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INCOME TAXES (Tables) | 3 Months Ended
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Feb. 28, 2022
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 taking into account any items requiring discrete recognition. Income tax information for the three and six months ended February 28, 2022 and 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Six Months Ended |
(In thousands) |  | February 28, 2022 |  | February 28, 2021 |  | ​ | February 28, 2022 |  | February 28, 2021 |
Effective income tax rate | ​ | ​ | 22.8 | % | ​ | 24.6 | % | ​ | ​ | 23.4 | % | ​ | 24.6 | %
Income tax expense (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 712 | ​ | $ | 5,723 | ​ | ​ | $ | 1,183 | ​ | $ | 5,856 | ​
Deferred | ​ |  | (211) | ​ |  | (56) | ​ | ​ |  | (205) | ​ |  | 71 | ​
Total | ​ | $ | 501 | ​ | $ | 5,667 | ​ | ​ | $ | 978 | ​ | $ | 5,927 | ​
Income taxes paid: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 910 | ​ | $ | — | ​ | ​ | $ | 4,360 | ​ | $ | — | ​
State | ​ |  | 900 | ​ |  | — | ​ | ​ |  | 900 | ​ |  | — | ​
Total | ​ | $ | 1,810 | ​ | $ | — | ​ | ​ | $ | 5,260 | ​ | $ | — | ​
Deferred Tax Assets (Liabilities) | Deferred income taxes reflect the tax effects of 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, 2022 and August 31, 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | February 28, 2022 |  | August 31, 2021
Deferred tax assets (liabilities): |  | ​ |  |  | ​ |
Depreciation and depletion | ​ | $ | (2,178) | ​ | $ | (2,360)
Non-qualified stock options | ​ |  | 546 | ​ |  | 547
Deferred revenues | ​ | ​ | 108 | ​ | ​ | 41
Accrued compensation | ​ | ​ | 87 | ​ | ​ | 141
Other | ​ |  | 27 | ​ |  | 16
Net deferred tax liability | ​ | $ | (1,410) | ​ | $ | (1,615)

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- 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
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- 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
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