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Convertible Special Stock
9 Months Ended
May 31, 2016
Convertible Special Stock [Abstract]  
Preferred Stock [Text Block]
CONVERTIBLE SPECIAL STOCK
On May 4, 2015, the Company filed with the Delaware Secretary of State a Certificate of Designation, Preferences, Rights and Limitations (the "Certificate of Designation") for the purpose of amending its Restated Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of 125,000 shares of the Company’s 6.00% Cumulative Perpetual Convertible Special Stock, without par value (the “Convertible Special Stock”). On May 4, 2015, the Company received gross cash proceeds of $125.0 million from the sale of 125,000 shares of Convertible Special Stock. As of May 31, 2016 and August 31, 2015, the $120.3 million amount recorded in the Convertible Special Stock line in the balance sheet is net of issuance costs of $4.7 million.

Since August 31, 2015, there have been no changes to the Convertible Special Stock in regards to the:

ranking upon payment of dividends and distributions upon the Company’s liquidation, winding up or dissolution;
cumulative 6.00% per annum dividend entitlements;
voting rights;
redemption rights;
conversion rate, of which there have been no conversions as of May 31, 2016 and August 31, 2015; and
optional conversion by the Company on or after May 1, 2020.
The Company paid $1.9 million and $5.6 million of convertible special stock dividends during the three and nine months ended May 31, 2016, respectively, and currently intends to pay future dividends in cash.
If the Company undergoes a fundamental change, as defined in the Certificate of Designation, and a holder subsequently converts its shares of Convertible Special Stock, the holder will receive, for each share of Convertible Special Stock surrendered for conversion, a number of shares of common stock of the Company as set forth in the Certificate of Designations. There have been no fundamental changes as of May 31, 2016 or August 31, 2015.