Note 15 - Equity

Stock Incentive Plan

The 2014 Amended and Restated Stock Incentive Plan provides for the grant of incentive stock options, non-statutory stock options, restricted shares, restricted stock units and stock appreciation rights. The maximum aggregate number of the Company’s common shares authorized for issuance under this plan is 4,325,000. On August 31, 2017 there were 233,271 shares available for grant compared to 476,770 and 905,139 shares available for grant as of the years ended August 31, 2016 and 2015, respectively. There are no stock options or stock appreciation rights outstanding as of August 31, 2017. The Company currently grants restricted shares and restricted stock units. Restricted share grants are considered outstanding shares of common stock at the time they are issued. The holders of unvested restricted shares are entitled to voting rights and participation in dividends. The dividends are not forfeitable if the awards are later forfeited prior to vesting. Shares associated with restricted stock unit awards are not considered legally outstanding shares of common stock until vested. Restricted stock unit awards, including performance-based awards, are entitled to participate in dividends and these awards are considered participating securities and are considered outstanding for earnings per share purposes when the effect is dilutive.

During the years ended August 31, 2017, 2016 and 2015, the Company awarded restricted share and restricted stock unit grants totaling 269,705, 447,895 and 402,196 shares, respectively, which include performance-based grants. As of August 31, 2017, there were a total of 492,886 shares associated with unvested performance-based grants. The actual number of shares that will vest associated with performance-based grants will vary depending on the Company’s performance. Approximately 492,886 additional shares may be granted if performance-based restricted stock unit awards vest at stretch levels of performance. These additional shares are associated with restricted stock unit awards granted during the years ended August 31, 2017, 2016 and 2015. The fair value of awards granted was $11.3 million, $12.5 million and $24.6 million for the years ended August 31, 2017, 2016 and 2015, respectively.

The value, at the date of grant, of stock awarded under restricted share grants and restricted stock unit grants is amortized as compensation expense over the lesser of the vesting period of one to three years or to the recipients eligible retirement date. Compensation expense recognized related to restricted share grants and restricted stock unit grants for the years ended August 31, 2017, 2016 and 2015 was $20.2 million, $22.5 million and $19.5 million, respectively, and was recorded in Selling and administrative and Cost of Revenue on the Consolidated Statements of Income. Unamortized compensation cost related to restricted stock grants was $14.1 million as of August 31, 2017.

Total unvested restricted share and restricted stock unit grants were 837,654 and 902,068 as of August 31, 2017 and 2016. The following table summarizes restricted share and restricted stock unit grant transactions for shares, both vested and unvested, under the 2014 Amended and Restated Stock Incentive Plan:


	Shares
Balance at August 31, 2014 ⁽¹⁾		3,180,857
Granted		402,196
Forfeited		(163,192	)

Balance at August 31, 2015 ⁽¹⁾		3,419,861
Granted		447,895
Forfeited		(19,526	)

Balance at August 31, 2016 ⁽¹⁾		3,848,230
Granted		269,705
Forfeited		(26,206	)

Balance at August 31, 2017 ⁽¹⁾		4,091,729

(1)	Balance represents cumulative grants net of forfeitures.

Share Repurchase Program

The Board of Directors has authorized the Company to repurchase in aggregate up to $225 million of the Company’s common stock. The program may be modified, suspended or discontinued at any time without prior notice. Under the share repurchase program, shares of common stock may be purchased on the open market or through privately negotiated transactions from time-to-time. The timing and amount of purchases will be based upon market conditions, securities law limitations and other factors. The share repurchase program does not obligate the Company to acquire any specific number of shares in any period.

There were no shares repurchased during the year ended August 31, 2017. During August 31, 2016, the Company repurchased a total of 1,054,687 shares for approximately $32.4 million under these share repurchase programs. As of August 31, 2017 the Company had cumulatively repurchased 3,206,226 shares for approximately $137.0 million and had $88.0 million available under the share repurchase program. In October 2017, the expiration date of this share repurchase program was extended from January 1, 2018 to March 31, 2019.