| 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 (2)
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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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Share repurchases |
— |
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— |
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— |
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265,593 |
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— |
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Conversion of shares |
6,267 |
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(543 |
) |
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(5,724 |
) |
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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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— |
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(258,628 |
) |
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— |
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Employee stock purchases |
— |
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— |
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— |
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(36,840 |
) |
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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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(2,148 |
) |
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— |
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Balance at August 31, 2019 |
185,880,112 |
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28,321,821 |
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1,012,395 |
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18,604,964 |
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5,005,800 |
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Conversion of shares |
191,233 |
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(2,215 |
) |
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(189,018 |
) |
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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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— |
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(38,154 |
) |
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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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(242 |
) |
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— |
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Balance at November 30, 2019 |
186,071,345 |
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28,319,606 |
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823,377 |
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18,566,568 |
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5,005,800 |
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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, 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 (2)
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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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Share repurchases |
— |
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— |
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— |
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1,901,637 |
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— |
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Conversion of shares |
2,500 |
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(2,500 |
) |
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— |
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— |
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— |
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Exercise of stock options |
137,219 |
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— |
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2,325 |
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— |
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— |
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Employee stock purchases |
— |
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— |
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— |
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(34,203 |
) |
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— |
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Grant of restricted stock awards |
— |
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— |
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— |
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(3,552 |
) |
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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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(3,074 |
) |
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— |
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Balance at August 31, 2018 |
259,080,165 |
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28,327,743 |
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9,413 |
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92,971,811 |
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5,005,800 |
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Retirement of treasury shares (3)
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(74,000,000 |
) |
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— |
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— |
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(74,000,000 |
) |
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— |
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Conversion of shares |
5,314 |
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(5,314 |
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— |
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— |
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— |
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Exercise of stock options |
428,925 |
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— |
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2,570 |
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— |
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— |
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Grant of restricted stock awards |
— |
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— |
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— |
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(362 |
) |
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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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(715 |
) |
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— |
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Balance at November 30, 2018 |
185,514,404 |
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28,322,429 |
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11,983 |
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18,970,734 |
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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 the following shares withheld to satisfy tax withholding requirements: |
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For the Three Months Ended
May 31, |
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For the Three Months Ended
August 31, |
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For the Three Months Ended
November 30, |
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For the Nine Months Ended
November 30, |
2019 |
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Restricted Stock Units |
48,562 |
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1,176 |
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94 |
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49,832 |
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Performance Share Units |
17,439 |
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— |
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— |
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17,439 |
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2018 |
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Restricted Stock Units |
12,743 |
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2,211 |
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402 |
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15,356 |
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Performance Share Units |
44,016 |
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— |
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— |
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44,016 |
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(3) |
Shares of our Class A Treasury Stock were retired to authorized and unissued shares of our Class A Common Stock. |
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.
For the nine months ended November 30, 2019, we repurchased 265,593 shares of Class A Common Stock pursuant to the 2018 Authorization at an aggregate cost of $50.0 million through open market transactions.
As of November 30, 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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$ |
1,045.9 |
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4,897,605 |
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