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Stock-Based Employee Compensation (Tables)
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12 Months Ended |
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Feb. 28, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Total compensation cost and income tax benefits recognized |
The Company has four stock-based employee compensation plans (as further discussed below). Total compensation cost and income tax benefits recognized for the Company’s stock-based awards are as follows:
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For the Years Ended |
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February 28, 2013 |
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February 29, 2012 |
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February 28, 2011 |
(in millions) |
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Total compensation cost for stock-based awards recognized in the Consolidated Statements of Comprehensive Income |
$ |
40.8 |
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$ |
47.6 |
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$ |
48.2 |
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Total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for stock-based compensation |
$ |
13.8 |
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$ |
16.3 |
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$ |
18.7 |
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Total compensation cost for stock-based awards capitalized in inventory in the Consolidated Balance Sheets |
$ |
4.1 |
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$ |
3.7 |
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$ |
3.9 |
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| Stock option activity |
A summary of stock option activity under the Company’s Long-Term Stock Incentive Plan and the Incentive Stock Option Plan is as follows:
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Number
of
Options
Outstanding
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Weighted
Average
Exercise
Price
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Number
of
Options
Exercisable
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Weighted
Average
Exercise
Price
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Balance, February 28, 2010 |
34,846,095 |
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$ |
18.05 |
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19,277,958 |
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$ |
18.95 |
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Granted |
3,340,413 |
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$ |
16.69 |
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Exercised |
(5,100,677 |
) |
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$ |
12.22 |
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Forfeited |
(1,331,443 |
) |
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$ |
17.42 |
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Expired |
(1,910,783 |
) |
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$ |
22.54 |
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Balance, February 28, 2011 |
29,843,605 |
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$ |
18.63 |
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|
18,148,632 |
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$ |
20.31 |
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Granted |
2,745,309 |
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$ |
20.62 |
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Exercised |
(3,438,706 |
) |
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$ |
14.75 |
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Forfeited |
(550,203 |
) |
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$ |
16.91 |
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Expired |
(1,668,708 |
) |
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$ |
24.03 |
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Balance, February 29, 2012 |
26,931,297 |
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$ |
19.03 |
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18,198,577 |
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$ |
20.18 |
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Granted |
1,980,260 |
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$ |
24.65 |
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Exercised |
(8,234,324 |
) |
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$ |
19.18 |
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Forfeited |
(207,945 |
) |
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$ |
17.81 |
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Expired |
(205,210 |
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$ |
24.11 |
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Balance, February 28, 2013 |
20,264,078 |
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$ |
19.48 |
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13,697,345 |
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$ |
19.66 |
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| Restricted stock activity |
A summary of restricted Class A Common Stock activity under the Company’s Long-Term Stock Incentive Plan is as follows:
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Restricted Stock Awards |
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Number of
Restricted
Stock Awards
Outstanding
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Weighted
Average
Grant-Date
Fair Value
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Fair
Value of
Shares
Vested
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Nonvested balance, February 28, 2010 |
1,508,358 |
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$ |
13.63 |
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Granted |
739,388 |
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$ |
16.67 |
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Vested |
(399,566 |
) |
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$ |
13.79 |
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$ |
7,302,455 |
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Forfeited |
(37,864 |
) |
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$ |
14.23 |
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Nonvested balance, February 28, 2011 |
1,810,316 |
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$ |
14.83 |
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Granted |
622,092 |
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$ |
20.63 |
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Vested |
(529,118 |
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$ |
14.87 |
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$ |
11,826,372 |
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Forfeited |
(105,402 |
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$ |
16.56 |
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Nonvested balance, February 29, 2012 |
1,797,888 |
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$ |
16.72 |
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Granted |
18,190 |
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$ |
30.14 |
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Vested |
(626,914 |
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$ |
16.26 |
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$ |
13,741,842 |
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Forfeited |
(61,140 |
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$ |
17.44 |
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Nonvested balance, February 28, 2013 |
1,128,024 |
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$ |
17.16 |
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Restricted Stock Units |
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Number of
Restricted
Stock Units
Outstanding
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Weighted
Average
Grant-Date
Fair Value
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Fair
Value of
Shares
Vested
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Nonvested balance, February 28, 2010 |
382,846 |
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$ |
14.29 |
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Granted |
125,349 |
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$ |
16.35 |
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Vested |
(77,408 |
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$ |
14.12 |
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$ |
1,414,244 |
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Forfeited |
(211,289 |
) |
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$ |
14.60 |
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Nonvested balance, February 28, 2011 |
219,498 |
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$ |
15.23 |
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Granted |
80,970 |
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$ |
20.60 |
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Vested |
(60,928 |
) |
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$ |
15.43 |
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$ |
