Dividend

3 Months Ended

Feb. 28, 2021

Dividends [Abstract]

DIVIDEND

DIVIDEND

Dividends are declared at the discretion of the Board. In January 2021, the Company declared a cash dividend of $0.04 per share to holders of record of its Class A and Class B common stock at close of business on February 10, 2021. The dividend was paid during the three months ended February 28, 2021 in the total amount of $16.0 million.

The Company does not have an established dividend policy. The Board reviews the Company's ability to pay dividends on an ongoing basis and establishes the dividend amount based on the Company's financial condition, results of operations, capital requirements, current and projected cash flows and other factors, and any restrictions related to the terms of the Company’s debt agreements.

Subsequent to the Company's quarter end, the Board declared a cash dividend of $0.06 per share to holders of record of its Class A and Class B common stock at the close of business on May 7, 2021, for a total quarterly dividend of approximately $24 million.