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Note 10 - Stock-based Compensation | 6 Months Ended
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Feb. 28, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
10. | STOCK-BASED COMPENSATION
A summary of stock option activities under the Northern Technologies International Corporation Amended and Restated 2019 Stock Incentive Plan (the 2019 Plan) and the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (the 2007 Plan) is as follows:
|  | Number of Options Outstanding |  |  | Weighted Average Exercise Price |
Outstanding as of August 31, 2022 |  |  | 1,544,727 |  |  | $ | 10.23 |
Granted |  |  | 277,613 |  |  | $ | 11.41 |
Exercised |  |  | (178,331 | ) |  | $ | 6.03 |
Outstanding as of February 28, 2023 |  |  | 1,644,009 |  |  | $ | 10.52 |
The weighted average per share fair value of options granted during the six months ended February 28, 2023 and 2022 was $4.75 and $7.29, respectively. The weighted average remaining contractual life of the options outstanding as of February 28, 2023 and 2022 was 6.42 years and 6.25 years, respectively. The Company recognized compensation expense of $674,971 and $465,766 during the six months ended February 28, 2023 and 2022, respectively. As of February 28, 2023, there was $1,686,298 of unrecognized compensation expense. The amount is expected to be recognized over a period of 2.5 years.

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