Share-Based Compensation

3 Months Ended

Nov. 30, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Note 12 – 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 $1.3 million and $1.0 million for the three-month periods ended November 30, 2018 and November 30, 2017, 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, 2018 and November 30, 2017:

	Three months ended
	November 30, 2018				November 30, 2017
	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		38,337	$	24.71		44,312	$	30.73
RSUs		29,013	$	88.27		69,198	$	87.06
PSUs		20,631	$	88.27		14,854	$	88.06

The RSUs granted during the three-months ended November 30, 2018 and November 30, 2017 consisted of 3,071 and 3,980, respectively, of awards that will be settled in cash. The weighted average stock price on the date of the grant was $91.87 and $91.56 for the three-month periods ended November 30, 2018 and 2017, 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, 2018 and November 30, 2017:

	Grant Year
	2018			2017
Weighted-average dividend yield		1.4	%		1.3	%
Weighted-average volatility		26.3	%		34.0	%
Risk-free interest rate		3.1	%		2.2	%
Weighted-average expected lives	6 years			7 years