Stockholders' Equity

9 Months Ended

May 31, 2020

Share-based Payment Arrangement [Abstract]

Stockholders’ Equity

The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in thousands):



	Three months ended				Nine months ended
	May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019
Restricted stock units	$	14,299	$	12,592	$	54,783	$	41,247
Employee stock purchase plan	2,583		1,914		7,431		6,205
Total	$	16,882	$	14,506	$	62,214	$	47,452

As of May 31, 2020, the shares available to be issued under the 2011 Stock Award and Incentive Plan were 10,519,566.

Restricted Stock Units

Certain key employees have been granted time-based, performance-based and market-based restricted stock unit awards (“restricted stock units”). The time-based restricted stock units generally vest on a graded vesting schedule over three years. The performance-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 150%, depending on the specified performance condition and the level of achievement obtained. The performance-based restricted stock units have a vesting condition that is based upon the Company’s cumulative adjusted core earnings per share during the performance period. The market-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 200%, depending on the specified performance condition and the level of achievement obtained.

The market-based restricted stock units have a vesting condition that is tied to the Company’s total shareholder return based on the Company’s stock performance in relation to the companies in the Standard and Poor’s (S&P) Super Composite Technology Hardware and Equipment Index excluding the Company. During the nine months ended May 31, 2020 and 2019, the Company awarded approximately 1.1 million and 1.6 million time-based restricted stock units, respectively, 0.3 million and 0.4 million performance-based restricted stock units, respectively and 0.3 million and 0.4 million market-based restricted stock units, respectively.

The following represents the stock-based compensation information for the period indicated (in thousands):



	Nine months ended
	May 31, 2020
Unrecognized stock-based compensation expense—restricted stock units	$	54,394
Remaining weighted-average period for restricted stock units expense	1.4 years

Common Stock Outstanding

The following represents the common stock outstanding for the periods indicated:



	Three months ended				Nine months ended
	May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019
Common stock outstanding:
Beginning balances	151,407,526		152,878,329		153,520,380		164,588,172
Shares issued upon exercise of stock options	—		—		56,999		11,348
Shares issued under employee stock purchase plan	—		(215	)	595,717		692,110
Vesting of restricted stock	13,234		73,095		2,252,846		1,979,022
Purchases of treasury stock under employee stock plans	(2,808	)	(24,322	)	(619,931	)	(489,158	)
Treasury shares purchased⁽¹⁾	(843,916	)	—		(5,231,975	)	(13,854,607	)
Ending balances	150,574,036		152,926,887		150,574,036		152,926,887

⁽¹⁾

In September 2019, the Company’s Board of Directors authorized the repurchase of up to $600.0 million of the Company’s common stock as part of a two-year capital allocation framework (the “2020 Share Repurchase Program”). As of May 31, 2020, 5.2 million shares had been repurchased for $188.9 million and $411.1 million remains available under the 2020 Share Repurchase Program.