Stock-Based Compensation

3 Months Ended

Feb. 28, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Stock Options. At February 28, 2025 and November 30, 2024, we had 390,641 and 418,141 stock options outstanding with a weighted average exercise price of $16.16 and $16.17, respectively. We have not granted any stock option awards since 2016. During the three months ended February 28, 2025, a total of 27,500 stock options with a weighted average exercise price of $16.21 were exercised. As of February 28, 2025, stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 1.6 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 months ended February 28, 2025 and February 29, 2024. Stock options outstanding and stock options exercisable each had an aggregate intrinsic value of $17.5 million at February 28, 2025. (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 $7.6 million and $7.9 million for the three months ended February 28, 2025 and February 29, 2024, respectively, related to restricted stock and PSUs.