v3.25.2
Stock-Based Compensation (Tables)
 12 Months Ended
May 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Stock-Based Compensation Expense Included in Consolidated Statements of Income

The following table represents total stock-based compensation expense included in our Consolidated Statements of Income:

Year Ended May 31,

 

2025

 

 

2024

 

 

2023

 

(In thousands)

 

 

 

 

 

 

 

 

 

Stock-based compensation expense, included in SG&A

 

$

27,042

 

 

$

25,925

 

 

$

28,723

 

Stock-based compensation expense, included in restructuring expense

 

 

-

 

 

 

-

 

 

 

(50

)

Total stock-based compensation cost

 

 

27,042

 

 

 

25,925

 

 

 

28,673

 

Income tax (benefit)

 

 

(3,685

)

 

 

(3,627

)

 

 

(4,234

)

Total stock-based compensation cost, net of tax

 

$

23,357

 

 

$

22,298

 

 

$

24,439

 
Summary of Weighted-Average Assumptions Related to SARs Grants

The following is a summary of our weighted-average assumptions related to SARs grants made during the last three fiscal years:

Year Ended May 31,

 

2025

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.1

%

 

 

3.9

%

 

 

3.0

%

Expected life of option - years

 

6.0

 

 

6.0

 

 

6.0

 

Expected dividend yield

 

 

1.6

%

 

 

1.8

%

 

 

2.0

%

Expected volatility rate

 

 

25.2

%

 

 

24.6

%

 

 

23.6

%
Summary of Option and Share-Based Payment Activity

The following tables summarize option and share-based payment activity (including SARs) under these plans during the fiscal year ended May 31, 2025:

 

 

2025

 

Share-Based Payments

 

Weighted
Average
Exercise Price

 

 

Number of
Shares Under
Option

 

(Shares in thousands)

 

 

 

 

 

 

Balance at June 1, 2024

 

$

75.54

 

 

 

1,990

 

Options granted

 

 

113.82

 

 

 

212

 

Options exercised

 

 

65.66

 

 

 

(310

)

Balance at May 31, 2025

 

 

81.44

 

 

 

1,892

 

Exercisable at May 31, 2025

 

$

73.98

 

 

 

1,240

 

 

SARs

 

2025

 

 

2024

 

 

2023

 

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Weighted-average grant-date fair value per SAR

 

$

30.99

 

 

$

24.04

 

 

$

18.09

 

Fair value of SARS vested

 

$

18.93

 

 

$

15.28

 

 

$

14.19

 

Intrinsic value of options exercised

 

$

15.49

 

 

$

12.37

 

 

$

11.26

 

Tax benefit from options exercised

 

$

559

 

 

$

6,049

 

 

$

3,292

 
Directors Equity Incentive Plan 2003  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the share-based activity under the 2003 Plan and 2014 Omnibus Plan related to directors during fiscal 2025:

 

 

Weighted-Average

 

 

 

 

 

 

Grant-Date

 

 

 

 

 

 

Fair Value

 

 

2025

 

(Shares in thousands)

 

 

 

 

 

 

Balance at June 1, 2024

 

$

91.70

 

 

 

51

 

Shares granted to directors

 

 

127.65

 

 

 

11

 

Shares vested

 

 

86.33

 

 

 

(21

)

Balance at May 31, 2025

 

$

104.44

 

 

 

41

 
2007 Plan and 2014 Omnibus Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units The following table sets forth such awards for the year ended May 31, 2025:

 

 

Weighted-Average

 

 

 

 

 

 

Grant-Date

 

 

 

 

 

 

Fair Value

 

 

2025

 

(Shares in thousands)

 

 

 

 

 

 

Balance at June 1, 2024

 

$

44.82

 

 

 

384

 

Shares granted

 

 

114.26

 

 

 

16

 

Shares forfeited

 

 

88.10

 

 

 

(5

)

Shares exercised

 

 

50.53

 

 

 

(22

)

Balance at May 31, 2025

 

$

47.06

 

 

 

373

 
Performance Earned Restricted Stock Awards  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the share-based performance-earned restricted stock (“PERS”) and performance stock units (“PSUs”) activity during the fiscal year ended May 31, 2025:

 

 

Weighted-Average

 

 

 

 

 

 

Grant-Date

 

 

 

 

 

 

Fair Value

 

 

2025

 

(Shares in thousands)

 

 

 

 

 

 

Balance at June 1, 2024

 

$

88.13

 

 

 

876

 

Shares granted

 

 

114.14

 

 

 

302

 

Shares forfeited

 

 

89.39

 

 

 

(78

)

Shares vested

 

 

87.23

 

 

 

(284

)

Balance at May 31, 2025

 

$

97.96

 

 

 

816

 
Performance Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table sets forth such awards for the year ended May 31, 2025:

Performance Stock Units ("PSUs")

 

Shares Granted

 

 

Weighted-Average Grant Date Fair Value

 

 

Shares Outstanding as of May 31, 2025

 

 

Unamortized Expense, as of May 31, 2025

 

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

2022 PSUs (1)

 

 

162

 

 

$

81.01

 

 

 

148

 

 

$

—

 

2023 PSU's (2)

 

 

176

 

 

$

93.51

 

 

 

164

 

 

$

1,815

 

2024 PSU's (3)

 

 

153

 

 

$

114.26

 

 

 

151

 

 

$

17,919

 
(1)
The "2022 PSUs" were granted on July 18, 2022. The expense has been fully recognized, in line with the final results achieved for the three-year performance plan.
(2)
The "2023 PSUs were granted on July 19, 2023. The unamortized expense is expected to be recognized over a weighted average period of 1.0 year.
(3)
The "2024 PSUs were granted on July 18, 2024. The unamortized expense is expected to be recognized over a weighted average period of 2.0 years.
Nonvested Shares  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the activity for all nonvested restricted shares during the year ended May 31, 2025:

 

 

Weighted-Average

 

 

 

 

 

 

Grant-Date Fair

 

 

Number of

 

 

 

Value

 

 

Shares

 

(Shares in thousands)

 

 

 

 

 

 

Balance at June 1, 2024

 

$

87.80

 

 

 

1,028

 

Granted

 

 

114.60

 

 

 

330

 

Vested

 

 

86.68

 

 

 

(384

)

Forfeited

 

 

94.36

 

 

 

(27

)

Balance at May 31, 2025

 

$

97.40

 

 

 

947

 
Vested Shares  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units

The following table summarizes the grant date and vested values of restricted shares during the last three fiscal years:

Year Ended May 31,

 

Weighted-Average Grant Date Fair Value

 

 

Fair Value of Restricted Shares Vested

 

 

Shares of Restricted Stock Vested

 

 

Intrinsic Value of Restricted Shares Vested

 

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

$

81.95

 

 

$

28,553

 

 

 

432

 

 

$

33,186

 

2024

 

$

93.95

 

 

$

32,842

 

 

 

421

 

 

$

38,608

 

2025

 

$

114.60

 

 

$

33,246

 

 

 

384

 

 

$

37,640