XML 31 R18.htm IDEA: XBRL DOCUMENT v3.23.3
Shareholders' Equity
 12 Months Ended
Aug. 31, 2023
Shareholders' Equity [Abstract]  
Shareholders' Equity 11. SHAREHOLDERS’ EQUITY

Preferred Stock

We have 14.0 million shares of preferred stock authorized for issuance. At August 31, 2023 and 2022, no shares of preferred stock were issued or outstanding.

Treasury Stock

On February 14, 2023, our Board of Directors approved a new plan to purchase up to $50.0 million of our outstanding common stock. The previously existing common stock purchase plan was canceled, and the new common share purchase plan does not have an expiration date. During fiscal 2023, we purchased 867,873 shares of our common stock on the open market for $34.7 million, including 857,608 shares for $34.3 million under the terms of the purchase plan approved in 2023. The actual timing, number, and value of common shares purchased under our board-approved plan will be determined at our discretion and will depend on a number of factors, including, among others, general market and business conditions, the trading price of common shares, and applicable legal requirements. We have no obligation to purchase any common shares under the authorization, and the purchase plan may be suspended, discontinued, or modified at any time for any reason.

Purchases of common stock for treasury as presented on our consolidated statements of cash flows includes both shares purchased on the open market and shares withheld for statutory taxes on our stock-based compensation awards (Note 13) and include the applicable one percent excise tax. Shares withheld for income taxes are valued at the market price on the date the stock-based plan shares were distributed to participants. In fiscal 2023, we withheld 17,639 shares for statutory taxes with a cost basis of $0.8 million. During fiscal 2022, we purchased 499,411 shares of our common stock for $20.3 million in open market purchases and withheld 86,125 shares of common stock, with a cost basis of $3.5 million, for statutory taxes. The cost of common stock purchased for treasury in fiscal 2021 was entirely comprised of 147,092 shares withheld for income taxes on various stock-based compensation awards, which had a cost basis of $3.0 million.