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Treasury Stock
9 Months Ended
Oct. 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 was 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 was permitted to purchase shares of its common stock through open market purchases, repurchase plans, block trades or otherwise. This authorization expired 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 nine months ended October 31, 2020, the Company did not repurchase shares of its common stock under the repurchase program. During the nine months ended October 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.

 

There were 49,283 and 42,731 shares of common stock repurchased during the nine months ended October 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.