v3.26.1
Equity Compensation Plans and Other Incentive Compensation (Tables)
 12 Months Ended
May 31, 2026
Stock Option Activity

 

 

 

 

 

 

 

 

 

(option amounts in millions)

 

Options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at May 31, 2023 (1.4 exercisable)

 

 

4.2

 

 

$

25.56

 

 

$

6.51

 

Granted

 

 

1.9

 

 

 

15.43

 

 

 

5.98

 

Exercised

 

 

—

 

 

 

13.61

 

 

 

4.44

 

Forfeited

 

 

(1.2

)

 

 

30.27

 

 

 

7.26

 

Outstanding at May 31, 2024 (1.5 exercisable)

 

 

4.9

 

 

 

20.41

 

 

 

6.12

 

Granted

 

 

2.0

 

 

 

15.47

 

 

 

4.96

 

Exercised

 

 

—

 

 

 

14.50

 

 

 

4.59

 

Forfeited

 

 

(1.0

)

 

 

27.92

 

 

 

7.10

 

Outstanding at May 31, 2025 (2.1 exercisable)

 

 

5.9

 

 

 

17.51

 

 

 

5.56

 

Granted

 

 

6.2

 

 

 

5.93

 

 

 

2.20

 

Exercised

 

 

0.1

 

 

 

5.43

 

 

 

2.11

 

Forfeited

 

 

(4.5

)

 

 

14.31

 

 

 

4.61

 

Outstanding at May 31, 2026 (2.7 exercisable)

 

 

7.7

 

 

$

10.05

 

 

$

3.35

 
Summary of Stock Options Outstanding

The following is a summary of stock options outstanding at May 31, 2026:

 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

 

 

 

Average Contractual

 

 

Weighted-Average

 

 

 

 

 

Weighted-Average

 

(option amounts in millions)

 

 

 

 

Life

 

 

Exercise

 

 

 

 

 

Exercise

 

Range of Exercise Price

 

Number

 

 

(in years)

 

 

Price

 

 

Number

 

 

Price

 

$5.14 - $15.00

 

 

6.1

 

 

 

7.8

 

 

$

7.48

 

 

 

1.2

 

 

$

12.55

 

$15.01 - $25.00

 

 

1.3

 

 

 

2.5

 

 

 

16.24

 

 

 

1.2

 

 

 

16.23

 

$25.01 - $35.00

 

 

0.1

 

 

 

0.9

 

 

 

28.72

 

 

 

0.1

 

 

 

28.73

 

$35.01 - $42.46

 

 

0.2

 

 

 

0.4

 

 

 

41.00

 

 

 

0.2

 

 

 

41.01

 

 

 

 

7.7

 

 

 

6.7

 

 

$

10.05

 

 

 

2.7

 

 

$

16.66

 
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options Intrinsic Value

Remaining compensation cost to be expensed in future periods for non-vested options was $9.0 million at May 31, 2026, with a weighted average expense recognition period of 2.4 years.

 

 

Year Ended May 31,

 

 

 

2026

 

 

2025

 

 

2024

 

Aggregate intrinsic value of options outstanding

 

$

14.5

 

 

$

0.1

 

 

$

0.1

 

Aggregate intrinsic value of options exercisable

 

$

0.4

 

 

$

—

 

 

$

—

 

Aggregate intrinsic value of options exercised

 

$

0.4

 

 

$

—

 

 

$

—

 

 

The fair value of stock options granted was estimated using the following weighted-average assumptions:

 

 

Year Ended May 31,

 

 

2026

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

3.7

%

 

 

3.7

%

 

 

4.7

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Expected stock volatility

 

 

43.4

%

 

 

38.1

%

 

 

37.3

%

Expected option life

 

3.8 years

 

 

3.4 years

 

 

4.5 years

 
Schedule of Performance Stock Units

(PSU amounts in millions)

 

PSUs

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at May 31, 2025

 

 

—

 

 

$

—

 

Granted

 

 

1.3

 

 

 

6.28

 

Vested

 

 

—

 

 

 

—

 

Forfeited

 

 

(0.4

)

 

 

5.90

 

Outstanding at May 31, 2026

 

 

0.9

 

 

$

6.45
Restricted Stock Units (RSUs) [Member]  
Schedule of Nonvested Restricted Stock Units Activity

(RSU amounts in millions)

 

RSUs

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at May 31, 2023

 

 

0.8

 

 

$

19.30

 

Granted

 

 

0.6

 

 

 

15.55

 

Released

 

 

(0.2

)

 

 

18.53

 

Forfeited

 

 

(0.2

)

 

 

19.98

 

Outstanding at May 31, 2024

 

 

1.0

 

 

$

17.17

 

Granted

 

 

0.5

 

 

 

15.49

 

Released

 

 

(0.4

)

 

 

16.89

 

Forfeited

 

 

(0.1

)

 

 

17.47

 

Outstanding at May 31, 2025

 

 

1.0

 

 

$

16.25

 

Granted

 

 

1.5

 

 

 

6.00

 

Released

 

 

(0.5

)

 

 

15.82

 

Forfeited

 

 

(0.5

)

 

 

12.82

 

Outstanding at May 31, 2026

 

 

1.5

 

 

$

7.29