v3.26.1
Stock Option Plan and Stock Based Compensation (Tables)
 12 Months Ended
Feb. 28, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Assumptions Used and The Weighted Average Grant-Date Fair Value of The Stock Options Granted The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during the fiscal years 2026 and 2024.

 

 

 

February 28,

 

 

February 29

 

 

 

2026

 

 

2024

 

Expected volatility

 

 

19.95

%

 

 

19.55

%

Expected term (years)

 

 

3.0

 

 

 

3.0

 

Risk free interest rate

 

 

3.97

%

 

 

3.87

%

Dividend Yield

 

 

4.66

%

 

 

4.94

%

Weighted average grant-date fair value

 

$

2.41

 

 

$

2.47

 
Summary of Stock Option Activity

The Company had the following stock option activity for fiscal years 2025 and 2026.

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

Aggregate

 

 

 

Number

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

of Shares

 

 

Exercise

 

 

Contractual

 

 

Value(a)

 

 

 

(exact quantity)

 

 

Price

 

 

Life (in years)

 

 

(in thousands)

 

Outstanding at March 1, 2024

 

 

52,500

 

 

 

19.88

 

 

 

9.1

 

 

 

23.0

 

Granted

 

 

—

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(12,500

)

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(8,749

)

 

 

—

 

 

 

 

 

 

 

Outstanding at March 1, 2025

 

 

31,251

 

 

 

19.88

 

 

 

8.1

 

 

 

41.3

 

Granted

 

 

10,809

 

 

 

17.27

 

 

 

 

 

 

 

Terminated

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(2,500

)

 

 

17.27

 

 

 

 

 

 

 

Outstanding at February 28, 2026

 

 

39,560

 

 

$

19.33

 

 

 

7.6

 

 

$

70.3

 

Exercisable at February 28, 2026

 

 

26,222

 

 

$

19.05

 

 

 

7.8

 

 

$

53.9

 

 
Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at February 28, 2026 are presented below:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

Number

 

 

Grant Date

 

 

 

of Options

 

 

Fair Value

 

Unvested at March 1, 2025

 

 

26,669

 

 

 

2.47

 

New grants

 

 

10,809

 

 

 

2.41

 

Vested

 

 

(24,140

)

 

 

2.44

 

Forfeited

 

 

—

 

 

 

—

 

Unvested at February 28, 2026

 

 

13,338

 

 

 

2.47

 
Summary of Restricted Stock Awards and Restricted Stock Units Activity

The following occurred with respect to the Company’s unvested restricted stock awards for each of the three fiscal years 2024, 2025 and 2026:

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

Number of

 

 

Grant Date

 

 

Shares

 

 

Fair Value

 

Unvested at March 1, 2023

 

49,783

 

 

$

18.99

 

Granted

 

21,672

 

 

 

20.31

 

Terminated

 

—

 

 

 

—

 

Vested

 

(29,324

)

 

 

18.36

 

Unvested at February 29, 2024

 

42,131

 

 

$

20.11

 

Granted

 

19,880

 

 

 

23.24

 

Terminated

 

—

 

 

 

—

 

Vested

 

(20,344

)

 

 

20.08

 

Unvested at February 28, 2025

 

41,667

 

 

$

21.61

 

Granted

 

37,477

 

 

 

17.99

 

Terminated

 

(6,776

)

 

 

22.46

 

Vested

 

(32,307

)

 

 

19.81

 

Unvested at February 28, 2026

 

40,061

 

 

$

19.53

 

The following occurred with respect to the Company’s unvested RSUs for fiscal years 2024, 2025 and 2026:

 

 

Time-based

 

 

Performance-based

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

Number of

 

 

Grant Date

 

 

Number of

 

 

Grant Date

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

Unvested at March 1, 2023

 

33,274

 

 

$

20.11

 

 

 

233,819

 

 

$

23.17

 

Granted

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Terminated

 

—

 

 

 

—

 

 

 

(81,247

)

 

 

20.32

 

Vested

 

(16,635

)

 

 

20.11

 

 

 

—

 

 

 

—

 

Unvested at February 29, 2024

 

16,639

 

 

$

20.11

 

 

 

152,572

 

 

$

23.17

 

Granted (1)

 

122,303

 

 

 

19.43

 

 

 

238,494

 

 

 

19.97

 

Change due to performance achievement

 

—

 

 

 

—

 

 

 

61,337

 

 

 

—

 

Terminated

 

(8,695

)

 

 

19.43

 

 

 

(29,462

)

 

 

19.97

 

Vested

 

(28,286

)

 

 

19.83

 

 

 

(224,114

)

 

 

22.59

 

Unvested at February 28, 2025

 

101,961

 

 

$

19.43

 

 

 

198,827

 

 

$

19.97

 

Granted

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Terminated

 

(5,403

)

 

 

19.43

 

 

 

—

 

 

 

—

 

Vested

 

(28,582

)

 

 

19.43

 

 

 

—

 

 

 

—

 

Unvested at February 28, 2026

 

67,976

 

 

$

19.43

 

 

 

198,827

 

 

$

19.97

 

 

(1) The number of shares of time-based grants may, upon vesting, convert 50% into common stock and the remaining 50% into two incentive stock options for each RSU with an exercise price equal to the closing price of the Company's stock on that date for employees who have not met their stock ownership requirements. The number of shares of performance-based grants includes an estimate 55,037 of additional RSUs at the maximum achievement level of 130% of target payout. Actual shares that may be issued can range from 0% to 130% of target.