Note 8 - Stockholders' Equity

12 Months Ended

Dec. 03, 2022

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 53,676,576 and 52,777,753 shares issued and outstanding at December 3, 2022 and November 27, 2021, respectively.

On April 7, 2022, the Board of Directors authorized a new share repurchase program of up to $300,000 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 April 6, 2017 authorization to repurchase shares. We did not repurchase any shares during 2022, 2021 and 2020 under our share repurchase program. Up to $300,000 of our outstanding common shares may still be repurchased under the current share repurchase program.

Common Shares Outstanding	2022			2021			2020
Beginning balance		52,777,753			51,906,663			51,241,190
Stock options exercised		657,789			740,731			397,456
Deferred compensation paid		118,429			19,895			118,742
Restricted units vested		172,474			157,945			221,275
Shares withheld for taxes		(49,869	)		(47,481	)		(72,000	)
Ending balance		53,676,576			52,777,753			51,906,663