6. SHAREHOLDERS' EQUITY

3 Months Ended

Nov. 30, 2017

Equity [Abstract]

SHAREHOLDERS' EQUITY

Dividend

The Company’s Board of Directors declared cash dividends during fiscal years 2018 and 2017. The details of the dividends paid are in the following tables:

FY2018
Record Date	Distribution Date	Number of Shares Outstanding on Record Date		Dividend per Share		Total Amount
11/13/2017	11/20/2017		17,284,792	$	0.06	$	1,037,088
Total						$	1,037,088

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
1/30/2017	2/6/2017		17,233,758	$	0.05	$	861,688
5/08/2017	5/15/2017		17,240,626	$	0.05	$	862,031
7/28/2017	8/4/2017		17,268,920	$	0.05	$	863,446
Total						$	3,448,489

Equity Incentive 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.

On December 23, 2016 the Board of Directors adopted, and on February 23, 2017 the shareholders approved, the 2017 Equity Incentive Plan under which a total of 1,000,000 shares of common stock has been reserved for issuance. This plan will terminate in December 2026.

As of November 30, 2017, employees and directors hold Qualified Incentive Stock Options and Non-Qualified Stock Options to purchase 1,243,606 shares of common stock at exercise prices ranging from $1.00 to $17.71.

The following table summarizes information about stock options:

Transactions in FY18	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
Outstanding, August 31, 2017		1,249,126		$	8.51		7.52
Granted		12,000		$	17.71
Exercised		(7,792	)	$	7.28
Cancelled/Forfeited		(3,728	)	$	8.16
Expired		(6,000	)		5.06
Outstanding, November 30, 2017		1,243,606		$	8.63		7.51
Exercisable, November 30, 2017		394,765		$	6.51		5.46

The weighted-average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and Non-Qualified SO, was 8.63 years at November 30, 2017. The exercise prices for the options outstanding at November 30, 2017 ranged from $1.00 to $17.71, 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	$	4.00		54,000		1.08 years	$	1.45		54,000		1.08 years	$	1.45
$	4.01	$	8.00		384,870		5.86 years	$	6.63		254,665		5.40 years	$	6.52
$	8.51	$	12.00		779,820		8.76 years	$	9.87		86,100		8.38 years	$	9.69
$	12.01	$	16.00		12,916		9.72 years	$	14.44		0		–	$	–
$	16.51	$	17.71		12,000		4.96 years	$	17.71		0		–	$	–
					1,243,606		7.51 years	$	8.63		394,765		5.46 years	$	6.51

During the period ended November 30, 2017 the company issues 2,256 shares of stock to non-management directors of the Company valued at $36,770 as compensation for services rendered to the Company.