Share-Based Compensation

3 Months Ended

Nov. 30, 2015

Note 12 – Share-Based Compensation

The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $0.9 million and $1.1 million for the three months ended November 30, 2015 and 2014, respectively.

The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended November 30, 2015 and 2014, respectively:


	Three months ended November 30,
	2015			2014
		Weighted Average Grant-Date Fair Value			Weighted Average Grant-Date Fair Value
	# Granted	Per Award		# Granted	Per Award
Stock options	39,999	$	27.88	25,332	$	40.66
RSUs	38,438	$	64.37	27,621	$	80.33
PSUs	16,466	$	64.37	12,328	$	80.33

The RSUs granted during the three months ended November 30, 2015 and 2014 consisted of 3,496 and 2,808, respectively of awards that will be settled in cash. The weighted average stock price on the date of the grant was $67.68 and $83.53 for 2015 and 2014, respectively.

The following table provides the assumptions used in determining the fair value of the stock options awarded during the three month periods ended November 30, 2015 and 2014, respectively:


	Grant Year
	2015	2014
Weighted-average dividend yield	1.7%	1.3%
Weighted-average volatility	46.3%	53.6%
Range of risk-free interest rates	1.8%	2.0%
Weighted-average expected lives	7 years	7 years