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6. SHAREHOLDERS' EQUITY | 6 Months Ended
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Feb. 28, 2015
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 has also declared cash dividends during fiscal year 2015. 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 |
11/07/2014 |  | 11/14/2014 |  |  | 16,841,114 |  |  | $ | 0.05 |  |  | $ | 842,056 |
1/26/2015 |  | 2/2/2015 |  |  | 16,852,117 |  |  | $ | 0.05 |  |  | $ | 842,604 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 1,684,660 |
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. On February 25, 2014 the shareholders approved an additional 1,000,000 shares increasing the total number of shares that may be granted under the Option Plan to 2,000,000. Qualified Incentive Stock Options (Qualified ISO) As of February 28, 2015, employees hold Qualified ISO to purchase 802,200 shares of common stock at exercise prices ranging from $1.00 to $6.85, which were granted prior to February 28, 2015.
Transactions in FY15 |  | 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 |  |  | (4,500 | ) |  | $ | 1.11 |  |  |  |  |
Cancelled/Forfeited |  |  | (8,800 | ) |  | $ | 6.85 |  |  |  |  |
Outstanding, February 28, 2015 |  |  | 802,200 |  |  | $ | 4.64 |  |  |  | 5.840 |
Exercisable, February 28, 2015 |  |  | 370,500 |  |  | $ | 2.40 |  |  |  | 2.737 |
The fair value of the options, including both ISO and NQSO options, granted during the six months ended February 28, 2015 is estimated at $130,781. 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 February 28, 2015: 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 February 28, 2015, the outside members of the Board of Directors hold options to purchase 35,600 shares of common stock at exercise prices ranging from $1.67 to $6.85, which were granted prior to February 28, 2015.
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 |  |  | (6,503 | ) |  | $ | 3.28 |  |  |  |  |
Cancelled/Forfeited |  |  | (14,497 | ) |  | $ | 4.97 |  |  |  |  |
Outstanding, February 28, 2015 |  |  | 35,600 |  |  | $ | 5.05 |  |  |  | 7.38 |
Exercisable, February 28, 2015 |  |  | 19,000 |  |  | $ | 4.29 |  |  |  | 7.32 |
The weighted-average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and Non-Qualified SO, was 5.90 years at February 28, 2015. The exercise prices for the options outstanding at February 28, 2015 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 |  |  | 193,000 |  |  | 3.02 years |  | $1.04 |  |  | 193,000 |  |  | 3.02 years |  | $1.04
$1.51 |  | $3.00 |  |  | 13,600 |  |  | 5.15 years |  | $2.41 |  |  | 3,600 |  |  | 5.19 years |  | $2.19
$3.01 |  | $4.50 |  |  | 133,500 |  |  | 2.36 years |  | $3.25 |  |  | 131,700 |  |  | 2.29 years |  | $3.23
$4.51 |  | $6.00 |  |  | 128,000 |  |  | 3.85 years |  | $5.47 |  |  | 57,200 |  |  | 3.71 years |  | $5.42
$6.01 |  | $6.85 |  |  | 369,700 |  |  | 9.42 years |  | $6.84 |  |  | 4,000 |  |  | 2.50 years |  | $6.67
TOTAL |  |  |  |  | 837,800 |  |  | 5.90 years |  | $4.65 |  |  | 389,500 |  |  | 2.89 years |  | $2.49

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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 -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 3: 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 4: 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 5: 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 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 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 Reference 14: 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 15: 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 + Details
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