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SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended
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Aug. 31, 2023
SHAREHOLDERS' EQUITY |
Variable Assumptions Used in Fair Value Calculations | The assumptions used in the fair value calculations using the Black-Scholes model are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended |
​ |  | August 31, 2023 |  | August 31, 2022 |
Expected term (years) |  | ​ | — |  | ​ | 6.00 | ​
Risk-free interest rate |  | ​ | — | % | ​ | 1.31 | %
Expected volatility |  | ​ | — | % | ​ | 38.25 | %
Expected dividend yield |  | ​ | — | % | ​ | — | %
Weighted average grant-date fair value | ​ | $ | — | ​ | $ | 5.16 | ​
Stock Option Activity | The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the years ended August 31, 2023 and August 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Approximate Aggregate Intrinsic Value (in thousands)
Outstanding at August 31, 2022 | ​ | 712,500 | ​ | $ | 8.75 | ​ | 5.7 | ​ | $ | 1,489
Granted |  | — | ​ | $ | — | ​ | ​ | ​ | ​ | ​
Exercised |  | (119,500) | ​ | $ | — | ​ | ​ | ​ | ​ | ​
Forfeited / Expired | ​ | (30,000) | ​ | $ | — | ​ | ​ | ​ | ​ | ​
Outstanding at August 31, 2023 |  | 563,000 | ​ | $ | 9.15 | ​ | 4.0 | ​ | $ | 1,221
Options exercisable at August 31, 2023 |  | 452,000 | ​ | $ | 8.71 | ​ | 5.1 | ​ | $ | 1,100
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at August 31, 2021 |  | 714,500 | ​ | $ | 7.80 | ​ | 6.1 | ​ | $ | 5,107
Granted |  | 105,000 | ​ | $ | 13.37 | ​ | ​ | ​ | ​ | ​
Net settlement exercised |  | (103,667) | ​ | $ | 6.87 | ​ | ​ | ​ | ​ | ​
Forfeited / Expired | ​ | (3,333) | ​ | $ | 10.45 | ​ | ​ | ​ | ​ | ​
Outstanding at August 31, 2022 |  | 712,500 | ​ | $ | 8.75 | ​ | 5.7 | ​ | $ | 1,489
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Vested Options | The following table summarizes the activity and value of non-vested options as of and for the years ended August 31, 2023 and August 31, 2022:
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of Options |  | Weighted Average Grant Date Fair Value
Non-vested options outstanding at August 31, 2022 | ​ | 232,998 | ​ | $ | 4.47
Granted |  | — | ​ | $ | —
Vested |  | (91,998) | ​ | $ | 4.31
Forfeited / Expired |  | (30,000) | ​ | $ | 5.16
Non-vested options outstanding at August 31, 2023 |  | 111,000 | ​ | $ | 4.43
​ | ​ | ​ | ​ | ​ | ​
Non-vested options outstanding at August 31, 2021 |  | 218,333 | ​ | $ | 4.04
Granted |  | 105,000 | ​ | $ | 5.16
Vested |  | (87,002) | ​ | $ | 4.21
Forfeited | ​ | (3,333) | ​ | $ | 4.21
Non-vested options outstanding at August 31, 2022 |  | 232,998 | ​ | $ | 4.47
​ | ​ | ​ | ​ | ​ | ​

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