XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.21.1

INCOME TAXES (Tables) | 6 Months Ended
--- | ---
Feb. 28, 2021
INCOME TAXES [Abstract] |
Provision for Income Taxes | The provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. Income tax information for the three and six months ended February 28, 2021 and February 29, 2020 are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | February 28, 2021 |  |  | February 29, 2020 |  |  | February 28, 2021 |  |  | February 29, 2020 |
|  | (In thousands) |
Effective income tax rate |  |  | 24.7 | % |  |  | 22.3 | % |  |  | 24.7 | % |  |  | 24.6 | %
Income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 5,723 |  |  | $ | 76 |  |  | $ | 5,856 |  |  | $ | 1,244 |
Deferred |  |  | (56 | ) |  |  | 3 |  |  |  | 71 |  |  |  | 722 |
Total |  | $ | 5,667 |  |  | $ | 79 |  |  | $ | 5,927 |  |  | $ | 1,966 |
Income taxes paid: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | 877 |  |  | $ | — |  |  | $ | 877 |
State |  |  | — |  |  |  | 194 |  |  |  | — |  |  |  | 194 |
Total |  | $ | — |  |  | $ | 1,071 |  |  | $ | — |  |  | $ | 1,071 |
Deferred Tax Assets (Liabilities) | Deferred income taxes reflect the tax effects of net operating loss carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liability as of February 28, 2021 and August 31, 2020 are as follows:
|  | February 28, 2021 |  |  | August 31, 2020 |
Deferred tax assets (liabilities): |  | (In thousands) |
Depreciation and depletion |  |  | (1,654 | ) |  |  | (1,701 | )
Non-qualified stock options |  |  | 522 |  |  |  | 491 |
Accrued compensation |  |  | 66 |  |  |  | 167 |
Deferred revenues |  |  | 64 |  |  |  | 89 |
Other |  |  | 45 |  |  |  | 45 |
Net operating loss carryforwards |  | $ | — |  |  | $ | 23 |
Net deferred tax liability |  | $ | (957 | ) |  | $ | (886 | )

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

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration