v3.25.1
Share-Based Compensation Plans (Tables)
 12 Months Ended
Feb. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense in SG&A
We recorded share-based compensation expense in SG&A as follows:

 Fiscal Years Ended Last Day of February,
(in thousands)202520242023
Directors stock compensation$785 $787 $788 
Service Condition Awards11,407 12,345 8,663 
Performance Condition Awards3,611 5,746 9,017 
Market Condition Awards4,529 13,790 7,223 
Employee stock purchase plan1,044 1,204 1,062 
Share-based compensation expense21,376 33,872 26,753 
Less: income tax benefits(1,240)(2,110)(1,830)
Share-based compensation expense, net of income tax benefits$20,136 $31,762 $24,923 
Schedule of Option Activity A summary of stock option activity under our 2008 plan was as follows:
(in thousands, except contractual term and per share data)
Options 
Weighted
Average
Exercise
Price
(per share) 
Weighted
Average
Remaining
Contractual
Term
(in years)
Intrinsic
Value 
Outstanding at February 29, 2024
10 $72.46 0.5$447 
Exercises(6)64.19 167 
Outstanding at February 28, 2025
4 $87.61 0.2$— 
Exercisable at February 28, 2025
4 $87.61 0.2$— 
Schedule of Award Activity A summary of Service Condition Awards activity during fiscal 2025 follows:
(in thousands, except per share data)Number of
Service Condition Awards		Weighted Average
Grant Date Fair Value
(per share)
Outstanding at February 29, 2024
180 $138.06 
Granted191 99.20 
Vested(75)153.39 
Forfeited(28)126.07 
Outstanding at February 28, 2025
268 $107.29 
A summary of Performance Condition Awards activity during fiscal 2025 follows and reflects all PSAs granted and outstanding at maximum achievement of 200% of Target:
(in thousands, except per share data)Number of Performance Condition Awards Weighted Average
Grant Date Fair Value
(per share)
Outstanding at February 29, 2024
259 $161.23 
Granted244 89.50 
Vested — — 
Forfeited (1)(82)197.04 
Outstanding at February 28, 2025
421 $112.67 

(1)Includes fiscal 2022 Performance Condition Awards which had a performance achievement level of 0%.
A summary of Market Condition Awards activity during fiscal 2025 follows and reflects all PSAs granted and outstanding at maximum achievement of 200% of Target:
(in thousands, except per share data)Number of Market Condition Awards Weighted Average
Grant Date Fair Value
(per share)
Outstanding at February 29, 2024
259 $118.09 
Granted63 91.19 
Vested— — 
Forfeited (1)
(81)143.59 
Outstanding at February 28, 2025
241 $102.48 

(1)Includes fiscal 2022 Market Condition Awards which had a performance achievement level of 0%.
Schedule of Fair Value Measurement Inputs and Valuation Techniques The input variables utilized are included in the table below:
Fiscal Years Ended Last Day of February,
202520242023
Expected term in years333
Risk free interest rate4.3 %4.6 %1.5 %
Expected volatility 41.0 %46.0 %38.8 %
Expected dividend yield (1)— %— %— %

(1)The Monte Carlo method assumes a reinvestment of dividends.