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Shared-Based Compensation (Tables)
12 Months Ended
Aug. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense

The following table summarizes share-based compensation expense for fiscal 2022, 2021, and 2020:

 

 

 

For the years ended August 31,

 

($ in thousands)

 

2022

 

 

2021

 

 

2020

 

Share-based compensation expense included in cost of
   operating revenues

 

$

257

 

 

$

258

 

 

$

142

 

 

 

 

 

 

 

 

 

 

 

Engineering and research

 

 

210

 

 

 

202

 

 

 

207

 

Selling

 

 

577

 

 

 

544

 

 

 

419

 

General and administrative

 

 

4,637

 

 

 

5,524

 

 

 

5,079

 

Share-based compensation expense included in
   operating expenses

 

 

5,424

 

 

 

6,270

 

 

 

5,705

 

Total share-based compensation expense

 

 

5,681

 

 

 

6,528

 

 

 

5,847

 

Tax benefit

 

 

(1,335

)

 

 

(1,534

)

 

 

(1,374

)

Share-based compensation expense, net of tax

 

$

4,346

 

 

$

4,994

 

 

$

4,473

 

 

 

 

 

 

 

 

 

 

 

Schedule of Assumptions Used The table below shows the annual weighted average assumptions used for valuation purposes.

 

 

 

Grant year

 

 

 

Fiscal 2022

 

 

Fiscal 2021

 

 

Fiscal 2020

 

Risk-free interest rate

 

 

1.2

%

 

 

0.5

%

 

 

1.6

%

Dividend yield

 

 

0.9

%

 

 

1.1

%

 

 

1.3

%

Expected life (years)

 

 

5

 

 

 

6

 

 

 

6

 

Volatility

 

 

33.8

%

 

 

32.8

%

 

 

28.4

%

Weighted average grant-date fair value of options granted

 

$

41.80

 

 

$

31.38

 

 

$

24.18

 

Summary of Stock Option Activity

The following table summarizes stock option activity for fiscal 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
stock options

 

 

Average
exercise price

 

 

Average
remaining
contractual
term (years)

 

 

Aggregate
intrinsic value
(thousands)

 

Stock options outstanding at August 31, 2021

 

 

127,211

 

 

$

97.33

 

 

 

7.7

 

 

$

5,601

 

Granted

 

 

21,137

 

 

 

145.93

 

 

 

 

 

 

 

Exercised

 

 

(30,117

)

 

 

96.08

 

 

 

 

 

 

1,737

 

Forfeited/cancelled

 

 

(21,091

)

 

 

104.21

 

 

 

 

 

 

1,011

 

Stock options outstanding at August 31, 2022

 

 

97,140

 

 

$

106.80

 

 

 

7.0

 

 

$

5,203

 

Stock options exercisable at August 31, 2022

 

 

56,939

 

 

$

91.79

 

 

 

5.9

 

 

$

3,904

 

Summary of Share Based Compensation Additional Information Additional information regarding stock option exercises is summarized in the table below.

 

 

 

For the years ended August 31,

 

($ in thousands)

 

2022

 

 

2021

 

 

2020

 

Intrinsic value of stock options exercised

 

$

1,737

 

 

$

2,125

 

 

$

721

 

Cash received from stock option exercises

 

$

2,894

 

 

$

3,965

 

 

$

1,545

 

Tax benefit realized from stock option exercises

 

$

140

 

 

$

499

 

 

$

169

 

Weighted average grant-date fair value of stock options vested

 

$

34.19

 

 

$

25.95

 

 

$

27.08

 

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for fiscal 2022:

 

 

 

Number of
 restricted
stock units

 

 

Weighted
average grant-
date fair value

 

Restricted stock units outstanding at August 31, 2021

 

 

57,340

 

 

$

102.60

 

Granted

 

 

26,190

 

 

 

144.79

 

Vested

 

 

(30,018

)

 

 

108.18

 

Forfeited / Cancelled

 

 

(9,261

)

 

 

116.74

 

Restricted stock units outstanding at August 31, 2022

 

 

44,251

 

 

$

126.50

 

Schedule of Performance Stock Unit Activity

The table below summarizes performance stock unit activity for fiscal 2022:

 

 

 

Number of
performance
stock units

 

 

Weighted
average grant-
date fair value

 

Performance stock units outstanding at August 31, 2021

 

 

62,565

 

 

$

112.77

 

Granted

 

 

12,122

 

 

 

147.73

 

Vested

 

 

(9,499

)

 

 

150.07

 

Forfeited / cancelled

 

 

(32,830

)

 

 

100.08

 

Performance stock units outstanding at August 31, 2022

 

 

32,358

 

 

$

127.78

 

Schedule of Assumptions Used to Estimate Fair Value of TSR Portion of Awards Granted

The fair value of the TSR portion of the awards granted in fiscal 2022, 2021, and 2020 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions:

 

 

 

Grant year

 

 

 

Fiscal 2022

 

 

Fiscal 2021

 

 

Fiscal 2020

 

Expected term (years)

 

 

3

 

 

 

3

 

 

 

3

 

Risk-free interest rate

 

 

0.7

%

 

 

0.2

%

 

 

1.5

%

Volatility

 

 

39.1

%

 

 

38.6

%

 

 

29.5

%

Dividend yield

 

 

0.9

%

 

 

1.2

%

 

 

1.3

%