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7. SHAREHOLDERS' EQUITY | 9 Months Ended
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May 31, 2020
Equity [Abstract] |
SHAREHOLDERS' EQUITY | NOTE 7: SHAREHOLDERS’ EQUITY Dividend The Company’s Board of Directors declared cash dividends during fiscal years 2020 and 2019. The details of the dividends paid are in the following tables:
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 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 3,181,267 |
FY2019
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  |  | Dividend per Share |  |  | Total Amount |
11/1/2018 |  | 11/08/2018 |  |  | 17,417,875 |  |  | $ | 0.06 |  |  | $ | 1,045,073 |
1/25/2019 |  | 2/1/2019 |  |  | 17,481,450 |  |  | $ | 0.06 |  |  |  | 1,048,887 |
4/09/2019 |  | 5/01/2019 |  |  | 17,515,228 |  |  | $ | 0.06 |  |  |  | 1,050,914 |
7/25/2019 |  | 8/1/2019 |  |  | 17,536,454 |  |  | $ | 0.06 |  |  |  | 1,052,181 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 4,197,055 |
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 May 31, 2020, employees and directors hold stock options to purchase 1,231,491 shares of common stock at exercise prices ranging from $6.75 to $38.81. The following table summarizes information about stock options:
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 |  |  | 180,000 |  |  | $ | 33.83 |  |  |  |  |
Exercised |  |  | (78,807 | ) |  | $ | 8.46 |  |  |  |  |
Cancelled/Forfeited |  |  | (32,961 | ) |  | $ | 14.26 |  |  |  |  |
Expired |  |  | – |  |  | $ | – |  |  |  |  |
Outstanding, May 31, 2020 |  |  | 1,231,491 |  |  | $ | 15.95 |  |  |  | 6.90 |
Exercisable, May 31, 2020 |  |  | 625,966 |  |  | $ | 10.05 |  |  |  | 5.78 |
The weighted-average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and Non-Qualified SO, was 6.88 years at May 31, 2020. The total fair value of non-vested stock options as of May 31, 2020 was $17,328,000 and is amortizable over a weighted average period of 3.46 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:
|  | YTD FY 2020 |  |  | FY 2019 |
Estimated fair value of awards granted |  | $ | 1,996,200 |  |  | $ | 1,928,820 |
Unvested Forfeiture Rate |  |  | 0% |  |  |  | 6.20% |
Weighted average grant price |  | $ | 33.83 |  |  | $ | 22.78 |
Weighted average market price |  | $ | 33.83 |  |  | $ | 22.69 |
Weighted average volatility |  |  | 32.27% |  |  |  | 31.61% |
Weighted average risk-free rate |  |  | 1.62% |  |  |  | 2.59% |
Weighted average dividend yield |  |  | 0.71% |  |  |  | 1.10% |
Weighted average expected life |  |  | 6.68 years |  |  |  | 6.64 years |
The exercise prices for the options outstanding at May 31, 2020 ranged from $6.75 to $38.81, 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 |
$ | 6.75 |  |  | $ | 8.00 |  |  |  | 180,970 |  |  |  | 4.27 years |  |  | $ | 6.85 |  |  |  | 180,970 |  |  |  | 4.27 years |  |  | $ | 6.85 |
$ | 8.01 |  |  | $ | 16.00 |  |  |  | 588,401 |  |  |  | 6.29 years |  |  | $ | 9.97 |  |  |  | 387,846 |  |  |  | 6.21 years |  |  | $ | 9.93 |
$ | 16.01 |  |  | $ | 24.00 |  |  |  | 236,870 |  |  |  | 8.03 years |  |  | $ | 20.69 |  |  |  | 57,150 |  |  |  | 7.60 years |  |  | $ | 21.06 |
$ | 24.01 |  |  | $ | 38.81 |  |  |  | 225,250 |  |  |  | 9.43 years |  |  | $ | 33.92 |  |  |  | 0 |  |  |  | – |  |  | $ | – |
|  |  |  |  |  |  |  |  | 1,231,491 |  |  |  | 6.90 years |  |  | $ | 15.95 |  |  |  | 625,966 |  |  |  | 5.78 years |  |  | $ | 10.05 |
During the three and nine-month periods ended May 31, 2020, the Company issued 1,905 and 6,175 shares of stock to non-management directors of the Company valued at $72,483 and $217,382, respectively as compensation for services rendered to the Company.

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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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