1,364,178 |
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Forfeited |
(36,458 |
) |
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$ |
16.93 |
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Nonvested balance, February 29, 2012 |
203,082 |
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$ |
17.01 |
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Granted |
609,080 |
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$ |
25.08 |
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Vested |
(66,500 |
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$ |
16.69 |
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$ |
1,443,700 |
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Forfeited |
(24,159 |
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$ |
23.31 |
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Nonvested balance, February 28, 2013 |
721,503 |
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$ |
23.65 |
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Performance Stock Units |
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Number of
Performance
Stock Units
Outstanding
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Weighted
Average
Grant-Date
Fair Value
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Fair
Value of
Shares
Vested
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Nonvested balance, February 28, 2010 |
— |
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$ |
— |
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Granted |
407,750 |
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$ |
16.67 |
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Vested |
— |
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$ |
— |
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$ |
— |
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Forfeited |
(3,340 |
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$ |
16.67 |
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Nonvested balance, February 28, 2011 |
404,410 |
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$ |
16.67 |
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Granted |
319,880 |
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$ |
20.60 |
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Vested |
(202,205 |
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$ |
16.67 |
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$ |
4,527,370 |
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Forfeited |
(33,875 |
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$ |
18.93 |
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Nonvested balance, February 29, 2012 |
488,210 |
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$ |
19.09 |
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Granted |
256,420 |
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$ |
38.47 |
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Vested |
— |
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$ |
— |
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$ |
— |
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Forfeited |
(15,620 |
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$ |
21.15 |
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Nonvested balance, February 28, 2013 |
729,010 |
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$ |
25.86 |
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| Stock options outstanding |
The following table summarizes information about stock options outstanding at February 28, 2013:
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Range of Exercise Prices |
Number
of
Options
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Weighted
Average
Remaining
Contractual
Life
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Weighted
Average
Exercise
Price
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Aggregate
Intrinsic
Value
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$11.70 – $16.63 |
4,468,596 |
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5.0 years |
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$ |
12.67 |
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$16.67 – $20.05 |
5,213,916 |
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6.1 years |
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$ |
17.93 |
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$20.60 – $23.02 |
5,333,200 |
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5.8 years |
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$ |
20.91 |
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$23.48 – $26.24 |
4,299,847 |
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6.0 years |
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$ |
24.88 |
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$27.24 – $44.65 |
948,519 |
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2.5 years |
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$ |
27.56 |
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Options outstanding |
20,264,078 |
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5.6 years |
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$ |
19.48 |
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$ |
113,472,724 |
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Options exercisable |
13,697,345 |
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4.6 years |
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$ |
19.66 |
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$ |
62,447,858 |
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| Other information, Stock options |
Other information pertaining to stock options is as follows:
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For the Years Ended |
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February 28, 2013 |
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February 29, 2012 |
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February 28, 2011 |
Weighted average grant-date fair value of stock options granted |
$ |
8.39 |
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$ |
7.41 |
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$ |
6.19 |
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Total fair value of stock options vested |
$ |
22,421,290 |
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$ |
31,140,184 |
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$ |
37,360,244 |
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Total intrinsic value of stock options exercised |
$ |
95,033,640 |
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$ |
23,139,194 |
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$ |
33,134,478 |
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Tax benefit realized from stock options exercised |
$ |
25,274,158 |
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$ |
10,835,473 |
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$ |
7,810,198 |
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| Fair value of options, weighted average valuation assumptions |
The fair value of options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
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For the Years Ended |
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February 28, 2013 |
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February 29, 2012 |
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February 28, 2011 |
Expected life |
6.0 years |
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5.9 years |
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5.9 years |
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Expected volatility |
32.7 |
% |
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32.0 |
% |
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32.2 |
% |
Risk-free interest rate |
1.4 |
% |
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2.7 |
% |
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3.2 |
% |
Expected dividend yield |
0.0 |
% |
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0.0 |
% |
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0.0 |
% |
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| Fair value of purchase rights, weighted average valuation assumptions |
The fair value of purchase rights granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
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For the Years Ended |
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February 28, 2013 |
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February 29, 2012 |
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February 28, 2011 |
Expected life |
0.5 years |
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0.5 years |
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0.5 years |
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Expected volatility |
41.7 |
% |
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30.4 |
% |
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25.8 |
% |
Risk-free interest rate |
0.1 |
% |
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0.2 |
% |
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0.2 |
% |
Expected dividend yield |
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
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