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SHAREHOLDERS' EQUITY | 12 Months Ended
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Aug. 31, 2020
Equity [Abstract] |
SHAREHOLDERS' EQUITY | NOTE 8 - SHAREHOLDERS' EQUITY Dividend The Company’s Board of Directors declared cash dividends during fiscal year 2020, 2019 and 2018. The details of dividend paid are in the following tables:
Schedule of dividends declared and paid |  |  |  |  |  |  |  |  |  |  |  |  |  |
FY2018
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  |  | Dividend per Share |  |  | Total Amount |
11/13/2017 |  | 11/20/2017 |  |  | 17,284,792 |  |  | $ | 0.06 |  |  | $ | 1,037,088 |
1/26/2018 |  | 2/02/2018 |  |  | 17,317,752 |  |  | $ | 0.06 |  |  |  | 1,039,065 |
4/25/2018 |  | 5/02/2018 |  |  | 17,354,005 |  |  | $ | 0.06 |  |  |  | 1,041,240 |
7/26/2018 |  | 8/02/2018 |  |  | 17,405,775 |  |  | $ | 0.06 |  |  |  | 1,044,347 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 4,161,740 |
FY2019
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  |  | Dividend per Share |  |  | Total Amount |
11/01/2018 |  | 11/08/2018 |  |  | 17,417,875 |  |  | $ | 0.06 |  |  | $ | 1,045,073 |
1/25/2019 |  | 2/01/2019 |  |  | 17,481,450 |  |  | $ | 0.06 |  |  |  | 1,048,887 |
4/24/2019 |  | 5/01/2019 |  |  | 17,515,228 |  |  | $ | 0.06 |  |  |  | 1,050,914 |
7/25/2019 |  | 8/01/2019 |  |  | 17,536,454 |  |  | $ | 0.06 |  |  |  | 1,052,181 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 4,197,055 |
FY2020
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  |  | Dividend per Share |  |  | Total Amount |
10/25/2019 |  | 11/01/2019 |  |  | 17,606,314 |  |  | $ | 0.06 |  |  | $ | 1,056,379 |
1/27/2020 |  | 2/03/2020 |  |  | 17,645,639 |  |  | $ | 0.06 |  |  |  | 1,058,740 |
4/24/2020 |  | 5/01/2020 |  |  | 17,769,134 |  |  | $ | 0.06 |  |  |  | 1,066,148 |
7/27/2020 |  | 8/03/2020 |  |  | 17,820,057 |  |  | $ | 0.06 |  |  |  | 1,069,203 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 4,250,470 |
Although dividend distributions are currently expected to continue on a quarterly basis, the Company’s Board of Directors reserves the right to discontinue the dividend distribution any time. Stock Option Plan 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. This plan terminated in February 2017 by its term. On December 23, 2016 the Board of Directors adopted, and on February 23, 2017 the shareholders approved, the 2017 Equity Incentive Plan under which a total of 1,000,000 shares of common stock has been reserved for issuance. This plan will terminate in December 2026. As of August 31, 2020, employees and directors hold stock options to purchase 1,223,661 shares of common stock at exercise prices ranging from $6.75 to $61.84 per share. The following table summarizes information about stock options:
Schedule of stock option activity |  |  |  |  |  |  |  |  |  |  |  |
Transactions in FY18 |  | Number of Options |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Life |
Outstanding, August 31, 2017 |  |  | 1,249,126 |  |  | $ | 8.51 |  |  |  | 7.74 |
Granted |  |  | 52,000 |  |  |  | 22.36 |  |  |  |  |
Exercised |  |  | (130,006 | ) |  |  | 5.97 |  |  |  |  |
Canceled/Forfeited |  |  | (30,144 | ) |  |  | 9.10 |  |  |  |  |
Expired |  |  | (6,000 | ) |  |  | 5.06 |  |  |  |  |
Outstanding, August 31, 2018 |  |  | 1,134,976 |  |  | $ | 9.44 |  |  |  | 7.31 |
Vested and Exercisable, August 31, 2018 |  |  | 483,696 |  |  | $ | 7.79 |  |  |  | 6.48 |
Vested and Expected to Vest, August 31, 2018 |  |  | 1,069,807 |  |  | $ | 9.35 |  |  |  | 7.26 |
Transactions in FY19 |  | Number of Options |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Life |
Outstanding, August 31, 2018 |  |  | 1,134,976 |  |  | $ | 9.44 |  |  |  | 7.31 |
Granted |  |  | 263,500 |  |  |  | 22.78 |  |  |  |  |
Exercised |  |  | (166,703 | ) |  |  | 7.15 |  |  |  |  |
Canceled/Forfeited |  |  | (68,514 | ) |  |  | 12.17 |  |  |  |  |
Expired |  |  | – |  |  |  | – |  |  |  |  |
Outstanding, August 31, 2019 |  |  | 1,163,259 |  |  | $ | 12.63 |  |  |  | 7.13 |
Vested and Exercisable, August 31, 2019 |  |  | 515,394 |  |  | $ | 8.57 |  |  |  | 6.09 |
Vested and Expected to Vest, August 31, 2019 |  |  | 1,101,800 |  |  | $ | 12.39 |  |  |  | 7.07 |
Transactions in FY20 |  | Number of Options |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Life |
