XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.23.3

SHAREHOLDERS' EQUITY | 12 Months Ended
--- | ---
Aug. 31, 2023
Equity [Abstract] |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Shares Outstanding Shares of Company common stock outstanding for the years ended August 31, 2023, 2022, and 2021 were as follows:
(in thousands) |  |  |  |  |  | Years ended August 31,
|  |  |  |  |  | 2023 |  | 2022 |  | 2021
Common stock outstanding, beginning of period |  |  |  |  |  | 20,260 |  |  | 20,142 |  |  | 19,923 |
Common stock repurchased during the period * |  |  |  |  |  | (492) |  |  | — |  |  | — |
Common stock issued during the period |  |  |  |  |  | 170 |  |  | 119 |  |  | 218 |
Common stock outstanding, end of period |  |  |  |  |  | 19,938 |  |  | 20,260 |  |  | 20,142 |
*Common stock repurchased per the ASR Agreement, as discussed in further detail, below. Dividends The Company’s Board of Directors declared cash dividends during the fiscal years 2023 and 2022. The details of dividends paid are in the following tables:
(in thousands, except dividend per share) |  | For the year ended August 31, 2023
Record Date |  | Distribution Date |  | Number of Shares Outstanding on Record Date |  | Dividend per Share |  | Total Amount
10/31/2022 |  | 11/07/2022 |  | 20,299 |  |  | $ | 0.06 |  |  | $ | 1,218 |
1/30/2023 |  | 2/06/2023 |  | 19,924 |  |  | $ | 0.06 |  |  | 1,195 |
4/24/2023 |  | 5/01/2023 |  | 19,999 |  |  | $ | 0.06 |  |  | 1,200 |
7/31/2023 |  | 8/07/2023 |  | 19,931 |  |  | $ | 0.06 |  |  | 1,196 |
Total |  |  |  |  |  |  |  | $ | 4,809 |
(in thousands, except dividend per share) |  | For the year ended August 31, 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 |
Stock Option Plans 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 initially reserved for issuance. The 2017 plan would have terminated pursuant to its terms in December 2026; however, 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 2017 Plan, the “Plans”), under which a total of 1.3 million shares of common stock were initially reserved for issuance. On October 20, 2022, the Company’s Board of Directors approved, and on February 9, 2023, its shareholders approved, an amendment to the 2021 Plan to increase the number of shares of common stock authorized for issuance thereunder from 1.3 million shares to 1.55 million shares of common stock of the Company. The 2021 Plan will terminate in 2031. As of August 31, 2023, employees and directors of the Company held Qualified Incentive Stock Options (“ISOs”) and Non-Qualified Stock Options (“NQSOs”) to purchase an aggregate of 1.5 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) |  |  |  |  |  |
Activity for the year ended August 31, 2023 |  | Number of Options |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2022 |  | 1,245 |  |  | $ | 28.61 |  |  | 6.14 years
Granted |  | 465 |  |  | 43.78 |  |  |
Exercised |  | (170) |  |  | 12.59 |  |  |
Canceled/Forfeited |  | (62) |  |  | 43.14 |  |  |
Outstanding, August 31, 2023 |  | 1,478 |  |  | $ | 34.62 |  |  | 6.62 years
Vested and Exercisable, August 31, 2023 |  | 696 |  |  | $ | 24.26 |  |  | 4.54 years
Vested and Expected to Vest, August 31, 2023 |  | 1,471 |  |  | $ | 34.56 |  |  | 6.61 years
(in thousands, except per share and weighted-average amounts) |  |  |  |  |  |
Activity for the year ended August 31, 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 years
Granted |  | 255 |  |  | 42.13 |  |  |
Exercised |  | (104) |  |  | 16.15 |  |  |
Canceled/Forfeited |  | (90) |  |  | 42.30 |  |  |
Outstanding, August 31, 2022 |  | 1,245 |  |  | $ | 28.61 |  |  | 6.14 years
Vested and Exercisable, August 31, 2022 |  | 711 |  |  | $ | 17.65 |  |  | 4.47 years
Vested and Expected to Vest, August 31, 2022 |  | 1,236 |  |  | $ | 28.51 |  |  | 6.12 years
(in thousands, except per share and weighted-average amounts) |  |  |  |  |  |
Activity for the year ended August 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 years
