Stock-Based Compensation

3 Months Ended

Feb. 28, 2015

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

Stock-Based Compensation

Stock-Based Compensation

Stock Options. We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model. The following table summarizes stock option transactions for the three months ended February 28, 2015:

	Options		Weighted Average Exercise Price
Options outstanding at beginning of period	11,735,042		$	20.45
Granted	—		—
Exercised	—		—
Cancelled	(20,780	)	16.13
Options outstanding at end of period	11,714,262		$	20.46
Options exercisable at end of period	10,108,073		$	21.32

As of February 28, 2015, the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.9 years and 4.2 years, respectively. There was $5.1 million of total unrecognized compensation expense related to unvested stock option awards as of February 28, 2015. For the three months ended February 28, 2015 and 2014, stock-based compensation expense associated with stock options totaled $1.1 million and $.6 million, respectively. The aggregate intrinsic value of both stock options outstanding and stock options exercisable was $16.2 million at February 28, 2015. (The intrinsic value of a stock option is the amount by which the market value of a share of the underlying common stock exceeds the exercise price of the stock option.)

Other Stock-Based Awards. From time to time, we grant restricted stock and PSUs to various employees as a compensation benefit. We recognized total compensation expense of $2.1 million for the three months ended February 28, 2015 and $1.2 million for the three months ended February 28, 2014 related to restricted stock and PSUs.