Preferred and Common Stock

12 Months Ended

Oct. 31, 2019

Stockholders' Equity Note [Abstract]

Preferred and Common Stock

PREFERRED AND COMMON STOCK

Preferred Stock

We are authorized to issue 500,000 shares of preferred stock. None of these preferred shares are issued.

Common Stock

On September 2, 2015, our Board of Directors authorized a program to repurchase up to $200.0 million of our common stock (the “2015 Share Repurchase Program”). At October 31, 2019, authorization for $134.1 million of repurchases remained under our 2015 Share Repurchase Program. Effective December 18, 2019, our Board of Directors replaced the 2015 Share Repurchase Program with a new share repurchase program under which we may repurchase up to $150.0 million of our common stock. These purchases may take place on the open market or otherwise, and all or part of the repurchases may be made pursuant to Rule 10b5-1 plans or in privately negotiated transactions. The timing of repurchases is at our discretion and will depend upon several factors, including market and business conditions, future cash flows, share price, share availability, and other factors at our discretion. Repurchased shares are retired and returned to an authorized but unissued status. The repurchase program may be suspended or discontinued at any time without prior notice.

Repurchase Activity

There were no share repurchases during 2019 or 2018. During 2017, we repurchased 0.2 million shares at an average price paid per share of $40.07 for total cash paid of $7.9 million.