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

Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Aug. 31, 2023

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, 2023			August 31, 2022
Expected term (years)		—			6.00
Risk-free interest rate		—	%		1.31	%
Expected volatility		—	%		38.25	%
Expected dividend yield		—	%		—	%
Weighted average grant-date fair value	$	—		$	5.16

Stock Option Activity

The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the years ended August 31, 2023 and 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, 2022	712,500	$	8.75	5.7	$	1,489
Granted	—	$	—
Exercised	(119,500)	$	—
Forfeited / Expired	(30,000)	$	—
Outstanding at August 31, 2023	563,000	$	9.15	4.0	$	1,221
Options exercisable at August 31, 2023	452,000	$	8.71	5.1	$	1,100


Outstanding at August 31, 2021	714,500	$	7.80	6.1	$	5,107
Granted	105,000	$	13.37
Net settlement exercised	(103,667)	$	6.87
Forfeited / Expired	(3,333)	$	10.45
Outstanding at August 31, 2022	712,500	$	8.75	5.7	$	1,489

Non-Vested Options

The following table summarizes the activity and value of non-vested options as of and for the years ended August 31, 2023 and August 31, 2022:


	Number of Options	Weighted Average Grant Date Fair Value
Non-vested options outstanding at August 31, 2022	232,998	$	4.47
Granted	—	$	—
Vested	(91,998)	$	4.31
Forfeited / Expired	(30,000)	$	5.16
Non-vested options outstanding at August 31, 2023	111,000	$	4.43

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