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Shared-Based Compensation (Tables)

12 Months Ended

Aug. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Share-Based Compensation Expense

The following table summarizes share-based compensation expense for fiscal 2021, 2020, and 2019:

		For the years ended August 31,
($ in thousands)		2021				2020				2019
Share-based compensation expense included in cost of    operating revenues		$	258			$	142			$	105
Engineering and research			202				207				221
Selling			544				419				250
General and administrative			5,524				5,079				3,819
Share-based compensation expense included in    operating expenses			6,270				5,705				4,290
Total share-based compensation expense			6,528				5,847				4,395
Tax benefit			(1,534	)			(1,374	)			(1,033	)
Share-based compensation expense, net of tax		$	4,994			$	4,473			$	3,362

Schedule of Assumptions Used

The fair value of stock option awards is estimated using the Black-Scholes option pricing model.  The table below shows the annual weighted average assumptions used for valuation purposes. 

		Grant year
		Fiscal 2021				Fiscal 2020
Risk-free interest rate			0.5	%			1.6	%
Dividend yield			1.1	%			1.3	%
Expected life (years)			6				6
Volatility			32.8	%			28.4	%
Weighted average grant-date fair value of options granted		$	31.38			$	24.18

Summary of Stock Option Activity

The following table summarizes stock option activity for fiscal 2021:

		Number of stock options				Average exercise price				Average remaining contractual term (years)				Aggregate intrinsic value (thousands)
Stock options outstanding at August 31, 2020			132,144			$	90.56				7.9			$	1,242
Granted			40,048				112.50
Exercised			(41,947	)			90.92								2,125
Forfeited/cancelled			(3,034	)			91.50								200
Stock options outstanding at August 31, 2021			127,211			$	97.33				7.7			$	5,601
Stock options exercisable at August 31, 2021			39,834			$	87.40				6.3			$	3,129

Summary of Share Based Compensation Additional Information

Additional information regarding stock option exercises is summarized in the table below.

		For the years ended August 31,
($ in thousands)		2021				2020				2019
Intrinsic value of stock options exercised		$	2,125			$	721			$	93
Cash received from stock option exercises		$	3,965			$	1,545			$	177
Tax benefit realized from stock option exercises		$	499			$	169			$	26
Weighted average grant-date fair value of stock options vested		$	25.95			$	27.08			$	32.66

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for fiscal 2021:

		Number of restricted stock units				Weighted average grant- date fair value
Restricted stock units outstanding at August 31, 2020			72,723			$	89.92
Granted			32,880				111.96
Vested			(44,252	)			89.30
Forfeited / Cancelled			(4,011	)			96.73
Restricted stock units outstanding at August 31, 2021			57,340			$	102.60

Schedule of Performance Stock Unit Activity

The table below summarizes performance stock unit activity for fiscal 2021:

		Number of performance stock units				Weighted average grant- date fair value
Performance stock units outstanding at August 31, 2020			53,928			$	101.29
Granted			22,324				126.31
Forfeited / cancelled			(13,687	)			89.63
Performance stock units outstanding at August 31, 2021			62,565			$	112.77

Schedule of Assumptions Used to Estimate Fair Value of TSR Portion of Awards Granted

The fair value of the TSR portion of the awards granted in fiscal 2021 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions:

Expected term (years)			3
Risk-free interest rate			0.2	%
Volatility			38.6	%
Dividend yield			1.2	%

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of other than options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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