v3.26.3
Stock Based Compensation (Tables)
 6 Months Ended
Aug. 31, 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 six months ended August 31, 2026 and 2025.

 

 

August 31,

 

 

August 31,

 

 

 

2026

 

 

2025

 

Expected volatility

 

 

19.87

%

 

 

19.95

%

Expected term (years)

 

 

3

 

 

 

3

 

Risk free interest rate

 

 

3.84

%

 

 

3.97

%

Dividend Yield

 

 

5.33

%

 

 

4.66

%

Weighted average grant-date fair value

 

$

2.24

 

 

$

2.41

 
Summary of Stock Option Activity

The Company had the following stock option activity for the six months ended August 31, 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, 2026

 

 

39,560

 

 

$

19.33

 

 

 

7.6

 

 

$

70.3

 

Granted

 

 

10,809

 

 

 

19.76

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding at August 31, 2026

 

 

50,369

 

 

$

19.42

 

 

 

7.6

 

 

$

96.5

 

Exercisable at August 31, 2026

 

 

50,369

 

 

$

19.42

 

 

 

7.6

 

 

$

96.5

 

 
Summary of Unvested Stock Options

A summary of the status of the Company’s unvested stock options at August 31, 2026 and the changes during the six months ended August 31, 2026 are presented below:

 

 

 

 

Weighted

 

 

 

 

Average

 

 

Number

 

Grant Date

 

 

of Options

 

Fair Value

Unvested at March 1, 2026

 

13,338

 

2.47

New grants

 

10,809

 

2.24

Vested

 

(24,147)

 

2.37

Forfeited

 

—

 

—

Unvested at August 31, 2026

 

—

 

—

 
Summary of Restricted Stock Awards and Restricted Stock Units Activity

The following activity occurred with respect to the Company’s restricted stock awards for the six months ended August 31, 2026:

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

Number of

 

 

Grant Date

 

 

Shares

 

 

Fair Value

 

Unvested at March 1, 2026

 

40,061

 

 

$

19.53

 

Granted

 

19,514

 

 

 

21.71

 

Terminated

 

—

 

 

 

—

 

Vested

 

(18,619

)

 

 

20.01

 

Unvested at August 31, 2026

 

40,956

 

 

$

20.35

 

The following activity occurred with respect to the Company’s restricted stock units for the six months ended August 31, 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, 2026 (1)

 

67,976

 

 

$

19.43

 

 

 

198,827

 

 

$

19.97

 

Granted

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Terminated

 

(5,403

)

 

 

19.43

 

 

 

—

 

 

 

—

 

Modified (2)

 

(46,352

)

 

 

19.43

 

 

 

(135,581

)

 

 

19.97

 

Vested

 

(5,406

)

 

 

19.43

 

 

 

—

 

 

 

—

 

Unvested at August 31, 2026

 

10,815

 

 

$

19.43

 

 

 

63,246

 

 

$

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 45,883 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.

(2) During April 2026, the Compensation Committee approved the settlement of certain outstanding RSU awards in cash rather than shares of common stock. As a result, the awards were modified from equity-classified to liability-classified awards under Accounting Standards Codification (“ASC”) Topic 718, Compensation-Stock Compensation (“ASC 718”). The Company reclassified approximately $2.2 million from additional paid-in-capital to accrued compensation liabilities. Subsequent changes in the liability balance will be recognized through compensation expense until settlement.