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INCOME TAXES | 9 Months Ended
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May 31, 2021
INCOME TAXES [Abstract] |
INCOME TAXES | NOTE 14 – INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items. As of May 31, 2021 the Company is estimating an annual effective tax rate of approximately 25%. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to various factors. 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 nine months ended May 31, 2021 and 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended |
​ | ​ | May 31, | ​ | May 31, | ​ | ​ | May 31, | ​ | May 31, | ​
​ |  | 2021 |  | 2020 |  | ​ | 2021 |  | 2020 |
​ |  | (In thousands) | ​
Effective income tax rate | ​ | ​ | 24.7 | % | ​ | 24.8 | % | ​ | ​ | 24.7 | % | ​ | 24.6 | %
Income tax expense (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | (394) | ​ | $ | 21 | ​ | ​ | $ | 5,283 | ​ | $ | 1,265 | ​
Deferred | ​ |  | 552 | ​ |  | (12) | ​ | ​ |  | 623 | ​ |  | 710 | ​
Total | ​ | $ | 158 | ​ | $ | 9 | ​ | ​ | $ | 5,906 | ​ | $ | 1,975 | ​
Income taxes paid: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | — | ​ | $ | 212 | ​ | ​ | $ | — | ​ | $ | 1,089 | ​
State | ​ |  | — | ​ |  | 22 | ​ | ​ |  | — | ​ |  | 216 | ​
Total | ​ | $ | — | ​ | $ | 234 | ​ | ​ | $ | — | ​ | $ | 1,305 | ​
​ 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 May 31, 2021 and August 31, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | May 31, 2021 |  | August 31, 2020
​ | ​ | (In thousands)
Deferred tax assets (liabilities): |  | ​ |  |  | ​ |
Depreciation and depletion | ​ | ​ | (2,244) | ​ | ​ | (1,701)
Non-qualified stock options | ​ |  | 528 | ​ |  | 491
Accrued compensation | ​ | ​ | 98 | ​ | ​ | 167
Deferred revenues | ​ | ​ | 52 | ​ | ​ | 89
Other | ​ |  | 57 | ​ |  | 45
Net operating loss carryforwards | ​ | $ | — | ​ | $ | 23
Net deferred tax liability | ​ | $ | (1,509) | ​ | $ | (886)
​

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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