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

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Aug. 31, 2014

The following table summarizes the stock option activity for the Equity Plan for the fiscal year ended August 31, 2014:

	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Approximate Aggregate Instrinsic Value
Oustanding at beginning of period		347,500		$	5.62
Granted		32,500		$	6.08
Exercised		-			-
Forfeited or expired		(65,000	)		8.23
Outstanding at August 31, 2014		315,000		$	5.76		6.32	$	239,400

Options exercisable at August 31, 2014		215,833		$	6.47		4.59	$	10,792

The following table summarizes the activity and value of non-vested options as of and for the fiscal year ended August 31, 2014:

	Number of Options			Weighted-Average Grant Date Fair Value
Non-vested options oustanding at beginning of period		132,500		$	3.80
Granted		32,500			4.09
Vested		(65,833	)		2.36
Forfeited		-			-
Non-vested options outstanding at August 31, 2014		99,167		$	4.85