Share-Based Compensation

3 Months Ended

Nov. 30, 2014

Note 11 – Share-Based Compensation

The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $1.1 million and $1.2 million for the three months ended November 30, 2014 and 2013, respectively.

The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended November 30, 2014 and 2013, respectively:


	Three months ended November 30,
	2014			2013
		Weighted Average Grant-Date Fair Value			Weighted Average Grant-Date Fair Value
	# Granted	Per Award		# Granted	Per Award
Stock options	25,332	$	40.66	25,394	$	40.42
RSUs	27,621	$	80.33	29,619	$	74.84
PSUs	12,328	$	80.33	13,434	$	74.84

The RSUs granted during the three months ended November 30, 2014 and 2013 consisted of 2,808 and 2,977, respectively, of awards that will be settled in cash. The weighted average stock price on the date of grant was $83.53 and $76.39 for 2014 and 2013, respectively.

The following table provides the assumptions used in determining the fair value of the stock options awarded during the three month periods ended November 30, 2014 and 2013, respectively:


	Grant Year
	2014	2013
Weighted-average dividend yield	1.3%	0.7%
Weighted-average volatility	53.6%	55.2%
Range of risk-free interest rates	2.0%	1.9%
Weighted-average expected lives	7 years	7 years

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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