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Treasury Stock
9 Months Ended
Oct. 31, 2024
Equity [Abstract]  
Treasury Stock

NOTE 12 – TREASURY STOCK

On November 23, 2021, the Board approved a share repurchase program under which the Company is authorized to purchase up to $50.0 million of its outstanding common stock through November 23, 2024, depending on market conditions, share price and other factors. On December 5, 2024, the Board approved an additional share repurchase program under which the Company is authorized to purchase up to $50.0 million of its outstanding common stock through December 5, 2027, 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 nine months ended October 31, 2024, the Company repurchased a total of 120,000 shares of its common stock under the November 23, 2021 share repurchase program at a total cost of $2.6 million, or an average of $21.90 per share. During the nine months ended October 31, 2023, the Company repurchased a total of 85,722 shares of its common stock at a total cost of $2.3 million, or an average of $27.40 per share.

At October 31, 2024, $15.2 million remains available for purchase under the Company's November 23, 2021 repurchase program and all $50.0 million remains available for purchase under the Company's December 5, 2024 repurchase program.

There were 42,388 and 2,799 shares of common stock repurchased during the nine months ended October 31, 2024 and 2023, respectively, as a result of the surrender of shares in connection with the vesting of restricted stock awards or stock 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.