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SHAREHOLDERS' EQUITY | 12 Months Ended
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Aug. 31, 2022
Equity [Abstract] |
SHAREHOLDER'S EQUITY | SHAREHOLDERS' EQUITY Shares Outstanding Shares of common stock outstanding for the years ended August 31, 2022, 2021, and 2020 were as follows:
| August 31,
| 2022 |  | 2021 |  | 2020
Common stock outstanding, beginning of year | 20,142 |  |  | 19,923 |  |  | 17,592 |
Common stock issued during the year | 119 |  |  | 218 |  |  | 2,331 |
Common stock outstanding, end of year | 20,260 |  |  | 20,142 |  |  | 19,923 |
Dividends The Company’s Board of Directors declared cash dividends during the years ended August 31, 2022, and 2021. The details of dividends paid are in the following tables:
(in thousands, except dividend per share) |  | Fiscal Year 2022
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  | Dividend per Share |  | Total Amount
10/25/2021 |  | 11/01/2021 |  | 20,148 |  |  | $ | 0.06 |  |  | $ | 1,209 |
1/31/2022 |  | 2/07/2022 |  | 20,178 |  |  | $ | 0.06 |  |  | 1,211 |
4/25/2022 |  | 5/02/2022 |  | 20,207 |  |  | $ | 0.06 |  |  | 1,212 |
7/25/2022 |  | 8/01/2022 |  | 20,239 |  |  | $ | 0.06 |  |  | 1,214 |
Total |  |  |  |  |  |  |  | $ | 4,846 |
(in thousands, except dividend per share) |  | 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 |
7/26/2021 |  | 8/02/2021 |  | 20,139 |  |  | $ | 0.06 |  |  | 1,208 |
Total |  |  |  |  |  |  |  | $ | 4,811 |
Stock Option Plans 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 would have terminated in December 2026. The 2017 Plan was replaced by the Company’s 2021 Plan (as defined below), and as a result, no further issuances of shares may be made under the 2017 Plan. On April 9, 2021, the Board of Directors adopted, and on June 23, 2021, the shareholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), under which a total of 1.3 million shares of common stock have been reserved for issuance. The 2021 Plan will terminate in 2031. As of August 31, 2022, employees and directors held 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 per share. The following tables summarize information about stock options:
(in thousands, except per share and weighted-average amounts) Transactions During Fiscal Year 2022 |  | Number of Options |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2021 |  | 1,184 |  |  | $ | 25.63 |  |  | 6.47
Granted |  | 255 |  |  | 42.13 |  |  |
Exercised |  | (104) |  |  | 16.15 |  |  |
Canceled/Forfeited |  | (90) |  |  | 42.30 |  |  |
Outstanding, August 31, 2022 |  | 1,245 |  |  | $ | 28.61 |  |  | 6.14
Vested and Exercisable, August 31, 2022 |  | 711 |  |  | $ | 17.65 |  |  | 4.47
Vested and Expected to Vest, August 31, 2022 |  | 1,236 |  |  | $ | 28.51 |  |  | 6.12
(in thousands, except per share and weighted-average amounts) Transactions During Fiscal Year 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 |  | 226 |  |  | 57.60 |  |  |
Exercised |  | (204) |  |  | 12.53 |  |  |
Canceled/Forfeited |  | (62) |  |  | 29.83 |  |  |
Outstanding, August 31, 2021 |  | 1,184 |  |  | $ | 25.63 |  |  | 6.47
Vested and Exercisable, August 31, 2021 |  | 619 |  |  | $ | 13.36 |  |  | 4.95
Vested and Expected to Vest, August 31, 2021 |  | 1,173 |  |  | $ | 25.69 |  |  | 6.47
(in thousands, except per share and weighted-average amounts) Transactions During Fiscal Year 2020 |  | Number of Options |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2019 |  | 1,163 |  |  | $ | 12.63 |  |  | 7.13
