6. SHAREHOLDERS' EQUITY

3 Months Ended

Nov. 30, 2015

Equity [Abstract]

SHAREHOLDERS' EQUITY

Dividend

The Company’s Board of Directors declared cash dividends during fiscal years 2016 and 2015. The details of the dividends paid are in the following tables:

FY2015
Record Date	Distribution Date	Number of Shares Outstanding on Record Date		Dividend per Share		Total Amount
11/7/2014	11/14/2014		16,841,114	$	0.05	$	842,056
1/26/2015	2/2/2015		16,852,117	$	0.05	$	842,606
5/11/2015	5/18/2015		16,875,117	$	0.05	$	843,754
7/23/2015	7/30/2015		16,943,001	$	0.05	$	847,150
Total						$	3,375,566

FY2016
Record Date	Distribution Date	Number of Shares Outstanding on Record Date		Dividend per Share		Total Amount
11/09/2015	11/16/2015		16,996,001	$	0.05	$	849,800
Total						$	849,800

Stock Option Plan

In September 1996, the Board of Directors adopted, and the shareholders approved, the 1996 Stock Option Plan (the "Option Plan") under which a total of 1,000,000 shares of common stock had been reserved for issuance. In March 1999, the shareholders approved an increase in the number of shares that may be granted under the Option Plan to 2,000,000. In February 2000, the shareholders approved an increase in the number of shares that may be granted under the Option Plan to 4,000,000. In December 2000, the shareholders approved an increase in the number of shares that may be granted under the Option Plan to 5,000,000. Furthermore, in February 2005, the shareholders approved an additional 1,000,000 shares, resulting in the total number of shares that may be granted under the Option Plan to 6,000,000. The 1996 Stock Option Plan terminated in September 2006 by its term.

On February 23, 2007, the Board of Directors adopted and the shareholders approved the 2007 Stock Option Plan under which a total of 1,000,000 shares of common stock had been reserved for issuance.

Qualified Incentive Stock Options (Qualified ISO)

As of November 30, 2015, employees hold Qualified ISO to purchase 560,800 shares of common stock at exercise prices ranging from $1.00 to $7.10, which were granted prior to November 30, 2015.

Transactions in FY16	Number of Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2015		621,000		$	5.01		6.10
Granted		0		$	0.00
Exercised		53,000		$	1.54
Cancelled/Forfeited		(7,200	)	$	6.85
Outstanding, November 30, 2015		560,800		$	5.31		6.52
Exercisable, November 30, 2015		244,160		$	3.45		4.32

Non-Qualified Stock Options (Non-Qualified ISO)

As of November 30, 2015, the outside members of the Board of Directors hold options to purchase 49,350 shares of common stock at exercise prices ranging from $1.67 to $6.75, which were granted prior to November 30, 2015.

Transactions in FY16	Number of Options		Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2015		49,350	$	5.52		7.78
Granted		0	$	0.00
Exercised		0	$	0.00
Outstanding, November 30, 2015		49,350	$	5.52		7.50
Exercisable, November 30, 2015		27,200	$	4.70		6.06

The weighted-average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and Non-Qualified SO, was 6.60 years at November 30, 2015. The exercise prices for the options outstanding at November 30, 2015 ranged from $1.00 to $7.10, and the information relating to these options is as follows:

Exercise Price				Awards Outstanding						Awards Exercisable
Low		High		Quantity		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Quantity		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$	1.00	$	1.50		120,000		2.71 years	$	1.03		120,500		2.71 years	$	1.03
$	1.51	$	3.00		3,600		4.44 years	$	2.20		3,600		4.44 years	$	2.20
$	3.01	$	4.50		31,000		3.50 years	$	3.33		31,000		3.50 years	$	3.33
$	4.51	$	6.00		74,000		3.41 years	$	5.48		41,600		3.46 years	$	5.42
$	6.01	$	7.10		381,050		8.72 years	$	6.85		74,660		8.37 years	$	6.83
					610,150		6.60 years	$	5.33		271,360		4.49 years	$	3.58