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Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2019

Share-based Payment Arrangement [Abstract]

A summary of stock option activity under all the plans is as follows:



	Shares		Weighted Average		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value⁽¹⁾
	(in thousands)		Exercise Price		(in years)	(in thousands)
Options outstanding, December 1, 2018	1,107		$	37.82
Granted	655		35.10
Exercised	(119	)	30.47
Canceled	(220	)	37.31
Options outstanding, November 30, 2019	1,423		$	37.26	5.14	$	9,782
Exercisable, November 30, 2019	497		$	36.70	4.49	$	3,849
Vested or expected to vest, November 30, 2019	1,423		$	37.26	5.14	$	9,782


⁽¹⁾	The aggregate intrinsic value was calculated based on the difference between the closing price of our stock on November 30, 2019 of $41.92 and the exercise prices for all options outstanding.

Summary of Status of Restricted Stock Units

A summary of restricted stock units activity is as follows (in thousands, except per share data):



	Number of Shares		Weighted Average Fair Value
Restricted stock units outstanding, December 1, 2018	912		$	35.46
Granted	540		36.09
Issued	(365	)	32.93
Canceled	(258	)	31.79
Restricted stock units outstanding, November 30, 2019	829		$	38.16

Schedule of Valuation Assumptions

We estimated the fair value of stock options and ESPP awards granted in fiscal years 2019, 2018 and 2017 on the measurement dates using the Black-Scholes option valuation model, and LTIP awards using the Monte Carlo Simulation valuation model, with the following weighted average assumptions:



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Stock options:
Expected volatility	25.0	%	22.8	%	25.0	%
Risk-free interest rate	2.5	%	2.3	%	1.9	%
Expected life (in years)	4.8		4.8		4.8
Expected dividend yield	1.8	%	1.1	%	1.7	%
Employee stock purchase plan:
Expected volatility	30.6	%	23.8	%	22.9	%
Risk-free interest rate	2.3	%	2.3	%	1.2	%
Expected life (in years)	1.6		1.7		1.5
Expected dividend yield	1.7	%	1.5	%	1.6	%
Long-term incentive plan:
Expected volatility	32.2	%	27.4	%	27.5	%
Risk-free interest rate	2.5	%	2.1	%	1.4	%
Expected life (in years)	2.8		2.9		2.7
Expected dividend yield	1.7	%	1.7	%	1.8	%

Stock Options and Stock Awards Activity

The following additional activity occurred under our plans (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Total intrinsic value of stock options on date exercised	$	1,388	$	3,692	$	1,622
Total fair value of deferred stock units on date vested	1,853		1,690		57
Total fair value of restricted stock units on date vested	14,720		14,741		20,032

Classification of Stock-Based Compensation

The following table provides the classification of stock-based compensation as reflected in our consolidated statements of operations (in thousands):



	Fiscal Year Ended
	November 30, 2019		November 30, 2018		November 30, 2017
Cost of maintenance and services	$	1,134	$	616	$	1,016
Sales and marketing	4,155		2,959		2,214
Product development	7,205		8,242		4,576
General and administrative	10,817		8,752		6,347
Total stock-based compensation	$	23,311	$	20,569	$	14,153
Income tax benefit included in the provision for income taxes	$	4,661	$	4,345	$	4,057