Stockholders' Equity

12 Months Ended

Oct. 31, 2020

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

14. Stockholders' Equity

As of October 31, 2020, our authorized capital stock consists of 125,000,000 shares of common stock, at par value of $0.01 per share, and 1,000,000 shares of preferred stock, with no par value. As of October 31, 2020 and 2019, we had 37,296,166 and 37,370,402 shares of common stock issued, respectively, and 32,804,737 and 33,021,789 shares of common stock outstanding, respectively. There were no shares of preferred stock issued or outstanding at October 31, 2020 and 2019.

Stock Repurchase Program and Treasury Stock

On August 30, 2018, our Board of Directors approved a stock repurchase program that authorized the repurchase of up to $60.0 million worth of shares of our common stock. Repurchases under the new program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. The program does not have an expiration date or a limit on the number of shares that may be purchased. During the years ended October 31, 2020 and 2019, we purchased 450,000 shares and 583,398 shares, respectively, at a cost of $7.2 million and $9.6 million respectively, under this program.

We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Shares are generally issued from treasury stock at the time of grant of restricted stock awards, upon the exercise of stock options, and upon the vesting of performance shares and performance restricted stock units. On the subsequent issuance of treasury shares, we record proceeds in excess of cost as an increase in additional paid in capital. A deficiency of such proceeds relative to costs would be applied to reduce paid-in-capital associated with prior issuances to the extent available, with the remainder recorded as a charge to retained earnings. We recorded a charge to retained earnings of $0.1 million, $0.3 million and $2.1 million, in the years ended October 31, 2020, 2019, and 2018, respectively.

For a summary of treasury stock activity for the years ended October 31, 2020, 2019 and 2018, refer to the Consolidated Statement of Stockholders' Equity located elsewhere herein.