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Treasury Stock
6 Months Ended
Jul. 31, 2021
Equity [Abstract]  
Treasury Stock

NOTE 14 – TREASURY STOCK

On August 29, 2017, the Board approved a share repurchase program under which the Company was authorized to purchase up to $50.0 million of its outstanding common stock from time to time. This authorization expired on August 29, 2020. On March 25, 2021, the Board approved a share repurchase program under which the Company is authorized to purchase up to $25.0 million of its outstanding common stock from time to time, depending on market conditions, share price and other factors. Under this share repurchase program, the Company is permitted to purchase shares of its common stock through open market purchases, repurchase plans, block trades or otherwise. This authorization expires on September 30, 2022.

 

During the six months ended July 31, 2021, the Company repurchased a total of 334,000 shares of its common stock at a total cost of $10.0 million, or an average of $29.87 per share. During the six months ended July 31, 2020, the Company did not repurchase shares of its common stock.    

 

At July 31, 2021, $15.0 million remains available for purchase under the Company’s repurchase program.

 

There were 54,720 and 47,302 shares of common stock repurchased during the six months ended July 31, 2021 and 2020, respectively, as a result of the surrender of shares in connection with the vesting of certain stock awards. At the election of an employee, shares having an aggregate value on the vesting date equal to the employee’s withholding tax obligation may be surrendered to the Company.