Granted |  | 223 |  |  | 39.23 |  |  |
Exercised |  | (121) |  |  | 9.29 |  |  |
Canceled/Forfeited |  | (41) |  |  | 14.19 |  |  |
Outstanding, August 31, 2020 |  | 1,224 |  |  | $ | 17.76 |  |  | 6.79
Vested and Exercisable, August 31, 2020 |  | 596 |  |  | $ | 10.69 |  |  | 5.59
Vested and Expected to Vest, August 31, 2020 |  | 1,194 |  |  | $ | 17.75 |  |  | 6.77
The following table summarizes the Intrinsic Value of options outstanding and options exercisable:
(in thousands) |  | Intrinsic Value of Options Outstanding |  | Intrinsic Value of Options Exercisable |  | Intrinsic Value of Options Exercised
Fiscal Year 2020 |  | $ | 51,273 |  |  | $ | 29,151 |  |  | $ | 4,086 |
Fiscal Year 2021 |  | $ | 25,705 |  |  | $ | 19,373 |  |  | $ | 11,554 |
Fiscal Year 2022 |  | $ | 39,208 |  |  | $ | 30,187 |  |  | $ | 3,572 |
The weighted-average remaining contractual life of options outstanding issued under the Plans, for both ISOs and NQSOs, was 6.14 years at August 31, 2022. The total fair value of non-vested stock options as of August 31, 2022, was $9.1 million and is amortizable over a weighted-average period of 3.27 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 current fiscal year 2022 and fiscal year 2021:
(in thousands, except prices) |  | Fiscal Year 2022 |  | Fiscal Year 2021
Estimated fair value of awards granted |  | $ | 4,597 |  |  | $ | 5,092 |
Unvested Forfeiture Rate |  | 1.04 | % |  | 0 | %
Weighted-average grant price |  | $ | 42.13 |  |  | $ | 57.60 |
Weighted-average market price |  | $ | 42.13 |  |  | $ | 57.60 |
Weighted-average volatility |  | 42.80 | % |  | 40.49 | %
Weighted-average risk-free rate |  | 1.74 | % |  | 0.64 | %
Weighted-average dividend yield |  | 0.58 | % |  | 0.42 | %
Weighted-average expected life |  | 6.59 years |  | 6.63 years
The exercise prices for the options outstanding at August 31, 2022, ranged from $6.85 to $66.14, and the information relating to these options is as follows: (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 |  |  | $ | 9.77 |  |  | 286 |  |  | 2.75 years |  | $ | 8.29 |  |  | 286 |  |  | 2.75 years |  | $ | 8.29 |
$ | 9.78 |  |  | $ | 18.76 |  |  | 200 |  |  | 4.32 years |  | $ | 10.37 |  |  | 200 |  |  | 4.32 years |  | $ | 10.37 |
$ | 18.77 |  |  | $ | 33.40 |  |  | 241 |  |  | 6.38 years |  | $ | 25.21 |  |  | 121 |  |  | 5.97 years |  | $ | 24.16 |
$ | 33.41 |  |  | $ | 47.63 |  |  | 229 |  |  | 8.64 years |  | $ | 38.47 |  |  | 41 |  |  | 7.01 years |  | $ | 35.41 |
$ | 47.64 |  |  | $ | 66.14 |  |  | 289 |  |  | 8.56 years |  | $ | 56.30 |  |  | 63 |  |  | 8.14 years |  | $ | 58.92 |
|  |  |  | 1,245 |  |  | 6.14 years |  | $ | 28.61 |  |  | 711 |  |  | 4.47 years |  | $ | 17.65 |
During the fiscal years ended August 31, 2022, 2021, and 2020, we issued 7,120, 5,620 and 7,205 shares of stock valued at $0.4 million, $0.3 million, and $0.3 million, respectively, to our nonmanagement directors as compensation for board-related duties. The balance of our par-value common stock and additional paid-in capital as of August 31, 2022, was $11 thousand and $138.5 million, respectively, and the balance of our par-value common stock and additional paid-in capital as of August 31, 2021, was $10 thousand and $133.4 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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