months Ended

Feb. 29, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Share-Based Compensation

We have a 2019 Stock Incentive Plan and a 2019 Non-Employee Director Stock Plan (the Plans) that provide for the issuance of 1,150,000 and 150,000 shares, respectively, for various forms of stock-based compensation to employees and non-employee directors. We also have a 2009 Stock Incentive Plan and 2009 Non-Employee Director Stock Incentive Plan with shares reserved for issuance for outstanding unvested awards. Awards under these Plans may be in the form of incentive stock options (to employees only), nonstatutory options, stock-settled stock appreciation rights (SARs), or nonvested share awards and units, all of which are granted at a price or with an exercise price equal to the fair market value of the Company’s stock at the date of award. No additional awards can be made under the 2009 Stock Incentive Plan or the 2009 Non-Employee Director Stock Incentive Plan. Nonvested share awards and units generally vest over a two, three or four-year period.

Total stock-based compensation expense under all Plans included in the results of operations was $6.6 million for fiscal 2020, $6.3 million for fiscal 2019 and $6.2 million for 2018. We elect to account for any forfeitures as they occur.

Stock Options and SARs

There were no stock options or SARs issued in any fiscal year presented, nor was there any activity during the current fiscal year, summarized below:

	Number of Shares	Weighted Average Exercise  Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value at Year-End
Outstanding at March 2, 2019	100,341	$	8.34
Awards exercised	—	—
Outstanding and exercisable at February 29, 2020	100,341	$	8.34	1.5 Years	$	2,192,451

Cash proceeds from the exercise of stock options were $0.2 million and $0.8 million for fiscal 2019 and 2018, respectively. The aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $0.6 million and $4.8 million in fiscal 2019 and 2018, respectively.

Nonvested Share Awards and Units

The following table summarizes nonvested share activity for fiscal 2020: 

	Number of Shares and Units		Weighted Average Grant Date Fair Value
March 2, 2019	286,613		$	47.00
Granted	196,453		37.14
Vested	(151,973	)	48.02
Canceled	(21,834	)	42.43
February 29, 2020	309,259		$	40.58

At February 29, 2020, there was $7.3 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 22 months. The total fair value of shares vested during fiscal 2020 was $5.8 million.