Stock Option Plan and Stock Based Compensation (Tables)
 3 Months Ended
May 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option Activity

The Company had the following stock option activity for the three months ended May 31, 2016:

 

     Number of
Shares
(exact quantity)		      Weighted
Average
Exercise
Price		      Weighted
Average
Remaining
Contractual
Life (in years)		      Aggregate
Intrinsic
Value(a)
(in thousands)		  

Outstanding at March 1, 2016

      370,949       $ 15.38         5.9       $ 1,616   

Granted

      —           —           

Terminated

      —           —           

Exercised

      (193,453 )       15.04         
  

 

 

           

Outstanding at May 31, 2016

      177,496       $ 15.76         4.9       $ 453   
  

 

 

           

Exercisable at May 31, 2016

      172,423       $ 15.79         4.8       $ 434   
  

 

 

           

 

(a) Intrinsic value is measured as the excess fair market value of the Company’s common stock as reported on the New York Stock Exchange over the applicable exercise price.
Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of 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 three months ended May 31, 2015:

 

     May 31,
2015		  

Expected volatility

      24.06 % 

Expected term (years)

      3   

Risk free interest rate

      0.89 % 

Dividend yield

      4.92 % 

Weighted average grant-date fair value

    $ 2.24   
Summary of Stock Options Exercised and Tax Benefits Realized from Stock Based Compensation

A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below (in thousands):

 

     Three months ended
May 31,		  
     2016      2015  

Total cash received

    $ 2,910       $ —     

Income tax benefits

      —           —     

Total grant-date fair value

      532         —     

Intrinsic value

      969         —     
Summary of Unvested Stock Options

A summary of the Company’s unvested stock options at May 31, 2016 and the changes during the three months ended May 31, 2016 are presented below:

 

     Number
of Options		      Weighted
Average
Grant Date
Fair Value		  

Unvested at March 1, 2016

      76,425       $ 2.32   

New grants

      —           —     

Vested

      (71,352 )       2.32   

Forfeited

      —           —     
  

 

 

     

Unvested at May 31, 2016

      5,073       $ 2.41   
  

 

 

     
Restricted Stock Grant Activity

The Company had the following restricted stock grant activity for the three months ended May 31, 2016:

 

     Number of
Shares		      Weighted
Average
Grant Date
Fair Value		  

Outstanding at March 1, 2016

      189,396       $ 14.36   

Granted

      64,685         19.63   

Terminated

      —           —     

Vested

      (89,535 )       14.46   
  

 

 

     

Outstanding at May 31, 2016

      164,546       $ 16.37