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SHAREHOLDERS’ EQUITY | 6 Months Ended
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Feb. 28, 2022
Equity [Abstract] |
SHAREHOLDERS’ EQUITY | NOTE 7: SHAREHOLDERS’ EQUITY Shares Outstanding Shares of common stock outstanding for the three and six months ended February 28, 2022 and 2021 were as follows:
Schedule of common stock outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended February 28, |  |  | Six Months Ended February 28, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Common stock outstanding, beginning of the period |  |  | 20,168,796 |  |  |  | 19,958,760 |  |  |  | 20,141,521 |  |  |  | 19,923,277 |
Common stock issued during the period |  |  | 12,988 |  |  |  | 100,768 |  |  |  | 40,263 |  |  |  | 136,251 |
Common stock outstanding, end of the period |  |  | 20,181,784 |  |  |  | 20,059,528 |  |  |  | 20,181,784 |  |  |  | 20,059,528 |
Dividends Our Board of Directors declared cash dividends during fiscal years 2022 and 2021. The details of the dividends paid are in the following tables:
Schedule of dividends declared and paid |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 2,420 |
(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 February 23, 2007, the Company’s Board of Directors adopted, and its shareholders approved, the 2007 Stock Option Plan (the “2007 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 Plan to 2.0 million. This plan terminated in February 2017 by its terms. On December 23, 2016, the Company’s Board of Directors adopted, and on February 23, 2017, its shareholders approved, the Company’s 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 will terminate 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 Company’s Board of Directors adopted, and on June 23, 2021, its shareholders approved, the Company’s 2021 Equity Incentive Plan (the “2021 Plan,” and together with the 2007 Plan and 2017 Plan, the “Plans”), under which 1.3 million shares of common stock were reserved for issuance. The 2021 Plan became effective as of April 9, 2021, and the Company may issue equity awards to permitted recipients thereunder. The maximum contractual life of the plan is ten years. As of February 28, 2022, employees and directors hold Incentive Stock Options (“ISOs”) and Non-Qualified Stock Options (“NQSOs”) to purchase approximately 1.3 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 six months ended February 28, 2022 |  | Number of Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Remaining Contractual Life (Years) |
Outstanding, August 31, 2021 |  |  | 1,184 |  |  | $ | 25.63 |  |  |  | 6.47 |
Granted |  |  | 189 |  |  | $ | 39.22 |  |  |  |  |
Exercised |  |  | (44 | ) |  | $ | 17.48 |  |  |  |  |
Cancelled/Forfeited |  |  | (41 | ) |  | $ | 39.72 |  |  |  |  |
Outstanding, February 28, 2022 |  |  | 1,288 |  |  | $ | 27.45 |  |  |  | 6.47 |
Exercisable, February 28, 2022 |  |  | 751 |  |  | $ | 16.81 |  |  |  | 4.93 |
The total fair value of nonvested stock options as of February 28, 2022 was $7.6 million and is amortizable over a weighted average period of 3.36 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 six months ended February 28, 2022 and fiscal year 2021:
Schedule of fair value of options |  |  |  |  |  |  |  |
(in thousands except pricing) |  | Six Months Ended February 28, 2022 |  |  | Fiscal Year 2021 |
Estimated fair value of awards granted |  | $ | 3,042 |  |  | $ | 5,092 |
Unvested forfeiture rate |  |  | 0% |  |  |  | 0% |
Weighted average grant price |  | $ | 39.22 |  |  | $ | 57.60 |
Weighted average market price |  | $ | 39.22 |  |  | $ | 57.60 |
Weighted average volatility |  |  | 41.91% |  |  |  | 40.49% |
Weighted average risk-free rate |  |  | 1.44% |  |  |  | 0.64% |
Weighted average dividend yield |  |  | 0.61% |  |  |  | 0.42% |
Weighted average expected life |  |  | 6.60 years |  |  |  | 6.63 years |
The exercise prices for the options outstanding at February 28, 2022 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 |  |  | $ | 9.77 |  |  |  | 304 |  |  |  | 3.29 years |  |  | $ | 8.37 |  |  |  | 304 |  |  |  | 3.29 years |  |  | $ | 8.37 |
$ | 9.78 |  |  | $ | 18.76 |  |  |  | 224 |  |  |  | 4.85 years |  |  | $ | 10.35 |  |  |  | 223 |  |  |  | 4.84 years |  |  | $ | 10.33 |
$ | 18.77 |  |  | $ | 33.40 |  |  |  | 268 |  |  |  | 6.91 years |  |  | $ | 25.12 |  |  |  | 135 |  |  |  | 6.54 years |  |  | $ | 24.16 |
$ | 33.41 |  |  | $ | 47.63 |  |  |  | 246 |  |  |  | 9.13 years |  |  | $ | 38.35 |  |  |  | 31 |  |  |  | 7.53 years |  |  | $ | 35.56 |
$ | 47.64 |  |  | $ | 66.14 |  |  |  | 246 |  |  |  | 8.73 years |  |  | $ | 58.23 |  |  |  | 58 |  |  |  | 8.64 years |  |  | $ | 58.88 |
|  |  |  |  |  |  |  |  | 1,288 |  |  |  | 6.47 years |  |  | $ | 27.45 |  |  |  | 751 |  |  |  | 4.93 years |  |  | $ | 16.81 |
During the three and six months ended February 28, 2022 the Company issued 1,716 and 3,451 shares of stock valued at $88 thousand and $176 thousand, respectively, to our non-management directors as compensation for board-related duties. The balance of par value common stock and additional paid-in capital as of February 28, 2022, was $10 thousand and $135.5 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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