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Share-Based Compensation
6 Months Ended
Feb. 28, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-Based Compensation

Note 10 – 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 $2.5 million and $1.5 million for the three months ended February 28, 2021 and February 29, 2020, respectively, and $4.2 million and $2.7 million for the six months ended February 28, 2021 and February 29, 2020, respectively.

 

During the second quarter of fiscal 2021, the Company’s former chief executive officer retired and entered into a one-year consulting agreement to provide transition services. The agreement provided for the modification of all outstanding and unvested share-based payment awards held by the former chief executive officer to continue vesting according to their respective original vesting schedules for the duration of the consulting services. For the three months ended February 28, 2021, the Company recorded $1.5 million of incremental share-based compensation expense related to this modification.