(8)	Long-Term Incentives. Long-Term Incentives consist of the following:


(in thousands)	November 30, 2012		February 29, 2012
Long-Term Incentives	$	508	$	822
Phantom Stock Liability		2,655		2,598

Total Long-Term incentives	$	3,163	$	3,420

Long-Term Incentives consist of deferred bonuses expected to be earned by certain members of management, based on the achievement of multi-year financial goals.

Phantom Stock Liability represents the value of long-term phantom stock units held by members of the Board of Directors. The units were awarded each quarter from June 2004 through June 2012 and are redeemed in cash after five years at the average of the closing prices of our stock for the preceding 30 trading days. The liability is adjusted to the current market value of our stock each quarter.

We also carry a current liability of $1.4 million for the current portion of the management deferred bonuses, and a current liability of $0.2 million (at the November 30, 2012 market value) for phantom stock units which will be redeemed within one year. These liabilities are included in Accrued Expenses within Current Liabilities