As part of our compensation structure, we grant share-based compensation awards to certain employees and non-employee members of our Board of Directors during the fiscal year. These awards may be subject to attainment of certain service conditions, performance conditions and/or market conditions. In connection with our annual grant during the first quarter of fiscal 2026, we granted 272,909 service condition awards (“Service Condition Awards”) with a weighted average grant date fair value of $53.28. Additionally, we granted 320,027 performance-based awards during the first quarter of fiscal 2026, of which 191,946 contained performance conditions (“Performance Condition Awards”) and 128,081 contained market conditions (“Market Condition Awards”), with weighted average grant date fair values of $53.28 and $37.24, respectively. Refer to our Form 10-K for further information on the Company's share-based compensation plans.


	Three Months Ended May 31,
(in thousands)	2025 (1)		2024

Directors' stock compensation	$	196	$	196
Service Condition Awards	3,941		2,568
Performance Condition Awards	(4,526)		1,047
Market Condition Awards	124		1,395
Employee stock purchase plan	561		627
Share-based compensation expense	296		5,833
Less: income tax benefits	(157)		(264)
Share-based compensation expense, net of income tax benefits	$	139	$	5,569

(1)Share-based compensation expense during the first quarter of fiscal 2025 includes a benefit for Performance Condition Awards, as a result of a change in estimate from target achievement to zero percent achievement for Performance Condition Awards granted during fiscal 2024.

As of May 31, 2025, our total unrecognized share-based compensation for all awards was $39.0 million, which will be recognized over a weighted average amortization period of 2.2 years. The total unrecognized share-based compensation reflects an estimate of target achievement for Performance