Note 8 - Stockholders' Equity

12 Months Ended

Nov. 30, 2024

Notes to Financial Statements

Equity [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 54,657,103 and 54,092,987 shares issued and outstanding at November 30, 2024 and December 2, 2023, respectively.

On April 22 2022, the Board of Directors authorized a 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. We repurchased shares under this program with an aggregate value of $31,811 during 2024. We did not repurchase any shares during 2023 and 2022 under our share repurchase program. Up to $268,000 of our outstanding common shares may still be repurchased under the current share repurchase program.

Common Shares Outstanding	2024			2023			2022
Beginning balance		54,092,987			53,676,576			52,777,753
Stock options exercised		746,892			314,832			657,789
Deferred compensation paid		20,691			102,108			118,429
Restricted units vested		297,035			113,339			172,474
Shares withheld for taxes		(93,102	)		(113,868	)		(49,869	)
Share repurchases		(407,400	)		-			-
Ending balance		54,657,103			54,092,987			53,676,576

Dividends declared per common share were $0.856 and $0.805 for the year ended  November 30, 2024 and December 2, 2023, respectively.