Stockholders' Equity

6 Months Ended

Feb. 28, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Stock-Based Compensation

We have a 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (as amended, the "Plan") approved by shareholders in place which allows us to grant or issue non-qualified stock options, incentive stock options, share awards and other equity compensation to key employees and to non-employee directors.

On October 15, 2014 and October 16, 2013 the Human Resources Committee of the Board of Directors granted an aggregate of 99,600 and 84,200 shares, respectively, of restricted common stock to our key employees and non-employee directors under the Plan. The value of the restricted stock award is determined using the intrinsic value method which, in this case, is based on the number of shares granted and the closing price of our common stock on the date of grant.

Stock-based compensation expense was $447,000 and $436,000 during the second quarters of Fiscal 2015 and 2014, respectively. Stock-based compensation expense was $1.3 million and $1.4 million during the six months of Fiscal 2015 and 2014, respectively. Of the $1.3 million expense recognized in Fiscal 2015, $838,000related to the October 15, 2014 grant of 99,600 shares. The remainder is related to the amortization of previously granted restricted stock awards, as well as non-employee director stock units issued in lieu of director fees. Compensation expense is recognized over the requisite service period of the award or over a period ending with the employee's eligible retirement date, if earlier.

Dividends

On December 17, 2014, the Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock, which was paid on February 4, 2015 to shareholders of record at the close of business on January 21, 2015.

On March 18, 2015, the Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock, payable on May 6, 2015 to shareholders of record at the close of business on April 22, 2015.