Note 8 - Stockholders' Equity

12 Months Ended

Nov. 28, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 8: Stockholders' Equity

Preferred Stock

The Board of Directors is authorized to issue up to 10,045,900 shares of preferred stock that may be issued in one or more series and with such stated value and terms as the Board of Directors may determine.

Common Stock

There were 160,000,000 shares of common stock with a par value of $1.00 authorized and 51,906,663 and 51,241,190 shares issued and outstanding at November 28, 2020 and November 30, 2019, respectively.

On April 6, 2017, the Board of Directors authorized a share repurchase program of up to $200,000 of our outstanding common shares for a period of up to five years. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The timing of such repurchases is dependent on price, market conditions and applicable regulatory requirements. Upon repurchase of the shares, we reduce our common stock for the par value of the shares with the excess being applied against additional paid-in capital. This authorization replaces the September 30, 2010 authorization to repurchase shares. We did not repurchase any shares during 2020, 2019 and 2018 under our share repurchase program. Up to $187,170 of our outstanding common shares may still be repurchased under the current share repurchase program.

Common Shares Outstanding	2020			2019			2018
Beginning balance		51,241,190			50,732,796			50,388,839
Stock options exercised		397,456			378,734			198,849
Deferred compensation paid		118,742			5,354			7,152
Restricted units vested		221,275			197,349			209,137
Shares withheld for taxes		(72,000	)		(73,043	)		(71,181	)
Ending balance		51,906,663			51,241,190			50,732,796