Stock-Based Compensation

9 Months Ended

Aug. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Stock Options. At August 31, 2025 and November 30, 2024, we had 376,641 and 418,141 stock options outstanding with a weighted average exercise price of $16.21 and $16.17, respectively. We have not granted any stock option awards since 2016. During the nine months ended August 31, 2025, a total of 41,500 stock options with a weighted average exercise price of $15.77 were exercised. As of August 31, 2025, stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 1.2 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 and nine-month periods ended August 31, 2025 and 2024. Stock options outstanding and stock options exercisable each had an aggregate intrinsic value of $17.8 million at August 31, 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 $8.4 million and $8.0 million for the three months ended August 31, 2025 and 2024, respectively, related to restricted stock and PSUs. For the nine months ended August 31, 2025 and 2024, we recognized total compensation expense of $25.1 million and $25.3 million, respectively, related to restricted stock and PSUs.