Stock Compensation (Tables)

12 Months Ended

Feb. 28, 2017

ctivity in our non-vested restricted stock unit awards for the year ended February 28, 2017 is as follows:



	Restricted Stock Units		Weighted Average Grant Date Fair Value
Non-Vested Balance as of February 29, 2016	98,693		$	45.03
Granted	73,921		56.66
Vested	(35,330	)	45.82
Forfeited	(2,737	)	50.71
Non-Vested Balance as of February 28, 2017	134,547		$	51.10

Stock Appreciation Rights and Option Awards

A summary of the Company’s stock appreciation rights awards activity for the years ended February 28, 2017, February 29, 2016 and February 28, 2015 is as follows:



	2017				2016				2015
	SAR’s		Weighted Average Exercise Price		SAR’s		Weighted Average Exercise Price		SAR’s		Weighted Average Exercise Price
Outstanding at beginning of year	312,748		$	34.23	376,982		$	31.27	396,174		$	26.64
Granted	—		—		—		—		126,532		43.92
Exercised	(141,983	)	24.85		(59,441	)	14.67		(98,942	)	22.79
Forfeited	(626	)	43.92		(4,793	)	44.56		(46,782	)	44.14
Outstanding at end of year	170,139		$	42.02	312,748		$	34.23	376,982		$	31.27
Exercisable at end of year	126,975		$	41.27	217,961		$	29.83	204,107		$	21.55
Weighted average fair value for the fiscal year indicated of SARs granted during such year			$	—			$	—			$	16.94

Share-based Compensation Activity

The following table summarizes additional information about stock appreciation rights outstanding at February 28, 2017.



Range of Exercise Prices	Total SAR’s	Average Remaining Life	Weighted Average Exercise Price		SAR’s Currently Exercisable	Weighted Average Exercise Price
$20.91	9,954	1.00	$	20.91	9,954	$	20.91
$25.67	9,538	2.00	$	25.67	9,538	$	25.67
$39.65	950	3.52	$	39.65	950	$	39.65
$43.92	89,180	4.01	$	43.92	56,016	$	43.92
$45.26	40,000	3.68	$	45.26	30,000	$	45.26
$45.36	19,758	3.00	$	45.36	19,758	$	45.36
$46.43	759	3.72	$	46.43	759	$	46.43
$20.91 - $46.43	170,139	3.52	$	42.02	126,975	$	41.27

Share-based Compensation Fair Value Assumptions

Assumptions used in the Black-Scholes option pricing model for fiscal year 2015 are as follows for all stock appreciation rights:



		2015
Expected term in years		4.5
Expected dividend yield		1.20% – 1.32%
Expected price volatility		35.39% – 40.00%
Risk-free interest rate		2.32 – 2.73

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 ended February 28, 2017, February 29, 2016 and February 28, 2015:



Year ended	2017		2016		2015
	(In thousands)
Compensation expense	$	5,870	$	4,538	$	4,080
Income tax benefits	$	2,055	$	1,588	$	1,428