Share-Based Compensation

3 Months Ended

Nov. 30, 2017

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, stock appreciation rights, performance shares, and performance stock units 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 $1.0 million and $0.9 million for the three months ended November 30, 2017 and November 30, 2016, 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, 2017 and November 30, 2016:


	Three months ended November 30,
	2017			2016
	Number of units granted	Weighted average grant-date fair value per award		Number of units granted	Weighted average grant-date fair value per award
Stock options	44,312	$	30.73	47,223	$	26.25
RSUs	69,198	$	87.06	37,033	$	74.80
PSUs	14,854	$	88.06	15,902	$	74.80

The RSUs granted during the three months ended November 30, 2017 and November 30, 2016 consisted of 3,980 and 3,634, respectively, of awards that will be settled in cash. The weighted average stock price on the date of the grant was $91.56 and $78.23 for 2017 and 2016, 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, 2017 and November 30, 2016:


	Grant Year
	2017	2016
Weighted-average dividend yield	1.3%	1.5%
Weighted-average volatility	34.0%	36.5%
Range of risk-free interest rates	2.2%	1.5%
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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