XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.22.4

SHAREHOLDERS' EQUITY | 3 Months Ended
--- | ---
Nov. 30, 2022
Equity [Abstract] |
SHAREHOLDER'S EQUITY | SHAREHOLDERS' EQUITY Shares Outstanding Shares of Company common stock outstanding for the three months ended November 30, 2022 and 2021 were as follows:
| November 30,
| 2022 |  | 2021 |  |
Common stock outstanding, beginning of quarter | 20,260,070 |  |  | 20,141,521 |  |  |
Common stock issued during the quarter | 53,685 |  |  | 27,275 |  |  |
Common stock outstanding, end of quarter | 20,313,755 |  |  | 20,168,796 |  |  |
Dividends The Company’s Board of Directors declared cash dividends during the fiscal years 2023 and 2021. The details of dividends paid are in the following tables:
(in thousands, except dividend per share) |  | Fiscal Year 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 |
Total |  |  |  |  |  |  |  | $ | 1,218 |
(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 |
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 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 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 have been reserved for issuance. The 2021 Plan will terminate in 2031. On October 20, 2022, the Company’s Board of Directors approved, subject to shareholder approval, 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 “Plan Amendment”). The Plan Amendment will be presented to the Company’s shareholders for approval at its 2023 Annual Meeting of Shareholders, to be held on February 9, 2023. If approved by the Company’s shareholders, the Plan Amendment will be effective as of the date of such approval. If the Plan Amendment is not approved by the Company’s shareholders, the Plan Amendment will not become effective, and the number of shares of common stock authorized for issuance under the 2021 Plan will remain at 1.3 million shares. As of November 30, 2022, employees and directors held Qualified Incentive Stock Options ("ISOs") and Non-Qualified Stock Options ("NQSOs") to purchase an aggregate of 1.6 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 Three months ended November 30, 2022 |  | Number of Options |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2022 |  | 1,245 |  |  | $ | 28.61 |  |  | 6.14
Granted |  | 429 |  |  | 43.90 |  |  |
Exercised |  | (50) |  |  | 15.36 |  |  |
Canceled/Forfeited |  | (9) |  |  | 36.90 |  |  |
Outstanding, November 30, 2022 |  | 1,615 |  |  | $ | 33.04 |  |  | 7.05
Vested and Exercisable, November 30, 2022 |  | 716 |  |  | $ | 19.75 |  |  | 4.69
Vested and Expected to Vest, November 30, 2022 |  | 1,607 |  |  | $ | 32.99 |  |  | 7.05
The weighted-average remaining contractual life of options outstanding issued under the Plans, for both ISOs and NQSOs, was 7.05 years at November 30, 2022. The total grant-date fair value of non-vested stock options as of November 30, 2022 was $17.5 million and is amortizable over a weighted-average period of 3.85 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 2023 and fiscal year 2022:
(in thousands, except prices) |  | Three Months Ended November 30, 2022 |  | Fiscal Year 2022
Estimated fair value of awards granted |  | $ | 9,374 |  |  | $ | 4,597 |
Unvested Forfeiture Rate |  | 0.00 | % |  | 1.04 | %
Weighted-average grant price |  | $ | 43.90 |  |  | $ | 42.13 |
Weighted-average market price |  | $ | 43.90 |  |  | $ | 42.13 |
Weighted-average volatility |  | 46.30 | % |  | 42.80 | %
Weighted-average risk-free rate |  | 4.33 | % |  | 1.74 | %
Weighted-average dividend yield |  | 0.55 | % |  | 0.58 | %
Weighted-average expected life |  | 6.59 years |  | 6.59 years
The exercise prices for the options outstanding at November 30, 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 |  |  | 268 |  |  | 2.54 years |  | $ | 8.36 |  |  | 268 |  |  | 2.54 years |  | $ | 8.36 |
$ | 9.78 |  |  | $ | 18.76 |  |  | 184 |  |  | 4.24 years |  | $ | 10.10 |  |  | 184 |  |  | 4.24 years |  | $ | 10.10 |
$ | 18.77 |  |  | $ | 33.40 |  |  | 224 |  |  | 6.40 years |  | $ | 25.34 |  |  | 109 |  |  | 6.25 years |  | $ | 24.38 |
$ | 33.41 |  |  | $ | 47.63 |  |  | 651 |  |  | 9.39 years |  | $ | 42.08 |  |  | 84 |  |  | 7.84 years |  | $ | 37.92 |
$ | 47.64 |  |  | $ | 66.14 |  |  | 288 |  |  | 8.31 years |  | $ | 56.29 |  |  | 71 |  |  | 7.88 years |  | $ | 59.04 |
|  |  |  | 1,615 |  |  | 7.06 years |  | $ | 33.04 |  |  | 716 |  |  | 4.69 years |  | $ | 19.75 |
During the three months ended November 30, 2022, we issued 3,515 shares of stock valued at $0.2 million to our nonmanagement directors as compensation for board-related duties. The balances of our par-value common stock and additional paid-in capital as of November 30, 2022, were $11 thousand and $140.3 million, respectively

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 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
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration