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Stock-Based Compensation Plans (Tables)
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12 Months Ended |
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May 31, 2013
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| Stock-Based Compensation Plans [Abstract] |
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| Weighted-average assumptions used for valuation under the Black-Scholes model |
The weighted-average assumptions used for valuation under the Black-Scholes model are as follows:
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Year ended May 31, |
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2013 |
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2012 |
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2013 |
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2012 |
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2011 |
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Performance stock options |
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Stock options |
Risk-free interest rate |
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0.7 |
% |
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1.9 |
% |
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1.0 |
% |
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2.2 |
% |
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2.2 |
% |
Dividend yield |
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4.1 |
% |
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4.2 |
% |
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4.3 |
% |
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4.2 |
% |
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4.2 |
% |
Volatility factor |
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.22 |
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.24 |
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.23 |
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.24 |
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.24 |
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Expected option life in years |
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4.8 |
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5.8 |
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6.4 |
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6.4 |
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6.5 |
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Weighted-average grant-date fair value of stock options granted (per share) |
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$ |
3.55 |
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$ |
4.35 |
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$ |
3.77 |
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$ |
4.46 |
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$ |
4.02 |
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| Broad-based stock option grants |
The Company had granted stock options to virtually all non-management employees with at least ninety of service, and shares remain outstanding for the following broad-based stock option grants:
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Date of broad-based grant |
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Shares
granted
(millions)
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Exercise
price
per share
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Shares
outstanding as of
May 31, 2013
(millions)
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April 2004 |
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1.7 |
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$ |
37.72 |
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0.6 |
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October 2006 |
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2.0 |
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$ |
37.32 |
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1.0 |
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| Stock options activity |
The following table summarizes stock option activity for the year ended May 31, 2013:
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In millions, except per share amounts |
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Shares subject
to options
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Weighted-average
exercise price
per share
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Weighted-average
remaining
contractual term
(years)
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Aggregate
intrinsic value(1)
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Outstanding as of May 31, 2012 |
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10.0 |
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$ |
33.88 |
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Granted |
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1.0 |
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$ |
31.73 |
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Exercised |
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(2.4 |
) |
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$ |
31.91 |
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Forfeited |
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(0.1 |
) |
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$ |
29.33 |
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Expired |
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(0.5 |
) |
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$ |
35.70 |
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Outstanding as of May 31, 2013 |
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8.0 |
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$ |
34.17 |
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4.4 |
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$ |
26.3 |
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Exercisable as of May 31, 2013 |
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6.1 |
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$ |
35.29 |
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3.2 |
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$ |
13.8 |
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(1) Market price of the underlying stock as of May 31, 2013 less the exercise price.
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| Stock option plan other information |
Other information pertaining to stock option grants is as follows:
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Year ended May 31, |
In millions, except per share amounts |
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2013 |
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2012 |
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2011 |
Total intrinsic value of stock options exercised |
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$ |
7.8 |
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$ |
0.8 |
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$ |
1.9 |
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Total grant-date fair value of stock options vested |
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$ |
3.0 |
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$ |
10.4 |
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$ |
20.0 |
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| Performance stock options activity |
The following table summarizes performance stock option activity for the year ended May 31, 2013:
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In millions, except per share amounts |
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Shares subject
to options
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Weighted-average
exercise price per
share
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Weighted-average
remaining
contractual term
(years)
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Aggregate intrinsic
value (2)
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Outstanding as of May 31, 2012 |
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2.6 |
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$ |
30.80 |
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Granted(1)
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0.2 |
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$ |
32.99 |
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Exercised |
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— |
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$ |
— |
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Forfeited |
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(0.1 |
) |
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$ |
31.63 |
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Expired |
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— |
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$ |
— |
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Outstanding as of May 31, 2013 |
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2.7 |
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$ |
30.95 |
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8.3 |
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$ |
16.8 |
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Exercisable as of May 31, 2013 |
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— |
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$ |
— |
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0.0 |
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$ |
— |
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(1) |
Performance stock options granted assuming achievement of performance goals at target. Actual amount of shares to be earned may differ from this amount. |
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(2) |
Market price of the underlying stock as of May 31, 2013 less the exercise price.
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| RSU Activity |
The following table summarizes RSU activity for the year ended May 31, 2013:
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In millions, except per share amounts |
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RSUs |
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Weighted-average
grant-date
fair value per
share
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Weighted-average
remaining vesting
period (years)
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Aggregate intrinsic
value (1)
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Nonvested as of May 31, 2012 |
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1.6 |
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$ |
25.49 |
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Granted |
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0.7 |
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$ |
28.59 |
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Vested |
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(0.5 |
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$ |
27.10 |
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Forfeited |
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(0.2 |
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$ |
25.96 |
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Nonvested as of May 31, 2013 |
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1.6 |
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$ |
26.29 |
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1.6 |
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$ |
59.9 |
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(1) |
An RSU is an agreement to issue shares at the time of vesting with no associated exercise cost. Therefore, intrinsic value for RSUs is the market price of the underlying stock as of May 31, 2013.
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| Other information pertaining to RSUs |
Other information pertaining to RSUs is as follows:
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Year ended May 31, |
In millions, except per share amounts |
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2013 |
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2012 |
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2011 |
Weighted-average grant-date fair value of RSUs granted |
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$ |
28.59 |
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$ |
27.67 |
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$ |
21.52 |
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Total intrinsic value of RSUs vested |
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$ |
15.5 |
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$ |
11.0 |
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$ |
7.7 |
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Total grant-date fair value of RSUs vested |
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$ |
13.4 |
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$ |
9.5 |
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$ |
8.5 |
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| Restricted stock award activity |
The following table summarizes restricted stock activity for the year ended May 31, 2013:
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In millions, except per share amounts |
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Restricted
shares
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Weighted-average
grant-date
fair value per
share
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Nonvested as of May 31, 2012 |
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0.2 |
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$ |
29.35 |
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Granted |
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0.1 |
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$ |
31.76 |
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Vested |
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(0.1 |
) |
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$ |
31.06 |
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Forfeited |
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— |
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$ |
29.19 |
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Nonvested as of May 31, 2013 |
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0.2 |
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$ |
29.83 |
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| Other information pertaining to restricted stock awards |
Other information pertaining to restricted stock follows:
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Year ended May 31, |
In millions, except per share amounts |
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2013 |
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2012 |
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2011 |
Weighted-average grant-date fair value of restricted stock granted |
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$ |
31.76 |
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$ |
30.69 |
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$ |
26.40 |
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Total grant-date fair value of restricted stock vested |
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$ |
2.1 |
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$ |
3.2 |
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$ |
2.2 |
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| Performance shares activity |
The following table summarizes performance share activity for the year ended May 31, 2013:
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In millions, except per share amounts |
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Performance
shares
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Weighted-average
grant-date
fair value
per share
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Nonvested as of May 31, 2012 |
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0.2 |
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$ |
26.83 |
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Granted(1)
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0.2 |
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$ |
29.10 |
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Forfeited |
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— |
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$ |
26.74 |
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Nonvested as of May 31, 2013 |
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0.4 |
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$ |
27.89 |
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(1) |
Performance shares granted assuming achievement of performance goals at target. Actual amount of shares to be earned may differ from this amount. |
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