Outstanding, August 31, 2019 |  |  | 1,163,259 |  |  | $ | 12.63 |  |  |  | 7.13 |
Granted |  |  | 223,000 |  |  |  | 39.23 |  |  |  |  |
Exercised |  |  | (121,647 | ) |  |  | 9.29 |  |  |  |  |
Canceled/Forfeited |  |  | (40,951 | ) |  |  | 14.19 |  |  |  |  |
Expired |  |  | – |  |  |  | – |  |  |  |  |
Outstanding, August 31, 2020 |  |  | 1,223,661 |  |  | $ | 17.76 |  |  |  | 6.79 |
Vested and Exercisable, August 31, 2020 |  |  | 596,311 |  |  | $ | 10.69 |  |  |  | 5.59 |
Vested and Expected to Vest, August 31, 2020 |  |  | 1,194,239 |  |  | $ | 17.75 |  |  |  | 6.77 |
Intrinsic Value of options outstanding and options exercisable
Intrinsic Value of options outstanding and options exercisable |  |  |  |  |  |  |  |  |  |  |  |
|  | Intrinsic Value of Options Outstanding |  |  | Intrinsic Value of Options Exercisable |  |  | Intrinsic Value of Options Exercised |
FY18 |  | $ | 13,064,884 |  |  | $ | 6,315,086 |  |  | $ | 1,495,313 |
FY19 |  | $ | 27,312,742 |  |  | $ | 14,194,724 |  |  | $ | 3,224,454 |
FY20 |  | $ | 51,272,966 |  |  | $ | 29,150,912 |  |  | $ | 4,085,753 |
The weighted-average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and Non-Qualified SO, was 6.79 years at August 31, 2020. The total fair value of non-vested stock options as of August 31, 2020 was $22,122,054 and is amortizable over a weighted average period of 3.39 years. The fair value of these options was estimated at the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which do not have vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. Because our stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its stock options. The following table summarizes the fair value of the options, including both ISOs and NQSOs, granted during the current fiscal year 2020 and fiscal year 2019:
Schedule of fair value of options |  |  |  |  |  |  |  |
|  | FY 2020 |  |  | FY 2019 |
Estimated fair value of awards granted |  | $ | 2,997,120 |  |  | $ | 1,928,820 |
Unvested Forfeiture Rate |  |  | 0% |  |  |  | 6.20% |
Weighted average grant price |  | $ | 39.23 |  |  | $ | 22.78 |
Weighted average market price |  | $ | 39.23 |  |  | $ | 22.69 |
Weighted average volatility |  |  | 33.56% |  |  |  | 31.61% |
Weighted average risk-free rate |  |  | 1.39% |  |  |  | 2.59% |
Weighted average dividend yield |  |  | 0.65% |  |  |  | 1.10% |
Weighted average expected life |  |  | 6.67 years |  |  |  | 6.64 years |
The exercise prices for the options outstanding at August 31, 2020 ranged from $6.75 to $61.84, and the information relating to these options is as follows:
| Schedule of options by exercise price range |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
$ | 6.75 |  |  | $ | 8.00 |  |  |  | 177,730 |  |  |  | 4.0 years |  |  | $ | 6.85 |  |  |  | 177,730 |  |  |  | 4.0 years |  |  | $ | 6.85 |
$ | 8.01 |  |  | $ | 16.00 |  |  |  | 547,901 |  |  |  | 6.0 years |  |  | $ | 9.98 |  |  |  | 350,721 |  |  |  | 6.0 years |  |  | $ | 9.97 |
$ | 16.01 |  |  | $ | 24.00 |  |  |  | 230,280 |  |  |  | 7.8 years |  |  | $ | 20.70 |  |  |  | 50,560 |  |  |  | 7.2 years |  |  | $ | 21.18 |
$ | 24.01 |  |  | $ | 38.00 |  |  |  | 204,950 |  |  |  | 9.1 years |  |  | $ | 33.45 |  |  |  | 17,300 |  |  |  | 8.9 years |  |  | $ | 34.23 |
$ | 38.01 |  |  | $ | 52.00 |  |  |  | 19,800 |  |  |  | 9.6 years |  |  | $ | 38.64 |  |  |  | – |  |  |  | – |  |  |  | – |
$ | 52.01 |  |  | $ | 61.84 |  |  |  | 43,000 |  |  |  | 9.9 years |  |  | $ | 61.84 |  |  |  | – |  |  |  | – |  |  |  | – |
|  |  |  |  |  |  |  |  | 1,223,661 |  |  |  | 6.8 years |  |  | $ | 17.76 |  |  |  | 596,311 |  |  |  | 5.6 years |  |  | $ | 10.69 |
Follow-on Public Offering In August 2020, the company closed an underwritten public offering of 2,090,909 shares of its common stock to the public at $55.00 per share, which included the full exercise of the underwriters’ option to purchase 272,727 additional shares of common stock. The aggregate gross proceeds to the company from this offering were approximately $115 million, before deducting underwriting discounts and commissions; net proceeds were approximately $107.7 million 107,747,338. The offering was made pursuant to the Company’s automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on July 9, 2020.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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