Stock-Based Compensation

3 Months Ended

Feb. 29, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Stock Options. At February 29, 2024 and November 30, 2023, we had 521,864 and 1,109,567 stock options outstanding with a weighted average exercise price of $16.01 and $15.50, respectively. We have not granted any stock option awards since 2016. During the three months ended February 29, 2024, a total of 587,703 stock options with a weighted average exercise price of $15.03 were exercised. As of February 29, 2024, stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 2.4 years. As all outstanding stock options have been fully vested since 2019, there was no stock-based compensation expense associated with stock options for the three-month periods ended February 29, 2024 and February 28, 2023. Stock options outstanding and stock options exercisable each had an aggregate intrinsic value of $26.3 million at February 29, 2024. (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 $7.9 million and $5.9 million for the three months ended February 29, 2024 and February 28, 2023, respectively, related to restricted stock and PSUs.