Pure Cycle Corporation Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Feb. 28, 2013

The following table summarizes the stock option activity for the Equity Plan for the six months ended February 28, 2014:

	Number of Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Approximate Aggregate Instrinsic Value
Oustanding at August 31, 2013		347,500	$	5.62
Granted		32,500		6.08
Exercised
Forfeited or expired
Outstanding at February 28, 2014		380,000		5.66		6.89	$	506,415
Options exercisable at February 28, 2014		247,500	$	5.67		5.19	$	587,825

The following table summarizes the activity and value of non-vested options as of and for the six months ended February 28, 2014:

	Number of Options			Weighted-Average Grant Date Fair Value
Non vested options outstanding at beginning of period		132,500		$	3.80
Granted		32,500			4.09
Vested		(32,500	)		2.36
Forfeited
Options not vested at February 28, 2014		132,500		$	4.22