Granted |  | 226 |  |  | 57.60 |  |  |
Exercised |  | (204) |  |  | 12.53 |  |  |
Canceled/Forfeited |  | (62) |  |  | 29.83 |  |  |
Outstanding, August 31, 2021 |  | 1,184 |  |  | $ | 25.63 |  |  | 6.47 years
Vested and Exercisable, August 31, 2021 |  | 619 |  |  | $ | 13.36 |  |  | 4.95 years
Vested and Expected to Vest, August 31, 2021 |  | 1,173 |  |  | $ | 25.69 |  |  | 6.47 years
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
As of August 31, 2023 |  | $ | 25,705 |  |  | $ | 19,373 |  |  | $ | 11,554 |
As of August 31, 2022 |  | $ | 39,208 |  |  | $ | 30,187 |  |  | $ | 3,572 |
As of August 31, 2021 |  | $ | 17,875 |  |  | $ | 15,742 |  |  | $ | 5,135 |
The total grant-date fair value of nonvested stock options as of August 31, 2023, was $15.6 million and is amortizable over a weighted-average period of 3.33 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 years ended August 31, 2023, 2022, and 2021:
(in thousands, except weighted-average amounts) |  | 2023 |  | 2022 |  | 2021
Estimated fair value of awards granted |  | $ | 10,067 |  |  | $ | 4,597 |  |  | $ | 5,092 |
Unvested Forfeiture Rate |  | 0.22 | % |  | 1.04 | % |  | 0.00 | %
Weighted-average grant price |  | $ | 43.78 |  |  | $ | 42.13 |  |  | $ | 57.60 |
Weighted-average market price |  | $ | 43.78 |  |  | $ | 42.13 |  |  | $ | 57.60 |
Weighted-average volatility |  | 46.14 | % |  | 42.80 | % |  | 40.49 | %
Weighted-average risk-free rate |  | 4.29 | % |  | 1.74 | % |  | 0.64 | %
Weighted-average dividend yield |  | 0.55 | % |  | 0.58 | % |  | 0.42 | %
Weighted-average expected life |  | 6.55 years |  | 6.59 years |  | 6.63 years
The exercise prices for the options outstanding at August 31, 2023, ranged from $6.85 to $66.14, and the information relating to these options are as follows: (in thousands except prices and weighted-average amounts)
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 |  |  | 203 |  |  | 1.96 years |  | $ | 8.69 |  |  | 203 |  |  | 1.96 years |  | $ | 8.69 |
$ | 9.78 |  |  | $ | 18.76 |  |  | 148 |  |  | 3.49 years |  | $ | 10.11 |  |  | 148 |  |  | 3.49 years |  | $ | 10.11 |
$ | 18.77 |  |  | $ | 33.40 |  |  | 205 |  |  | 5.64 years |  | $ | 25.30 |  |  | 141 |  |  | 5.54 years |  | $ | 24.51 |
$ | 33.41 |  |  | $ | 47.63 |  |  | 649 |  |  | 8.70 years |  | $ | 42.13 |  |  | 81 |  |  | 7.03 years |  | $ | 37.96 |
$ | 47.64 |  |  | $ | 66.14 |  |  | 273 |  |  | 7.56 years |  | $ | 56.33 |  |  | 123 |  |  | 7.32 years |  | $ | 57.87 |
|  |  |  | 1,478 |  |  | 6.62 years |  | $ | 34.62 |  |  | 696 |  |  | 4.54 years |  | $ | 24.26 |
During the fiscal years ended August 31, 2023, 2022, and 2021, we issued 13,765, 7,120, and 5,620 shares of stock valued at $0.6 million, $0.4 million, and $0.3 million, respectively, to our nonmanagement directors as compensation for board-related duties. The Company's par-value common stock and additional paid-in capital as of August 31, 2023, were $11 thousand and $145.0 million, respectively. Share Repurchases On January 11, 2023, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Morgan Stanley & Co. LLC (“Morgan Stanley”) to repurchase an aggregate of $20 million of the Company’s outstanding shares of common stock. The ASR Agreement was executed as part of the Company’s existing $50 million share repurchase program. Pursuant to the terms of the ASR Agreement, the Company made an initial payment, using available cash balances, of $20 million to Morgan Stanley and received an initial delivery of 408,685 shares of Company common stock from Morgan Stanley. These 408,685 shares were retired and are treated as authorized, unissued shares. At final settlement on May 20, 2023, based on the volume-weighted average price of the Company's common stock during the term of the ASR Agreement, Morgan Stanley delivered an additional 83,356 shares of Company common stock to the Company, which shares were also retired and treated as authorized, unissued shares.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration