Stock Compensation (Tables)

12 Months Ended

Feb. 29, 2016

Activity in our non-vested restricted stock unit awards for the year ended February 29, 2016 was as follows:



	Restricted Stock Units		Weighted Average Grant Date Fair Value
Non-Vested Balance as of February 28, 2015	77,446		$	41.31
Granted	48,113		46.82
Vested	(24,579	)	36.52
Forfeited	(2,287	)	44.31
Non-Vested Balance as of February 29, 2016	98,693		$	45.03

Stock Appreciation Rights and Option Awards

A summary of the Company’s stock appreciation rights awards activity for the years ended February 29, 2016, February 28, 2015 and February 28, 2014 were as follows:



	2016				2015				2014
	SAR’s		Weighted Average Exercise Price		SAR’s		Weighted Average Exercise Price		SAR’s		Weighted Average Exercise Price
Outstanding at beginning of year	376,982		$	31.27	396,174		$	26.64	439,863		$	19.12
Granted	—		—		126,532		43.92		116,032		45.20
Exercised	(59,441	)	14.67		(98,942	)	22.79		(159,721	)	19.19
Forfeited	(4,793	)	44.56		(46,782	)	44.14		—		—
Outstanding at end of year	312,748		$	34.23	376,982		$	31.27	396,174		$	26.64
Exercisable at end of year	217,961		$	29.83	204,107		$	21.55	153,343		$	15.32
Weighted average fair value for the fiscal year indicated of SARs granted during such year			$	—			$	16.94			$	13.68

Share-based Compensation Activity

The following table summarizes additional information about stock appreciation rights outstanding at February 29, 2016.



Range of Exercise Prices	Total SAR’s	Average Remaining Life	Weighted Average Exercise Price		SAR’s Currently Exercisable	Weighted Average Exercise Price
$9.06	5,174	0.00	$	9.06	5,174	$	9.06
$15.84	52,958	1.00	$	15.84	52,958	$	15.84
$20.91	38,820	2.00	$	20.91	38,820	$	20.91
$25.67	31,328	3.00	$	25.67	31,328	$	25.67
$39.65	950	4.52	$	39.65	475	$	39.65
$43.92	107,954	5.01	$	43.92	43,135	$	43.92
$45.26	40,000	4.68	$	45.26	20,000	$	45.26
$45.36	34,805	4.00	$	45.36	25,565	$	45.36
$46.43	759	4.72	$	46.43	506	$	46.43
$ 9.06 - $46.43	312,748	3.51	$	34.23	217,961	$	29.83

Share-based Compensation Fair Value Assumptions

Assumptions used in the Black-Scholes option pricing model for fiscal years 2015 and 2014 were as follows for all stock appreciation rights:



	2015	2014
Expected term in years	4.5	4.5
Expected dividend yield	1.20% – 1.32%	1.21% – 1.49%
Expected price volatility	35.39% – 40.00%	36.34% – 53.00%
Risk-free interest rate	2.32 – 2.73	0.75 – 2.98

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 for the fiscal years ending February 29, 2016, February 28, 2015 and February 28, 2014:



Fiscal	2016		2015		2014
	(In thousands)
Compensation expense	$	4,538	$	4,080	$	3,703
Income tax benefits	$	1,588	$	1,428	$	1,296