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Treasury Stock
6 Months Ended
Jul. 31, 2019
Equity [Abstract]  
Treasury Stock

NOTE 13 – TREASURY STOCK

On August 29, 2017, 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 from time to time, depending on market conditions, share price and other factors. The program had replaced a prior share repurchase program approved by the Board on March 31, 2016 under which the Company was authorized to purchase up to $50.0 million of its outstanding common stock from time to time and under which $5.5 million had been repurchased. Under the existing program, the company may purchase shares of its common stock through open market purchases, repurchase plans, block trades or otherwise. This authorization expires on August 29, 2020.

 

During the six months ended July 31, 2019, under the existing repurchase program, the Company repurchased a total of 131,402 shares of its common stock at a total cost of $4.2 million, or an average of $31.96 per share. During the six months ended July 31, 2018, under the existing repurchase program, the Company repurchased a total of 52,400 shares of its common stock at a total cost of $2.1 million, or an average of $39.25 per share.

 

At July 31, 2019, $36.4 million remains available for purchase under the Company’s current repurchase program.

There were 42,127 and 17,979 shares of common stock repurchased during the six months ended July 31, 2019 and 2018, 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.