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6. SHAREHOLDERS' EQUITY
 3 Months Ended
Nov. 30, 2016
Equity [Abstract]  
SHAREHOLDERS' EQUITY

Dividend

The Company’s Board of Directors declared cash dividends during fiscal years 2017 and 2016. The details of the dividends paid are in the following tables:

 

FY2017
Record Date  Distribution Date  Number of Shares Outstanding on Record Date   Dividend per Share   Total Amount 
11/10/2016  11/17/2016   17,226,478   $0.05   $861,324 
Total               $861,324 

 

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 
8/11/2016  8/18/2016   17,221,978   $0.05   $861,099 
Total               $3,413,274 

  

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 November 30, 2016, employees hold Qualified ISO to purchase 905,750 shares of common stock at exercise prices ranging from $1.00 to $10.01, which were granted prior to November 30, 2016.

 

Transactions in FY17   Number of Options     Weighted-Average Exercise Price
Per Share		     Weighted-Average Remaining Contractual Life  
Outstanding, August 31, 2016     894,750     $ 7.54       7.72  
Granted     12,000     $ 10.01          
Exercised     (1,000 )   $ 6.85          
Cancelled/Forfeited     –     $ –          
Outstanding, November 30, 2016     905,750     $ 7.57       7.50  
Exercisable, November 30, 2016     289,980     $ 5.02       4.80  

 

Non-Qualified Stock Options (Non-Qualified ISO)

As of November 30, 2016, the outside members of the Board of Directors hold options to purchase 48,750 shares of common stock at exercise prices ranging from $4.46 to $8.62, which were granted prior to August 31, 2016.

 

Transactions in FY17   Number of Options     Weighted-Average Exercise Price
Per Share		     Weighted-Average Remaining Contractual Life  
Outstanding, August 31, 2016     52,750     $ 6.88       8.07  
Granted           $ 0.00          
Exercised     (4,000 )   $ 4.78          
Outstanding, November 30, 2016     48,750     $ 7.06       7.91  
Exercisable, November 30, 2016     22,500     $ 6.17       6.39  

 

The weighted-average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and Non-Qualified SO, was 7.55 years at November 30, 2016. The exercise prices for the options outstanding at November 30, 2016 ranged from $1.00 to $10.01, 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       67,000       2.35 years     $ 1.00       67,000       2.35 years     $ 1.00  
$ 3.01     $ 4.50       20,000       1.60 years     $ 3.16       20,000       1.60 years     $ 3.16  
$ 4.51     $ 6.00       70,000       2.16 years     $ 5.52       70,000       2.16 years     $ 5.52  
$ 6.01     $ 7.50       366,200       7.72 years     $ 6.85       150,680        7.61 years     $ 6.85  
$ 7.51     $ 9.00       15,000       9.75 years     $ 8.62       0       –     $ –  
$ 9.01     $ 10.01       416,300       9.25 years     $ 9.72       4,800       10.00 years       9.82  
                  954,500       7.52 years     $ 7.55       312,480       4.91 years     $ 5.11