Shareholders' Equity

12 Months Ended

Aug. 31, 2020

Shareholders' Equity [Abstract]

Shareholders' Equity

10.SHAREHOLDERS’ EQUITY

Preferred Stock

We have 14.0 million shares of preferred stock authorized for issuance.  At August 31, 2020 and 2019,  no shares of preferred stock were issued or outstanding.

Treasury Stock

On November 15, 2019, our Board of Directors approved a new plan to repurchase up to $40.0 million of our outstanding common stock.  The previously existing common stock repurchase plan was canceled and the new common share repurchase plan does not have an expiration date.  During fiscal 2020, we purchased 5,000 shares of our common stock for $0.2 million under the terms of this Board approved plan.  The actual timing, number, and value of common shares repurchased under this plan will be determined at our discretion and will depend on a number of factors, including, among others, general market and business conditions, the trading price of our common shares, and applicable legal requirements.  We have no obligation to repurchase any common shares under the authorization, and the repurchase plan may be suspended, discontinued, or modified at any time for any reason.

The cost of common stock purchased for treasury as shown on our consolidated statement of cash flows for the year ending August 31, 2020 is comprised of 284,608 shares purchased from Knowledge Capital Investment Group (Note 17), 109,896 shares withheld for statutory income taxes on various stock-based compensation plans, and 5,000 shares purchased under the terms of our fiscal 2020 Board-approved purchase plan described above.  The shares withheld for income taxes were valued at the market price on the date the stock-based plan shares were distributed to participants, which totaled $3.7 million.  For the fiscal years ended August 31, 2019 and 2018, we withheld 561 shares and 104,699 shares for statutory taxes on stock-based compensation awards, which had a total market value of approximately $12,000 and $2.0 million, respectively.