XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.2
SHAREHOLDERS' EQUITY
 9 Months Ended
May 31, 2023
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY
Shares Outstanding

Shares of Company common stock outstanding for the three and nine months ended May 31, 2023 and 2022 were as follows:
Three Months Ended May 31,Nine Months Ended May 31,
2023202220232022
Common stock outstanding, beginning of period19,930,623 20,181,784 20,260,070 20,141,521 
Common stock repurchased during the period *(83,356)— (492,041)— 
Common stock issued during the period79,552 52,870 158,790 93,133 
Common stock outstanding, end of period19,926,819 20,234,654 19,926,819 20,234,654 
*Common stock repurchased per the ASR Agreement, as discussed in further detail, below.
Dividends

The Company’s Board of Directors declared cash dividends during the fiscal years 2023 and 2022. 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 
1/30/20232/06/202319,924 $0.06 1,195 
4/24/20235/01/202319,999 $0.06 1,200 
Total$3,613 
(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 were initially reserved for issuance. On October 20, 2022, the Company’s Board of Directors approved, and on February 9, 2023, its shareholders approved, 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 2021 Plan will terminate in 2031.
As of May 31, 2023, employees and directors held Qualified Incentive Stock Options (“ISOs”) and Non-Qualified Stock Options (“NQSOs”) to purchase an aggregate of 1.5 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 The Nine Months Ended May 31, 2023Number of
Options 		Weighted-Average
Exercise Price
Per Share		Weighted-Average
Remaining
Contractual Life
Outstanding, August 31, 20221,245 $28.61 6.14 years
Granted450 43.82 
Exercised(157)12.04 
Canceled/Forfeited(54)43.00 
Outstanding, May 31, 20231,484 $34.44 6.83 years
Vested and Exercisable, May 31, 2023696 $23.51 4.74 years
Vested and Expected to Vest, May 31, 20231,478 $34.40 6.82 years
The total grant-date fair value of nonvested stock options as of May 31, 2023, was $15.7 million and is amortizable over a weighted-average period of 3.49 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)Nine Months Ended May 31, 2023Fiscal Year 2022
Estimated fair value of awards granted$9,788 $4,597 
Unvested Forfeiture Rate0.00 %1.04 %
Weighted-average grant price$43.82 $42.13 
Weighted-average market price$43.82 $42.13 
Weighted-average volatility46.15 %42.80 %
Weighted-average risk-free rate4.29 %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 May 31, 2023, 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 $9.77 203 2.21 years$8.69 203 2.21 years$8.69 
$9.78 $18.76 155 3.74 years$10.11 155 3.74 years$10.11 
$18.77 $33.40 210 5.89 years$25.34 146 5.80 years$24.57 
$33.41 $47.63 640 8.92 years$42.10 83 7.29 years$37.95 
$47.64 $66.14 276 7.81 years$56.34 109 7.53 years$58.02 
  1,484 6.83 years$34.44 696 4.74 years$23.51 
During the three and nine months ended May 31, 2023, we issued 3,595 and 10,755 shares of stock valued at $0.2 million and $0.5 million, respectively, 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 May 31, 2023, were $11 thousand and $143.7 million, respectively.
Share Repurchases
On January 11, 2023, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Morgan Stanley & Co. LLC (“Morgan Stanley”) to repurchase an aggregate of $20 million of the Company’s outstanding shares of common stock. The ASR Agreement was executed as part of the Company’s existing $50 million share repurchase program.

Pursuant to the terms of the ASR Agreement, the Company made an initial payment, using available cash balances, of $20 million to Morgan Stanley and received an initial delivery of 408,685 shares of Company common stock from Morgan Stanley. These 408,685 shares were retired and are treated as authorized, unissued shares. At final settlement on May 20, 2023, based on the volume-weighted average price of the Company's common stock during the term of the ASR Agreement, Morgan Stanley delivered an additional 83,356 shares of Company common stock to the Company, which shares were also retired and treated as authorized, unissued shares.