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Shared-Based Compensation (Tables) | 12 Months Ended
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Aug. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense | The following table summarizes share-based compensation expense for fiscal 2023, 2022, and 2021:
|  | For the years ended August 31, |
($ in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Share-based compensation expense included in cost of operating revenues |  | $ | 183 |  |  | $ | 257 |  |  | $ | 258 |
Engineering and research |  |  | 232 |  |  |  | 210 |  |  |  | 202 |
Selling |  |  | 632 |  |  |  | 577 |  |  |  | 544 |
General and administrative |  |  | 5,651 |  |  |  | 4,637 |  |  |  | 5,524 |
Share-based compensation expense included in operating expenses |  |  | 6,515 |  |  |  | 5,424 |  |  |  | 6,270 |
Total share-based compensation expense |  |  | 6,698 |  |  |  | 5,681 |  |  |  | 6,528 |
Tax benefit |  |  | (1,574 | ) |  |  | (1,335 | ) |  |  | (1,534 | )
Share-based compensation expense, net of tax |  | $ | 5,124 |  |  | $ | 4,346 |  |  | $ | 4,994 |
Schedule of Assumptions Used | The table below shows the annual weighted average assumptions used for valuation purposes.
|  | Grant year |
|  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
Risk-free interest rate |  |  | 4.4 | % |  |  | 1.2 | % |  |  | 0.5 | %
Dividend yield |  |  | 0.9 | % |  |  | 0.9 | % |  |  | 1.1 | %
Expected life (years) |  |  | 5 |  |  |  | 5 |  |  |  | 6 |
Volatility |  |  | 35.7 | % |  |  | 33.8 | % |  |  | 32.8 | %
Weighted average grant-date fair value of options granted |  | $ | 55.53 |  |  | $ | 41.80 |  |  | $ | 31.38 |
Summary of Stock Option Activity | The following table summarizes stock option activity for fiscal 2023:
|  | Number of stock options |  |  | Average exercise price |  |  | Average remaining contractual term (years) |  |  | Aggregate intrinsic value (thousands) |
Stock options outstanding at August 31, 2022 |  |  | 97,140 |  |  | $ | 106.80 |  |  |  | 7.0 |  |  | $ | 5,203 |
Granted |  |  | 21,743 |  |  |  | 156.16 |  |  |  |  |  |  |
Exercised |  |  | (413 | ) |  |  | 76.37 |  |  |  |  |  |  | 23 |
Forfeited/cancelled |  |  | — |  |  |  | — |  |  |  |  |  |  | — |
Stock options outstanding at August 31, 2023 |  |  | 118,470 |  |  | $ | 115.96 |  |  |  | 6.6 |  |  | $ | 2,139 |
Stock options exercisable at August 31, 2023 |  |  | 76,143 |  |  | $ | 99.05 |  |  |  | 5.5 |  |  | $ | 2,072 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Intrinsic value of stock options exercised |  | $ | 23 |  |  | $ | 1,737 |  |  | $ | 2,125 |
Cash received from stock option exercises |  | $ | 32 |  |  | $ | 2,894 |  |  | $ | 3,965 |
Tax benefit realized from stock option exercises |  | $ | 1 |  |  | $ | 140 |  |  | $ | 499 |
Weighted average grant-date fair value of stock options vested |  | $ | 40.66 |  |  | $ | 34.19 |  |  | $ | 25.95 |
Summary of Restricted Stock Unit Activity | The following table summarizes restricted stock unit activity for fiscal 2023:
|  | Number of restricted stock units |  |  | Weighted average grant- date fair value |
Restricted stock units outstanding at August 31, 2022 |  |  | 44,251 |  |  | $ | 126.50 |
Granted |  |  | 24,123 |  |  |  | 151.38 |
Vested |  |  | (24,342 | ) |  |  | 122.06 |
Forfeited / Cancelled |  |  | (2,460 | ) |  |  | 140.26 |
Restricted stock units outstanding at August 31, 2023 |  |  | 41,572 |  |  | $ | 108.54 |
Schedule of Performance Stock Unit Activity | The table below summarizes performance stock unit activity for fiscal 2023:
|  | Number of performance stock units |  |  | Weighted average grant- date fair value |
Performance stock units outstanding at August 31, 2022 |  |  | 32,358 |  |  | $ | 127.78 |
Granted |  |  | 14,496 |  |  |  | 173.17 |
Vested |  |  | (9,344 | ) |  |  | 102.28 |
Forfeited / cancelled |  |  | — |  |  |  | — |
Performance stock units outstanding at August 31, 2023 |  |  | 37,510 |  |  | $ | 151.67 |
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 2023, 2022, and 2021 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions:
|  | Grant year |
|  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
Expected term (years) |  |  | 3 |  |  |  | 3 |  |  |  | 3 |
Risk-free interest rate |  |  | 4.5 | % |  |  | 0.7 | % |  |  | 0.2 | %
Volatility |  |  | 38.6 | % |  |  | 39.1 | % |  |  | 38.6 | %
Dividend yield |  |  | 0.9 | % |  |  | 0.9 | % |  |  | 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. + References No definition available. + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding performance-based awards that are fully vested and expected to vest. Includes, but is not limited to, unvested awards for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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