Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY (Tables)

v3.22.2.2
SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Aug. 31, 2022
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:

Year Ended

 

    

August 31, 2022

    

August 31, 2021

 

Expected term (years)

    

6.00

    

7.11

Risk-free interest rate

 

1.31

%  

0.68

%

Expected volatility

 

38.25

%  

40.01

%

Expected dividend yield

 

%  

%

Weighted average grant-date fair value

$

5.16

$

3.78

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, 2022:

    

Number of Options

    

Weighted Average Exercise Price

    

Weighted Average Remaining Contractual Term

    

Approximate Aggregate Intrinsic Value
(in thousands)

Outstanding at August 31, 2020

 

661,500

$

7.23

 

6.2

$

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

 

6.1

$

5,107

Granted

 

105,000

$

13.37

 

  

 

  

Exercised

 

(103,667)

$

6.87

 

  

 

  

Forfeited / Expired

(3,333)

$

10.45

Outstanding at August 31, 2022

 

712,500

$

8.75

 

5.7

$

1,489

 

  

 

  

 

  

 

  

Options exercisable at August 31, 2022

 

479,502

$

7.56

 

4.5

$

1,373

Non-Vested Options

The following table summarizes the activity and value of non-vested options as of and for the year ended August 31, 2022:

    

Number of Options

    

Weighted Average Grant Date Fair Value

Non-vested options outstanding at August 31, 2021

 

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

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