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STOCK BASED COMPENSATION
 12 Months Ended
Aug. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
Stock Based Compensation – The Company utilizes three types of equity awards: restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and, except for fiscal year 2024, performance stock units (“PSUs”).
The Company adopted the 2013 Equity Incentive Award Plan (the "2013 Plan") for the benefit of its eligible employees, consultants and non-employee directors on January 22, 2013. The 2013 Plan provides for awards covering up to 1.1 million shares of common stock plus the number of shares that remained available for issuance as of January 22, 2013 under three equity participation plans previously maintained by the Company. The 2013 plan was amended in fiscal year 2021 to increase the number of shares of Common Stock available for the grant of awards by 500,000 shares and further amended in fiscal year 2023 to increase the number of shares of Common Stock available for the grant of awards by an additional 750,000 shares. The number of shares reserved for issuance under the 2013 Plan increases during the term of the plan by the number of shares relating to awards outstanding under the 2013 Plan or any of the prior plans that expire, or are forfeited, terminated, canceled or repurchased, or are settled in cash in lieu of shares. However, in no event will more than an aggregate of 2,966,867 shares of the Company’s common stock be issued under the 2013 Plan.
The following table summarizes the shares authorized and shares available for future grants:
Shares available to grant
Shares authorized for issuance as of August 31, 2024
(including shares originally authorized for issuance under prior plans)
August 31,
2024		August 31,
2023
2013 Plan2,317,923596,0581,223,574
The following table summarizes the components of the stock-based compensation expense for the twelve-month periods ended August 31, 2024, 2023 and 2022 (in thousands), which are included in general and administrative expense and warehouse club and other operations in the consolidated statements of income:
Years Ended August 31,
202420232022
Restricted stock awards$12,128 $10,641 $9,378 
Restricted stock units4,501 3,701 3,519 
Performance stock units (1)
664 2,232 3,906 
Stock-based compensation expense$17,293 $16,574 $16,803 
(1)The stock-based compensation expense relates to vesting of PSUs granted in prior years.
The following tables summarize other information related to stock-based compensation:
Balance as of
August 31,
2024		August 31,
2023		August 31,
2022
Remaining unrecognized compensation cost (in thousands)$43,490 $15,386 $18,478 
Weighted average period of time over which this cost will be recognized (years)322
Years Ended August 31,
202420232022
Excess tax benefit (deficiency) on stock-based compensation (in thousands)$(588)$(2,787)$(2,259)
The restricted stock awards and units generally vest over a three-year or five-year period and the unvested portion of the award is forfeited if the employee or non-employee director leaves the Company before the vesting period is completed.
Restricted stock awards, restricted stock units, and performance-based restricted stock units activity for the twelve months ended August 31, 2024, 2023 and 2022 was as follows:
Years Ended
August 31,
2024		August 31,
2023		August 31,
2022
Grants outstanding at beginning of period342,741361,822375,622
Granted657,649365,850261,204
Forfeited(61,029)(118,577)(16,184)
Vested(171,414)(266,354)(258,820)
Grants outstanding at end of period767,947342,741361,822
The following table summarizes the weighted average per share grant date fair value for restricted stock awards, restricted stock units, and performance based restricted stock units for fiscal years 2024, 2023 and 2022:
Weighted Average Grant Date Fair ValueYears Ended
August 31,
2024		August 31,
2023		August 31,
2022
RSAs, RSUs, and PSUs granted$73.28 $63.93 $76.85 
RSAs, RSUs, and PSUs vested$71.12 $70.26 $72.69 
RSAs, RSUs, and PSUs forfeited$66.97 $66.14 $69.70 
The following table summarizes the total fair market value of restricted stock awards, restricted stock units, and performance based restricted stock units vested for the period (in thousands):
Years Ended
August 31,
2024		August 31,
2023		August 31,
2022
Total fair market value of restricted stock awards and units vested (in thousands)$13,424 $19,325 $18,422 
At the vesting dates for equity awards to employees, the Company repurchases a portion of the shares that have vested at the prior day's closing price per share, with the funds used to pay the employees' tax withholding requirements related to the vesting of restricted stock awards. The Company expects to continue this practice going forward.
Shares of common stock repurchased by the Company are recorded at cost as treasury stock and result in the reduction of stockholders’ equity in the Company’s consolidated balance sheets. The Company may reissue these treasury shares.
The following table summarizes the equity securities repurchased during fiscal years 2024, 2023 and 2022 as part of the Company's stock-based compensation programs:
Years Ended
August 31,
2024		August 31,
2023		August 31,
2022
Shares repurchased44,41399,99888,415
Cost of repurchase of shares (in thousands)$3,512 $7,245 $6,259 
The Company reissues treasury shares as part of its stock-based compensation programs. The following table summarizes the treasury shares reissued during the period:
Years Ended
August 31,
2024		August 31,
2023		August 31,
2022
Reissued treasury shares3,0006,3338,314