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Treasury Stock
6 Months Ended
Jul. 31, 2020
Equity [Abstract]  
Treasury Stock

NOTE 15 – 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. Under the share repurchase 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. See Note 9 – Debt and Lines of Credit – for restrictions on share repurchase under the Company’s revolving credit facility.

 

During the six months ended July 31, 2020, the Company did not repurchase shares of its common stock under the repurchase program. During the six months ended July 31, 2019, the Company repurchased a total of 131,402 shares of its common stock under the share repurchase program at a total cost of $4.2 million, or an average of $31.96 per share.

 

At July 31, 2020, $36.4 million remains available for purchase under the Company’s repurchase program.

There were 47,302 and 42,127 shares of common stock repurchased during the six months ended July 31, 2020 and 2019, 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.