Table of Contents AZZ INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (in thousands) The accompanying notes are an integral part of the consolidated financial statements. 36 Common Stock Capital In Excess Of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Shares Amount Balance at February 29, 2016 25,874 $ 25,874 $ 35,148 $ 453,908 $ (30,560 ) $ 484,370 Share-based compensation 13 13 5,857 — — 5,870 Restricted stock units 25 25 (605 ) — — (580 ) Stock issued for SARs 81 81 (322) — — (241) Employee stock purchase plan 71 71 2,843 — — 2,914 Retirement of treasury shares (100) (100) (5,182) — — (5,282) Cash dividend paid — — — (16,645 ) — (16,645 ) Net income — — — 61,264 — 61,264 Foreign currency translation — — — — 1,520 1,520 Interest rate swap — — — — (54) (54) Balance at February 28, 2017 25,964 $ 25,964 $ 37,739 $ 498,527 $ (29,094 ) $ 533,136 Share-based compensation 16 16 6,105 — — 6,121 Restricted stock units 43 43 (1,256 ) — — (1,213 ) Stock issued for SARs 6 6 (11) — — (5) Employee stock purchase plan 77 77 3,240 — — 3,317 Retirement of treasury shares (147) (147) (7,371) — — (7,518) Cash dividend paid — — — (17,678 ) — (17,678 ) Net income — — — 45,169 — 45,169 Foreign currency translation — — — — 3,928 3,928 Interest rate swap — — — — (54) (54) Balance at February 28, 2018 25,959 $ 25,959 $ 38,446 $ 526,018 $ (25,220 ) $ 565,203 Impact of ASC 606 Adoption — — — 716 — 716 Share-based compensation 15 15 4,644 — — 4,659 Restricted stock units 31 31 (583) — — (552) Stock issued for SARs 9 9 (30 ) — — (21 ) Employee stock purchase plan 101 101 3,664 — — 3,765 Cash dividend paid — — — (17,718 ) — (17,718 ) Net income — — — 51,208 — 51,208 Foreign currency translation — — — — (3,478 ) (3,478 ) Interest rate swap — — — — (54) (54) Balance at February 28, 2019 26,115 $ 26,115 $ 46,141 $ 560,224 $ (28,752 ) $ 603,728