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6. SHAREHOLDERS' EQUITY | 3 Months Ended
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Nov. 30, 2014
Equity [Abstract] |
SHAREHOLDERS' EQUITY | Dividend The Board of Directors declared cash dividends during fiscal year 2014. The details of dividends paid are in the following table:
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  |  | Dividend per Share |  |  | Total Amount |
11/08/2013 |  | 11/15/2013 |  |  | 16,073,894 |  |  | $ | 0.04 |  |  | $ | 642,956 |
2/17/2014 |  | 2/24/2014 |  |  | 16,149,460 |  |  | $ | 0.05 |  |  |  | 807,473 |
5/09/2014 |  | 5/16/2014 |  |  | 16,165,171 |  |  | $ | 0.05 |  |  |  | 808,259 |
8/04/2014 |  | 8/11/2014 |  |  | 16,337,955 |  |  | $ | 0.05 |  |  |  | 816,897 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 3,075,585 |
The Board of Directors also declared cash dividend during the first quarter of fiscal year 2015.
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  |  | Dividend per Share |  |  | Total Amount |
11/07/2014 |  | 11/14/2014 |  |  | 16,841,114 |  |  | $ | 0.05 |  |  | $ | 842,056 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 842,056 |
Stock Option Plan In September 1996, the Board of Directors adopted, and the shareholders approved, the 1996 Stock Option Plan (the "Option Plan") under which a total of 1,000,000 shares of common stock had been reserved for issuance. In March 1999, the shareholders approved an increase in the number of shares that may be granted under the Option Plan to 2,000,000. In February 2000, the shareholders approved an increase in the number of shares that may be granted under the Option Plan to 4,000,000. In December 2000, the shareholders approved an increase in the number of shares that may be granted under the Option Plan to 5,000,000. Furthermore, in February 2005, the shareholders approved an additional 1,000,000 shares, resulting in the total number of shares that may be granted under the Option Plan to 6,000,000. The 1996 Stock Option Plan terminated in September 2006 by its term. On February 23, 2007, the Board of Directors adopted and the shareholders approved the 2007 Stock Option Plan under which a total of 1,000,000 shares of common stock had been reserved for issuance. Qualified Incentive Stock Options (Qualified ISO) As of November 30, 2014, employees hold Qualified ISO to purchase 815,500 shares of common stock at exercise prices ranging from $1.00 to $6.85, which were granted prior to November 30, 2014.
Transactions in FY14 |  | Number of Options |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Life |
Outstanding, August 31, 2014 |  |  | 798,500 |  |  | $ | 4.59 |  |  |  | 6.265 |
Granted |  |  | 17,000 |  |  | $ | 6.85 |  |  |  |  |
Exercised |  |  | 0 |  |  | $ | 0.00 |  |  |  |  |
Outstanding, November 30, 2014 |  |  | 815,500 |  |  | $ | 4.64 |  |  |  | 6.095 |
Exercisable, November 30, 2014 |  |  | 345,000 |  |  | $ | 2.31 |  |  |  | 3.033 |
The fair value of the options, including both ISO and NQSO options, granted during the quarter ended November 30, 2014 is estimated at $68,070. The fair value of these options was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions for Fiscal quarter ended November 30, 2014: dividend yield of 2.92%, pre-vest forfeiture rate of 6.23%, expected volatility of 49.55%, risk-free interest rate of 2.23%, and expected life of 6.90 years. Non-Qualified Stock Options (Non-Qualified ISO) As of November 30, 2014, the outside members of the Board of Directors hold options to purchase 56,600 shares of common stock at exercise prices ranging from $1.67 to $6.72.
Transactions in FY15 |  | Number of Options |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Life |
Outstanding, August 31, 2014 |  |  | 56,600 |  |  | $ | 4.82 |  |  |  | 7.96 |
Granted |  |  | 0 |  |  | $ | 0.00 |  |  |  |  |
Exercised |  |  | 0 |  |  | $ | 0.00 |  |  |  |  |
Outstanding, November 30, 2014 |  |  | 56,600 |  |  | $ | 4.82 |  |  |  | 7.71 |
Exercisable, November 30, 2014 |  |  | 31,400 |  |  | $ | 3.96 |  |  |  | 6.49 |
The weighted-average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and Non-Qualified SO, was 6.20 years at November 30, 2014. The exercise prices for the options outstanding at November 30, 2014 ranged from $1.00 to $6.85, and the information relating to these options is as follows:
Exercise Price |  | Awards Outstanding |  | Awards Exercisable
Low |  | High |  | Quantity |  |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Quantity |  |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price
$1.00 |  | $ 1.50 |  |  | 197,500 |  |  | 3.21 years |  | $ 1.05 |  |  | 197,500 |  |  | 3.2 years |  | $1.05
$1.51 |  | $ 3.00 |  |  | 17,600 |  |  | 5.48 years |  | $ 2.42 |  |  | 7,600 |  |  | 5.6 years |  | $2.33
$3.01 |  | $ 4.50 |  |  | 141,500 |  |  | 2.87 years |  | $ 3.28 |  |  | 108,500 |  |  | 3.0 years |  | $3.18
$4.51 |  | $ 6.00 |  |  | 132,000 |  |  | 5.24 years |  | $ 5.45 |  |  | 58,800 |  |  | 4.1 years |  | $5.59
$6.01 |  | $ 6.85 |  |  | 383,500 |  |  | 9.67 years |  | $ 6.84 |  |  | 4,000 |  |  | 2.8 years |  | $6.68
TOTAL |  |  |  |  | 872,100 |  |  | 6.20 years |  | $4.65 |  |  | 376,400 |  |  | 3.3 years |  | $2.45

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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