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Share Repurchase Plan
6 Months Ended
Feb. 28, 2015
Share Repurchase Plan [Abstract]  
Share Repurchase Plan

Note 8. Share Repurchase Plans    

 

On June 18, 2013, the Company’s Board of Directors approved a share buy-back plan. Under the plan, which was to be in effect from August 1, 2013 through August 31, 2015, the Company was authorized to acquire up to $60.0 million of its outstanding shares on such terms and conditions as may be acceptable to the Company’s Chief Executive Officer or Chief Financial Officer and subject to present loan covenants and in compliance with all laws and regulations applicable thereto. During the period from August 1, 2013 through February 28, 2015, the Company repurchased 848,545 shares at a total cost of $60.0 million. As a result, the Company has utilized the entire authorized amount and completed the repurchases under this share buy-back plan.

 

On October 14, 2014, the Company’s Board of Directors approved a new share buy-back plan. Under the plan, which becomes effective once the Company’s existing $60.0 million plan has been exhausted, the Company is authorized to acquire up to $75.0 million of its outstanding shares through August 31, 2016. The timing and amount of repurchases will be based on terms and conditions as may be acceptable to the Company’s Chief Executive Officer and Chief Financial Officer and in compliance with all laws and regulations applicable thereto. Through February 28, 2015, no repurchases were made under this $75.0 million plan.