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At May 31, 2007, the aggregate intrinsic value and weightedaverage
remaining contractual life of options outstanding was
$39.9 million and 5.4 years respectively, while the aggregate
intrinsic value and weighted-average remaining contractual
life of options exercisable was $32.7 million and 4.4 years,
respectively. Stock options granted during the years ended
May 31, 2007, 2006 and 2005 included exercise prices
equivalent to the stock price on the date of grant and
weighted average grant date fair values of $4.34, $4.04 and
$4.40, respectively. Total share options and SARs, included in
the table above, had weighted-average exercise prices of
$14.67, $14.34 and $13.90 for the years ended May 31, 2007,
2006 and 2005, respectively.
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The total intrinsic value of options exercised during the years
ended May 31, 2007, 2006 and 2005 was $12.8 million,
$4.6 million and $7.0 million, respectively. There was a tax
benefit of $3.7 million realized for the tax deductions from
option exercises of the share-based payment for the year
ended May 31, 2007.
The fair values of all nonvested share-based payment awards
have been calculated using the market value of the shares
on the date of issuance. We anticipate that approximately
1.2 million shares at a weighted-average exercise price of
$17.27 and a weighted-average remaining contractual term
of 8.04 years will ultimately vest under these plans.
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