XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.4
SHAREHOLDERS' EQUITY
 3 Months Ended
Nov. 30, 2022
Equity [Abstract]  
SHAREHOLDER'S EQUITY SHAREHOLDERS' EQUITY
Shares Outstanding

Shares of Company common stock outstanding for the three months ended November 30, 2022 and 2021 were as follows:
November 30,
20222021
Common stock outstanding, beginning of quarter20,260,070 20,141,521 
Common stock issued during the quarter53,685 27,275 
Common stock outstanding, end of quarter20,313,755 20,168,796 
Dividends

The Company’s Board of Directors declared cash dividends during the fiscal years 2023 and 2021. The details of dividends paid are in the following tables:
(in thousands, except dividend per share)Fiscal Year 2023
Record DateDistribution DateNumber of Shares
Outstanding on
Record Date		Dividend per
Share		Total Amount
10/31/202211/07/202220,299 $0.06 $1,218 
Total$1,218 
(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 
7/25/20228/01/202220,239 $0.06 1,214 
Total  $4,846 
Stock Option Plans
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 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 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 2017 Plan, the "Plans"), under which a total of 1.3 million shares of common stock have been reserved for issuance. The 2021 Plan will terminate in 2031.
On October 20, 2022, the Company’s Board of Directors approved, subject to shareholder approval, an amendment to the 2021 Plan to increase the number of shares of common stock authorized for issuance thereunder from 1.3 million shares to 1.55 million shares of common stock of the Company (the “Plan Amendment”). The Plan Amendment will be presented to the Company’s shareholders for approval at its 2023 Annual Meeting of Shareholders, to be held on February 9, 2023. If approved by the Company’s shareholders, the Plan Amendment will be effective as of the date of such approval. If the Plan Amendment is not approved by the Company’s shareholders, the Plan Amendment will not become effective, and the number of shares of common stock authorized for issuance under the 2021 Plan will remain at 1.3 million shares.
As of November 30, 2022, employees and directors held Qualified Incentive Stock Options ("ISOs") and Non-Qualified Stock Options ("NQSOs") to purchase an aggregate of 1.6 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 Three months ended November 30, 2022Number of
Options 		Weighted-Average
Exercise Price
Per Share		Weighted-Average
Remaining
Contractual Life
Outstanding, August 31, 20221,245 $28.61 6.14
Granted429 43.90 
Exercised(50)15.36 
Canceled/Forfeited(9)36.90 
Outstanding, November 30, 20221,615 $33.04 7.05
Vested and Exercisable, November 30, 2022716 $19.75 4.69
Vested and Expected to Vest, November 30, 20221,607 $32.99 7.05
The weighted-average remaining contractual life of options outstanding issued under the Plans, for both ISOs and NQSOs, was 7.05 years at November 30, 2022. The total grant-date fair value of non-vested stock options as of November 30, 2022 was $17.5 million and is amortizable over a weighted-average period of 3.85 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 2023 and fiscal year 2022:
(in thousands, except prices)Three Months Ended November 30, 2022Fiscal Year 2022
Estimated fair value of awards granted$9,374 $4,597 
Unvested Forfeiture Rate0.00 %1.04 %
Weighted-average grant price$43.90 $42.13 
Weighted-average market price$43.90 $42.13 
Weighted-average volatility46.30 %42.80 %
Weighted-average risk-free rate4.33 %1.74 %
Weighted-average dividend yield0.55 %0.58 %
Weighted-average expected life6.59 years6.59 years
The exercise prices for the options outstanding at November 30, 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 $9.77 268 2.54 years$8.36 268 2.54 years$8.36 
$9.78 $18.76 184 4.24 years$10.10 184 4.24 years$10.10 
$18.77 $33.40 224 6.40 years$25.34 109 6.25 years$24.38 
$33.41 $47.63 651 9.39 years$42.08 84 7.84 years$37.92 
$47.64 $66.14 288 8.31 years$56.29 71 7.88 years$59.04 
  1,615 7.06 years$33.04 716 4.69 years$19.75 
During the three months ended November 30, 2022, we issued 3,515 shares of stock valued at $0.2 million to our nonmanagement directors as compensation for board-related duties.
The balances of our par-value common stock and additional paid-in capital as of November 30, 2022, were $11 thousand and $140.3 million, respectively