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Treasury Stock
12 Months Ended
Jan. 31, 2023
Equity [Abstract]  
Treasury Stock

NOTE 15 – TREASURY STOCK

 

On March 25, 2021, the Board approved a share repurchase program under which the Company was authorized to purchase up to $25.0 million of its outstanding common stock through September 30, 2022, depending on market conditions, share price and other factors. On November 23, 2021, the Board approved a share repurchase program under which the Company is authorized to purchase up to an additional $50.0 million of its outstanding common stock through November 23, 2024, depending on market conditions, share price and other factors. Under both share repurchase programs, the Company is permitted to purchase shares of its common stock from time to time through open market purchases, repurchase plans, block trades or otherwise.

 

During the fiscal year ended January 31, 2023, the Company repurchased a total of 898,956 shares of its common stock under the March 25, 2021 share repurchase program and November 23, 2021 share repurchase program at a total cost of $31.4 million, or an average of $34.94 per share. During the fiscal year ended January 31, 2022, the Company repurchased a total of 686,559 shares of its common stock under the March 25, 2021 share repurchase program at a total cost of $22.6 million, or an average of $32.92 per share. There were no shares repurchased under the November 23, 2021 share repurchase program during the fiscal year ended January 31, 2022. During the fiscal year ended January 31, 2021, the Company did not repurchase shares of its common stock under the repurchase program.

 

At January 31, 2023, zero remains available for purchase under the Company's March 25, 2021 repurchase program and $21.0 million remains available for purchase under the Company's November 23, 2021 repurchase program.

 

There were 28,405, 87,828 and 49,283 shares of common stock repurchased during the fiscal years ended January 31, 2023, 2022 and 2021, respectively, as a result of the surrender of shares in connection with the vesting of certain stock awards and options. 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.