Pure Cycle Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Notes Tables
Notes Details

SHAREHOLDERS' EQUITY (Tables)

v3.22.2.2

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Aug. 31, 2022

SHAREHOLDERS' EQUITY [Abstract]

Variable Assumptions Used in Fair Value Calculations

The assumptions used in the fair value calculations using the Black-Scholes model are as follows:


	Year Ended
	August 31, 2022			August 31, 2021
Expected term (years)		6.00			7.11
Risk-free interest rate		1.31	%		0.68	%
Expected volatility		38.25	%		40.01	%
Expected dividend yield		—	%		—	%
Weighted average grant-date fair value	$	5.16		$	3.78

Stock Option Activity

The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the year ended August 31, 2022:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Approximate Aggregate Intrinsic Value (in thousands)
Outstanding at August 31, 2020	661,500	$	7.23	6.2	$	1,831
Granted	115,000	$	9.00
Exercised	(24,500)	$	3.66
Net settlement exercised	(37,500)	$	3.99
Outstanding at August 31, 2021	714,500	$	7.80	6.1	$	5,107
Granted	105,000	$	13.37
Exercised	(103,667)	$	6.87
Forfeited / Expired	(3,333)	$	10.45
Outstanding at August 31, 2022	712,500	$	8.75	5.7	$	1,489

Options exercisable at August 31, 2022	479,502	$	7.56	4.5	$	1,373

Non-Vested Options

The following table summarizes the activity and value of non-vested options as of and for the year ended August 31, 2022:


	Number of Options	Weighted Average Grant Date Fair Value
Non-vested options outstanding at August 31, 2021	179,999	$	4.31
Granted	115,000	$	3.78
Vested	(76,666)	$	4.27
Non-vested options outstanding at August 31, 2021	218,333	$	4.04
Granted	105,000	$	5.16
Vested	(87,002)	$	4.21
Forfeited	(3,333)	$	4.21
Non-vested options outstanding at August 31, 2022	232,998	$	4.47

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