Pure Cycle Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Notes Tables
Notes Details

SHAREHOLDERS' EQUITY (Tables)

v3.21.2

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Aug. 31, 2021

SHAREHOLDERS' EQUITY [Abstract]

Variable Assumptions Used in Fair Value Calculations

The assumptions used in the fair value calculations using the Black-Scholes model are as follows:


	For the Years Ended August 31,
	2021			2020
Expected term (years)		7.11			6.00
Risk-free interest rate		0.68	%		1.71	%
Expected volatility		40.01	%		39.32	%
Expected dividend yield		—	%		—	%
Weighted average grant-date fair value	$	3.78		$	4.19

Stock Option Activity

The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the year ended August 31, 2020:


					Approximate
				Weighted Average	Aggregate
	Number	Weighted Average		Remaining	Intrinsic Value
	of Options	Exercise Price		Contractual Term	(in thousands)
Outstanding at August 31, 2019	555,500	$	6.33	6.27	$	2,528
Granted	130,000	$	10.41
Exercised	(17,500)	$	2.81
Forfeited or expired	(6,500)	$	6.08
Outstanding at August 31, 2020	661,500	$	7.23	6.17	$	1,831
Granted	115,000	$	9.00
Exercised	(24,500)	$	3.66
Net settlement exercised	(37,500)	$	3.99
Outstanding at August 31, 2021	714,500	$	7.80	6.06	$	5,107

Options exercisable at August 31, 2021	496,167	$	6.96	4.97	$	3,966

Non-Vested Options

The following table summarizes the activity and value of non-vested options as of and for the year ended August 31, 2020:


		Weighted Average
	Number	Grant Date
	of Options	Fair Value
Non-vested options outstanding at August 31, 2020	179,999	$	4.31
Granted	115,000	$	3.78
Vested	(76,666)	$	4.27
Non-vested options outstanding at August 31, 2021	218,333	$	4.04

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