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Stock Based Compensation (Tables)
 9 Months Ended
May 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of assumptions about stock options
The weighted average estimated fair value of employee stock options granted on November 1, 2021 was determined using the binomial model with the following weighted average assumptions:
November 1, 2021 Grant Details
Risk-free interest rate
0.07% - 1.56%
Expected life (years)6.91
Expected volatility24.4 %
Dividend yield0.85 %
Estimated fair value$102.40
Exercise price$434.82
Fair value as a percentage of exercise price23.5 %
On January 18, 2022, we granted 6,329 stock options under the Director Plan to our non-employee directors, using the Black-Scholes option-pricing model with the following assumptions:
January 18, 2022 Grant Details
Risk-free interest rate1.53 %
Expected life (years)5.7
Expected volatility26.3 %
Dividend yield0.72 %
Estimated fair value$109.11
Exercise price$428.71
Fair value as a percentage of exercise price25.5 %