Note 8 - Stock Compensation Plans

12 Months Ended

Feb. 28, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 8 - STOCK COMPENSATION PLANS

In FY 2008, shareholders approved the 2007 Equity Incentive Plan (the “2007 Plan”).  The 2007 Plan allows awards of stock options; stock appreciation rights; stock awards, restricted stock and stock units; performance shares and performance units; other stock or cash based awards.  As of February 28, 2013, 219,240 restricted stock units, 12,936 stock options and 20,000 unrestricted shares have been awarded under the 2007 Plan and 213,128 shares of common stock is available for award under the plan consisting of 300,000 shares originally authorized, 85,340 previously reserved for issuance under earlier plans and 79,964 shares forfeited under the 2007 Plan and suspended plans, less shares awarded under the Plan.

Under the  2004 Stock Option Plan (the “2004 Plan”), options to purchase up to 970,200 of the Company’s common stock were previously authorized to be granted at prices not less than market value at the date of grant. Options granted may not have a term exceeding ten years under the  the 2004 plan and the 2007 plan. Options representing the right to purchase  258,009 and 12,936 shares of the Company’s common stock were outstanding under the the 2004 Plan and the 2007 Plan, respectively, at February 28, 2013. On February 21, 2006, the Company accelerated the vesting of all outstanding stock options in order to prevent past option grants from having an impact on future results. The options outstanding under these plans will expire, if not exercised through February 2016.

Information with respect to stock option awards outstanding under the plans at February 28, 2013, and changes for the three years then ended was as follows:

	Twelve Months Ended February 28 or 29:
	2013			2012			2011
Outstanding stock options at beginning of year:		307,088			341,890			367,762
Granted		-			12,936			-
Exercised		(21,191	)		(45,113	)		(6,468	)
Cancelled/forfeited		(14,952	)		(2,625	)		(19,404	)
Outstanding stock options as of February 28 or 29:		270,945			307,088			341,890
Weighted average exercise price	$	11.17		$	10.84		$	9.83
Weighted average remaining contractual term (in years)		1.94			2.76			3.36

Information with respect to restricted stock unit awards outstanding under the plans at February 28, 2013, and changes for the three years then ended was as follows:

	Twelve Months Ended February 28 or 29:
	2013			2012			2011
Outstanding non-vested restricted stock units at beginning of year:		101,980			141,260			129,280
Granted		-			4,540			44,300
Vested		(44,190	)		(43,300	)		(32,320	)
Cancelled/forfeited		(760	)		(520	)		-
Outstanding non-vested restricted stock units as of February 28 or 29:		57,030			101,980			141,260
Weighted average grant date fair value	$	9.22		$	9.19		$	9.17
Weighted average remaining vesting period (in years)		1.14			2.00			2.96

Additional information about stock options outstanding at February 28, 2013 is summarized as follows:

	Options Outstanding
Range of exercise prices	Number exercisable		Weighted average remaining contractual life		Weighted average exercise price
$7.408 to $7.415		169,284		1.30	$	7.41
$14.695 to $20.571		101,661		2.99	$	17.43