| STOCKHOLDERS' EQUITY |
STOCKHOLDERS’ EQUITY
Common stock
The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:
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Common Stock |
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Treasury Stock |
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Class A |
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Class B |
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Class 1 |
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Class A |
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Class B |
Balance at February 28, 2019 |
185,740,178 |
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28,322,419 |
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1,149,624 |
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18,927,966 |
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5,005,800 |
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Conversion of shares |
133,667 |
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(55 |
) |
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(133,612 |
) |
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— |
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— |
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Exercise of stock options (1)
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— |
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— |
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2,107 |
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(173,725 |
) |
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— |
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Vesting of restricted stock units (2)
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— |
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— |
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— |
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(88,683 |
) |
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— |
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Vesting of performance share units (3)
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— |
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— |
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— |
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(29,015 |
) |
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— |
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Cancellation of restricted shares |
— |
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— |
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— |
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444 |
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— |
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Balance at May 31, 2019 |
185,873,845 |
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28,322,364 |
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1,018,119 |
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18,636,987 |
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5,005,800 |
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Balance at February 28, 2018 |
258,718,356 |
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28,335,387 |
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1,970 |
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90,743,239 |
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5,005,800 |
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Share repurchases |
— |
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— |
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— |
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450,508 |
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— |
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Conversion of shares |
5,144 |
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(5,144 |
) |
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— |
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— |
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— |
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Exercise of stock options |
216,946 |
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— |
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5,118 |
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— |
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— |
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Vesting of restricted stock units (2)
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— |
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— |
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— |
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(20,392 |
) |
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— |
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Vesting of performance share units (3)
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— |
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— |
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— |
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(62,352 |
) |
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— |
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Balance at May 31, 2018 |
258,940,446 |
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28,330,243 |
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7,088 |
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91,111,003 |
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5,005,800 |
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(1) |
Includes use of Class A Treasury Stock associated with stock option exercises beginning March 1, 2019. |
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(2) |
Net of 48,562 shares and 12,743 shares withheld for the three months ended May 31, 2019, and May 31, 2018, respectively, to satisfy tax withholding requirements.
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(3) |
Net of 17,439 shares and 44,016 shares withheld for the three months ended May 31, 2019, and May 31, 2018, respectively, to satisfy tax withholding requirements.
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Stock repurchases
In January 2018, our Board of Directors authorized the repurchase of up to $3.0 billion of our Class A Common Stock and Class B Convertible Common Stock (the “2018 Authorization”). The Board of Directors did not specify a date upon which this authorization would expire. Shares repurchased under the 2018 Authorization have become treasury shares.
As of May 31, 2019, total shares repurchased under the 2018 Authorizations are as follows:
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Class A Common Shares |
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Repurchase
Authorization
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Dollar Value
of Shares
Repurchased
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Number of
Shares
Repurchased
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(in millions, except share data) |
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2018 Authorization |
$ |
3,000.0 |
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$ |
995.9 |
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4,632,012 |
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