Stock Compensation (Tables)

12 Months Ended

Feb. 28, 2013

Activity in our non-vested restricted stock unit awards for the year ended February 28, 2013 was as follows:



	Restricted Stock Units		Weighted Average Grant Date Fair Value
Non-Vested Balance as of February 29, 2012	122,450		$	13.89
Granted	41,760		25.81
Vested	(58,028	)	9.22
Forfeited	—		—
Non-Vested Balance as of February 28, 2013	106,182		$	20.92

Stock Appreciation Rights and Option Awards

A summary of the Company’s stock appreciation rights and option awards activity for the three years ended February 28, or 29, as applicable, were as follows:



	2013				2012				2011
	Options/ SAR’s		Weighted Average Exercise Price		Options/ SAR’s		Weighted Average Exercise Price		Options/ SAR’s		Weighted Average Exercise Price
Outstanding at beginning of year	573,000		$	15.46	831,518		$	14.24	950,282		$	10.93
Granted	118,107		25.77		193,132		20.91		322,792		16.12
Exercised	(251,240	)	13.84		(413,814	)	15.10		(433,394	)	8.48
Forfeited	(4	)	2.11		(37,836	)	19.88		(8,162	)	9.59
Outstanding at end of year	439,863		$	19.12	573,000		$	15.46	831,518		$	14.24
Exercisable at end of year	115,395		$	13.14	123,090		$	12.11	487,396		$	13.60
Weighted average fair value for the fiscal year indicated of options and SARs granted during such year			$	8.81			$	7.74			$	6.27

Share-based Compensation Activity

The following table summarizes additional information about stock options and stock appreciation rights outstanding at February 28, 2013.



Range of Exercise Prices	Total Options/ SAR’s	Average Remaining Life	Weighted Average Exercise Price		Options / SAR’s Currently Exercisable	Weighted Average Exercise Price
$9.06	59,222	3.00	$	9.06	59,222	$	9.06
$15.84	127,644	4.00	$	15.84	38,405	$	15.84
$20.91	134,890	5.00	$	20.91	17,767	$	20.91
$25.67	118,107	6.00	$	25.67	—	$	—
$ 9.06 - $25.67	439,863	4.71	$	19.12	115,394	$	13.14

Share-based Compensation Fair Value Assumptions

Assumptions used in the Black-Scholes option pricing model for the past three fiscal years were as follows for all stock appreciation rights plans and employee stock purchase plans:



	2013	2012	2011
Expected life in years	2 – 5	2 – 5	2 – 5
Expected dividend yield	1.73 - 2.00	2.27 – 2.39	2.43 – 3.16
Expected price volatility	45.00% - 47.50%	46.86% – 48.85%	52.11% – 67.65%
Risk-free interest rate	0.29 - 0.59	3.39 – 3.51	2.2 – 3.87

Share-based compensation expense and related income tax

Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows:



Year ended February 29, or 28,	2013		2012		2011
Compensation Expense	$	3,175,050	$	2,927,917	$	3,146,002
Income tax benefits	$	1,111,268	$	1,024,771	$	1,101,101