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SHAREHOLDERS’ EQUITY
 9 Months Ended
May 31, 2022
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Shares Outstanding
Shares of common stock outstanding for the three and nine months ended May 31, 2022 and 2021 were as follows:
Three Months Ended
May 31,		Nine Months Ended
May 31,
2022202120222021
Common stock outstanding, beginning of the period20,181,784 20,059,528 20,141,521 19,923,277 
Common stock issued during the period52,870 61,512 93,133 197,763 
Common stock outstanding, end of the period20,234,654 20,121,040 20,234,654 20,121,040 
Dividends
Our Board of Directors declared cash dividends during fiscal years 2022 and 2021. The details of the dividends paid are in the following tables:
(in thousands, except dividend per share)Fiscal Year 2022
Record DateDistribution DateNumber of Shares
Outstanding on
Record Date		Dividend per
Share		Total Amount
10/25/202111/01/202120,148 $0.06 1,209 
1/31/20222/07/202220,178 $0.06 1,211 
4/25/20225/02/202220,207 $0.06 1,212 
Total$3,632 
(in thousands, except dividend per share)Fiscal Year 2021
Record DateDistribution DateNumber of Shares
Outstanding on
Record Date		Dividend per
Share		Total Amount
10/26/202011/02/202019,924 $0.06 $1,195 
1/25/20212/01/202120,010 $0.06 1,201 
4/26/20215/03/202120,115 $0.06 1,207 
7/26/20218/02/202120,139 $0.06 1,208 
Total$4,811 
Stock Option Plans
On February 23, 2007, the Company’s Board of Directors adopted, and its shareholders approved, the 2007 Stock Option Plan (the “2007 Plan”), under which a total of 1.0 million shares of common stock were reserved for issuance. On February 25, 2014, the shareholders approved an additional 1.0 million shares, increasing the total number of shares available to be granted under the 2007 Plan to 2.0 million. This plan terminated in February 2017 by its terms.
On December 23, 2016, the Company’s Board of Directors adopted, and on February 23, 2017, its shareholders approved, the Company’s 2017 Equity Incentive Plan (the “2017 Plan”), under which a total of 1.0 million shares of common stock were reserved for issuance. The 2017 Plan will terminate in December 2026. The 2017 Plan was replaced by the Company’s 2021 Plan (as defined below), and as a result, no further issuances of shares may be made under the 2017 Plan.
On April 9, 2021, the Company’s Board of Directors adopted, and on June 23, 2021, its shareholders approved, the Company’s 2021 Equity Incentive Plan (the “2021 Plan,” and together with the 2007 Plan and 2017 Plan, the “Plans”), under which 1.3 million shares of common stock were reserved for issuance. The 2021 Plan became effective as of April 9, 2021, and the Company may issue equity awards to permitted recipients thereunder. The maximum contractual life of the plan is ten years.
As of May 31, 2022, employees and directors hold Incentive Stock Options (“ISOs”) and Non-Qualified Stock Options (“NQSOs”) to purchase 1.3 million shares of common stock at exercise prices ranging from $6.85 to $66.14.
The following table summarizes information about stock options:
(in thousands, except per share and weighted-average amounts)Number of
Options 		Weighted-
Average
Exercise
Price
Per Share		Weighted-
Average
Remaining
Contractual
Life (Years)
Transactions during the nine months ended May 31, 2022
Outstanding, August 31, 20211,184 $25.63 6.47
Granted232 $41.40 
Exercised(76)$15.93 
Cancelled/Forfeited(64)$41.04 
Outstanding, May 31, 20221,276 $28.31 6.33
Exercisable, May 31, 2022722 $16.96 4.66
The total fair value of nonvested stock options as of May 31, 2022 was $7.5 million and is amortizable over a weighted average period of 3.33 years.
The fair value of these options was estimated at the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-valuation model was developed for use in estimating the fair value of traded options, which do not have vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility.
The following table summarizes the fair value of the options, including both ISOs and NQSOs, granted during the nine months ended May 31, 2022 and fiscal year 2021:
(in thousands except pricing)Nine Months Ended
May 31, 2022		Fiscal Year 2021
Estimated fair value of awards granted$4,066 $— $5,092 
Unvested forfeiture rate1 %0 %
Weighted average grant price$41.40 $57.60 
Weighted average market price$41.40 $57.60 
Weighted average volatility42.71 %40.49 %
Weighted average risk-free rate1.62 %0.64 %
Weighted average dividend yield0.59 %0.42 %
Weighted average expected life6.59 years6.63 years
The exercise prices for the options outstanding at May 31, 2022 ranged from $6.85 to $66.14, and the information relating to these options is as follows:
(in thousands except prices)
Exercise PriceAwards OutstandingAwards Exercisable
LowHighQuantityWeighted
Average
Remaining
Contractual
Life		Weighted
Average
Exercise
Price		QuantityWeighted
Average
Remaining
Contractual
Life		Weighted
Average
Exercise
Price
$6.85 $9.77 296 3.02 years$8.33 296 3.02 years$8.33 
$9.78 $18.76 208 4.58 years$10.37 207 4.58 years$10.35 
$18.77 $33.40 253 6.64 years$25.15 129 6.26 years$24.11 
$33.41 $47.63 240 8.86 years$38.37 34 7.31 years$35.75 
$47.64 $66.14 279 8.69 years$57.06 56 8.39 years$58.93 
1,276 6.33 years$28.31 722 4.66 years$16.96 
During the three and nine months ended May 31, 2022, the Company issued 1,875 and 5,326 shares of stock valued at $87 thousand and $263 thousand, respectively, to our non-management directors as compensation for board-related duties.
The balance of par value common stock and additional paid-in capital as of May 31, 2022, was $11 thousand and $137.5 million, respectively.