SHAREHOLDERS' EQUITY

12 Months Ended

Aug. 31, 2022

Equity [Abstract]

SHAREHOLDER'S EQUITY

SHAREHOLDERS' EQUITY

Shares Outstanding

Shares of common stock outstanding for the years ended August 31, 2022, 2021, and 2020 were as follows:

	August 31,
	2022	2021	2020
Common stock outstanding, beginning of year	20,142	19,923	17,592
Common stock issued during the year	119	218	2,331
Common stock outstanding, end of year	20,260	20,142	19,923

Dividends

The Company’s Board of Directors declared cash dividends during the years ended August 31, 2022, and 2021. The details of dividends paid are in the following tables:

(in thousands, except dividend per share)	Fiscal Year 2022
Record Date	Distribution Date	Number of Shares Outstanding on Record Date	Dividend per Share		Total Amount
10/25/2021	11/01/2021	20,148	$	0.06	$	1,209
1/31/2022	2/07/2022	20,178	$	0.06	1,211
4/25/2022	5/02/2022	20,207	$	0.06	1,212
7/25/2022	8/01/2022	20,239	$	0.06	1,214
Total					$	4,846

(in thousands, except dividend per share)	Fiscal Year 2021
Record Date	Distribution Date	Number of Shares Outstanding on Record Date	Dividend per Share		Total Amount
10/26/2020	11/02/2020	19,924	$	0.06	$	1,195
1/25/2021	2/01/2021	20,010	$	0.06	1,201
4/26/2021	5/03/2021	20,115	$	0.06	1,207
7/26/2021	8/02/2021	20,139	$	0.06	1,208
Total					$	4,811

Stock Option Plans

On December 23, 2016, the Board of Directors adopted, and on February 23, 2017, the shareholders approved, the 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 would have terminated 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 Board of Directors adopted, and on June 23, 2021, the shareholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), under which a total of 1.3 million shares of common stock have been reserved for issuance. The 2021 Plan will terminate in 2031.

As of August 31, 2022, employees and directors held Qualified Incentive Stock Options ("ISOs") and Non-Qualified Stock Options ("NQSOs") to purchase 1.2 million shares of common stock at exercise prices ranging from $6.85 to $66.14 per share.

The following tables summarize information about stock options:

(in thousands, except per share and weighted-average amounts) Transactions During Fiscal Year 2022	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2021	1,184	$	25.63	6.47
Granted	255	42.13
Exercised	(104)	16.15
Canceled/Forfeited	(90)	42.30
Outstanding, August 31, 2022	1,245	$	28.61	6.14
Vested and Exercisable, August 31, 2022	711	$	17.65	4.47
Vested and Expected to Vest, August 31, 2022	1,236	$	28.51	6.12

(in thousands, except per share and weighted-average amounts) Transactions During Fiscal Year 2021	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2020	1,224	$	17.76	6.79
Granted	226	57.60
Exercised	(204)	12.53
Canceled/Forfeited	(62)	29.83
Outstanding, August 31, 2021	1,184	$	25.63	6.47
Vested and Exercisable, August 31, 2021	619	$	13.36	4.95
Vested and Expected to Vest, August 31, 2021	1,173	$	25.69	6.47

(in thousands, except per share and weighted-average amounts) Transactions During Fiscal Year 2020	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2019	1,163	$	12.63	7.13
Granted	223	39.23
Exercised	(121)	9.29
Canceled/Forfeited	(41)	14.19
Outstanding, August 31, 2020	1,224	$	17.76	6.79
Vested and Exercisable, August 31, 2020	596	$	10.69	5.59
Vested and Expected to Vest, August 31, 2020	1,194	$	17.75	6.77

The following table summarizes the Intrinsic Value of options outstanding and options exercisable:

(in thousands)	Intrinsic Value of Options Outstanding		Intrinsic Value of Options Exercisable		Intrinsic Value of Options Exercised
Fiscal Year 2020	$	51,273	$	29,151	$	4,086
Fiscal Year 2021	$	25,705	$	19,373	$	11,554
Fiscal Year 2022	$	39,208	$	30,187	$	3,572

The weighted-average remaining contractual life of options outstanding issued under the Plans, for both ISOs and NQSOs, was 6.14 years at August 31, 2022. The total fair value of non-vested stock options as of August 31, 2022, was $9.1 million and is amortizable over a weighted-average period of 3.27 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 current fiscal year 2022 and fiscal year 2021:

(in thousands, except prices)	Fiscal Year 2022			Fiscal Year 2021
Estimated fair value of awards granted	$	4,597		$	5,092
Unvested Forfeiture Rate	1.04		%	0		%
Weighted-average grant price	$	42.13		$	57.60
Weighted-average market price	$	42.13		$	57.60
Weighted-average volatility	42.80		%	40.49		%
Weighted-average risk-free rate	1.74		%	0.64		%
Weighted-average dividend yield	0.58		%	0.42		%
Weighted-average expected life	6.59 years			6.63 years

The exercise prices for the options outstanding at August 31, 2022, ranged from $6.85 to $66.14, and the information relating to these options is as follows:

(in thousands except prices)

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
$	6.85	$	9.77	286	2.75 years	$	8.29	286	2.75 years	$	8.29
$	9.78	$	18.76	200	4.32 years	$	10.37	200	4.32 years	$	10.37
$	18.77	$	33.40	241	6.38 years	$	25.21	121	5.97 years	$	24.16
$	33.41	$	47.63	229	8.64 years	$	38.47	41	7.01 years	$	35.41
$	47.64	$	66.14	289	8.56 years	$	56.30	63	8.14 years	$	58.92
				1,245	6.14 years	$	28.61	711	4.47 years	$	17.65

During the fiscal years ended August 31, 2022, 2021, and 2020, we issued 7,120, 5,620 and 7,205 shares of stock valued at $0.4 million, $0.3 million, and $0.3 million, respectively, to our nonmanagement directors as compensation for board-related duties.

The balance of our par-value common stock and additional paid-in capital as of August 31, 2022, was $11 thousand and $138.5 million, respectively, and the balance of our par-value common stock and additional paid-in capital as of August 31, 2021, was $10 thousand and $133.4 million, respectively.