Stockholders' Equity

9 Months Ended

May 31, 2021

Share-based Payment Arrangement [Abstract]

Stockholders' Equity

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, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Restricted stock units	$	15,956	$	14,299	$	67,553	$	54,783
Employee stock purchase plan	2,809		2,583		8,566		7,431
Total	$	18,765	$	16,882	$	76,119	$	62,214

On January 21, 2021, the 2021 Equity Incentive Plan (the “2021 EIP”) was approved by the shareholders of the Company. The 2021 EIP replaced the Company’s 2011 Stock Award and Incentive Plan, which terminated on October 21, 2020. As of May 31, 2021, the shares available to be issued under the 2021 EIP were 10,965,250.

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, 2021 and 2020, the Company awarded approximately 1.2 million and 1.1 million time-based restricted stock units, respectively, 0.4 million and 0.3 million performance-based restricted stock units, respectively, and 0.3 million and 0.3 million market-based restricted stock units, respectively.

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

	May 31, 2021
Unrecognized stock-based compensation expense—restricted stock units	$	45,840
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, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Common stock outstanding:
Beginning balances	149,366,501	151,407,526	150,330,358	153,520,380
Shares issued upon exercise of stock options	9,321	—	9,321	56,999
Shares issued under employee stock purchase plan	—	—	771,548	595,717
Vesting of restricted stock	12,787	13,234	2,253,923	2,252,846
Purchases of treasury stock under employee stock plans	(3,436)	(2,808)	(613,715)	(619,931)
Treasury shares purchased(1)	(2,547,707)	(843,916)	(5,913,969)	(5,231,975)
Ending balances	146,837,466	150,574,036	146,837,466	150,574,036

(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, 2021, 11.9 million shares had been repurchased for $475.6 million and $124.4 million remains available under the 2020 Share Repurchase Program. The 2020 Share Repurchase Program authorization expires at the end of fiscal year 2021.