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6. SHAREHOLDERS' EQUITY
 9 Months Ended
May 31, 2016
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 
1/29/2016  02/05/2016   17,018,001   $0.05   $850,900 
5/02/2016  5/09/2016   17,029,051   $0.05   $851,475 
Total               $2,552,175 

 

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. On February 25, 2014 the shareholders approved an additional 1,000,000 shares increasing the total number of shares that may be granted under the Option Plan to 2,000,000.

  

Qualified Incentive Stock Options (Qualified ISO)

As of May 31, 2016, employees hold Qualified ISO to purchase 965,600 shares of common stock at exercise prices ranging from $1.00 to $9.82, which were granted prior to May 31, 2016.

 

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   412,100   $9.71      
Exercised   (89,363)  $1.48      
Cancelled/Forfeited   (27,487)  $7.66      
Outstanding, May 31, 2016   916,250   $7.39    7.79 
Exercisable, May 31, 2016   213,590   $3.90    4.22 

 

Non-Qualified Stock Options (Non-Qualified ISO)

As of May 31, 2016, 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 May 31, 2016.

 

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, May 31, 2016   49,350   $5.52    6.99 
Exercisable, May 31, 2016   27,200   $4.70    5.56 

 

The weighted-average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and Non-Qualified SO, was 7.75 years at May 31, 2016. The exercise prices for the options outstanding at May 31, 2016 ranged from $1.00 to $9.82, 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       88,000       2.30 years     $ 1.03       88,000       2.30 years     $ 1.03  
$ 1.51     $ 3.00       3,600       3.94 years     $ 2.2       3,600       3.94 years     $ 2.20  
$ 3.01     $ 4.50       28,500       3.12 years     $ 3.35       28,500       3.12 years     $ 3.35  
$ 4.51     $ 6.00       74,000       2.91 years     $ 5.48       41,600       2.96 years     $ 5.42  
$ 6.01     $ 7.50       367,200       8.22 years     $ 6.85       79,090       7.91 years     $ 6.86  
$ 7.50     $ 9.82       404,300       9.76 years     $ 9.71       0       –       –  
                  965,600       7.75 years     $ 7.29       240,790       4.49 years     $ 3.99