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SHAREHOLDERS’ EQUITY | 9 Months Ended
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May 31, 2021
Equity [Abstract] |
SHAREHOLDERS’ EQUITY | NOTE 8: SHAREHOLDERS’ EQUITY Dividends Our Board of Directors declared cash dividends during fiscal years 2021 and 2020. The details of the dividends paid are in the following tables:
Schedule of dividends declared and paid |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands, except dividend per share amounts) | Fiscal Year 2021 |
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  |  | Dividend per Share |  |  | Total Amount |
10/26/2020 |  | 11/02/2020 |  |  | 19,924 |  |  | $ | 0.06 |  |  | $ | 1,195 |
1/25/2021 |  | 2/01/2021 |  |  | 20,010 |  |  | $ | 0.06 |  |  |  | 1,201 |
4/26/2021 |  | 5/03/2021 |  |  | 20,115 |  |  | $ | 0.06 |  |  |  | 1,207 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 3,603 |
(in thousands, except dividend per share amounts) | Fiscal Year 2020 |
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  |  | Dividend per Share |  |  | Total Amount |
10/25/2019 |  | 11/01/2019 |  |  | 17,606 |  |  | $ | 0.06 |  |  | $ | 1,056 |
1/27/2020 |  | 2/03/2020 |  |  | 17,646 |  |  | $ | 0.06 |  |  |  | 1,059 |
4/24/2020 |  | 5/01/2020 |  |  | 17,769 |  |  | $ | 0.06 |  |  |  | 1,066 |
7/27/2020 |  | 8/03/2020 |  |  | 17,820 |  |  | $ | 0.06 |  |  |  | 1,069 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 4,250 |
Stock Option Plans On February 23, 2007, the Board of Directors adopted, and the shareholders approved the 2007 Stock Option Plan under which a total of 1.0 million shares of common stock were reserved for issuance. On February 25, 2014 the shareholders approved an additional 1.0 million shares increasing the total number of shares available to be granted under the 2007 Stock Option Plan to 2.0 million. 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 (the “2017 Plan”) under which a total of 1.0 million shares of common stock were reserved for issuance. The 2017 Plan has been replaced by the Company’s new 2021 Plan (defined below). As a result, no further grants of awards may be made under the 2017 Plan and any awards that are cancelled or expire under the 2017 Plan will not be reissued, except that outstanding awards granted prior to the adoption of the new 2021 Plan will continue to be governed by the 2017 Plan. Effective April 9, 2021, the Board of Directors approved, subject to shareholder approval, the adoption of a new 2021 Equity Incentive Plan (the “2021 Plan”) under which 1.3 million shares are reserved for issuance. The 2021 Plan, which was submitted for shareholder approval at our 2021 Special Meeting of Shareholders held on June 23, 2021, was approved by the shareholders. As a result, the 2021 Plan became effective as of April 9, 2021, and the Company may issue equity awards to permitted recipients thereunder. As of May 31, 2021, employees and directors hold Qualified Incentive Stock Options (“ISOs”) and Non-Qualified Stock Options (“NQSOs) to purchase 1.2 million shares of common stock at exercise prices ranging from $6.85 to $66.14. The following table summarizes information about stock options:
Schedule of stock option activity |  |  |  |  |  |  |  |  |  |  |  |
(in thousands, except per share and weighted-average amounts) Transactions during the nine months ended May 31, 2021 |  | Number of Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Remaining Contractual Life |
Outstanding, August 31, 2020 |  |  | 1,224 |  |  | $ | 17.76 |  |  |  | 6.79 |
Granted |  |  | 209 |  |  | $ | 57.95 |  |  |  |  |
Exercised |  |  | (197 | ) |  | $ | 12.65 |  |  |  |  |
Cancelled/Forfeited |  |  | (53 | ) |  | $ | 25.99 |  |  |  |  |
Outstanding, May 31, 2021 |  |  | 1,183 |  |  | $ | 25.34 |  |  |  | 6.68 |
Exercisable, May 31, 2021 |  |  | 600 |  |  | $ | 11.83 |  |  |  | 5.04 |
The weighted-average remaining contractual life of options outstanding issued under the Plan, both ISOs and NQSOs, was 6.68 years at May 31, 2021. The total fair value of nonvested stock options as of May 31, 2021, was $9.4 million and is amortizable over a weighted average period of 3.55 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. The following table summarizes the fair value of the options, including both ISOs and NQSOs, granted during the nine months ended May 31, 2021 and fiscal year 2020:
Schedule of fair value of options |  |  |  |  |  |  |  |
(in thousands except pricing) |  | Nine months ended May 31, 2021 |  |  | Fiscal Year 2020 |
Estimated fair value of awards granted |  | $ | 4,739 |  |  | $ | 2,997 |
Unvested forfeiture rate |  |  | 0% |  |  |  | 0% |
Weighted average grant price |  | $ | 57.95 |  |  | $ | 39.23 |
Weighted average market price |  | $ | 57.95 |  |  | $ | 39.23 |
Weighted average volatility |  |  | 40.49% |  |  |  | 33.56% |
Weighted average risk-free rate |  |  | 0.61% |  |  |  | 1.39% |
Weighted average dividend yield |  |  | 0.41% |  |  |  | 0.65% |
Weighted average expected life |  |  | 6.64 years |  |  |  | 6.67 years |
The exercise prices for the options outstanding at May 31, 2021, ranged from $6.85 to $66.14, and the information relating to these options is as follows:
Schedule of options by exercise price range |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands except prices) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
$ | 6.85 |  |  | $ | 8.28 |  |  |  | 148 |  |  |  | 3.25 years |  |  | $ | 6.85 |  |  |  | 148 |  |  |  | 3.25 years |  |  | $ | 6.85 |
$ | 8.29 |  |  | $ | 10.03 |  |  |  | 185 |  |  |  | 4.77 years |  |  | $ | 9.72 |  |  |  | 185 |  |  |  | 4.77 years |  |  | $ | 9.72 |
$ | 10.04 |  |  | $ | 18.76 |  |  |  | 231 |  |  |  | 5.61 years |  |  | $ | 10.35 |  |  |  | 171 |  |  |  | 5.56 years |  |  | $ | 10.41 |
$ | 18.77 |  |  | $ | 34.53 |  |  |  | 323 |  |  |  | 7.73 years |  |  | $ | 26.25 |  |  |  | 84 |  |  |  | 7.26 years |  |  | $ | 24.73 |
$ | 34.54 |  |  | $ | 66.14 |  |  |  | 296 |  |  |  | 9.28 years |  |  | $ | 55.11 |  |  |  | 12 |  |  |  | 8.41 years |  |  | $ | 36.65 |
|  |  |  |  |  |  |  |  | 1,183 |  |  |  | 6.68 years |  |  | $ | 25.34 |  |  |  | 600 |  |  |  | 5.04 years |  |  | $ | 11.83 |
During the three and nine months ended May 31, 2021, we issued 1,385 and 3,765 shares of stock valued at $87 thousand and $257 thousand to our non-management directors as compensation for board-related duties. In August 2020, we closed an underwritten public offering of approximately 2.1 million shares of our common stock to the public at $55.00 per share, which included the full exercise of the underwriters’ option to purchase approximately 273 thousand additional shares of common stock. The aggregate gross proceeds from this offering were approximately $115 million before deducting underwriting discounts and commissions. Net proceeds were approximately $107.7 million. The offering was made pursuant to our automatic shelf registration statement on Form S-3 filed with the SEC on July 9, 2020. The balance of par value common stock and additional paid in capital as of May 31, 2021, was $10 thousand and $132.0 million, respectively.

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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 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: 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 + Details
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