v3.25.4
Stock-based Compensation
3 Months Ended
Jan. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Company has a stock-based compensation plan (the “Stock Plan”) that allows for the grant of restricted common stock of the Company to members of management, key executives and non-employee directors. The fair value of such awards is based on the fair value of the Company’s common stock on the date of grant, and all are classified as equity awards.
Management Awards
Certain time-based restricted stock grants are made to management under the Stock Plan and generally vest over a three-year period as service is provided.
During November 2025, 33,885 shares of restricted stock with a per share price of $13.28 were granted to management. The related compensation expense of $450,000 will be recognized over three years as the shares vest.
During January 2026, 8,812 shares of restricted stock with a per share price of $14.60 were granted to management. The related compensation expense of $129,000 will be recognized over three years as the shares vest.
In November 2025 and January 2026, the Company entered into Performance Share-Based Award Agreements with members of management whereby the employees may be granted up to a maximum of 42,697 shares of common stock in the future based on the achievement of certain long-term performance goals over a three-year period.
Executive Awards
Certain time-based restricted stock grants are made to key executives under the Stock Plan and generally vest over a three-year period as service is provided.
During November 2025, 56,476 shares of restricted stock with a per share price of $13.28 were granted to key executives. The related compensation expense of $750,000 will be recognized over three years as the shares vest.
In November 2025, the Company entered into Performance Share-Based Award Agreements with key executives whereby the executives may be granted up to a maximum of 56,476 shares of common stock in the future based on the achievement of certain long-term performance goals over a three-year period.
Director Awards
Certain time-based restricted stock grants are made on an annual basis to non-employee directors under the Stock Plan and generally vest after a one-year period as service is provided.
Exchange of Common Stock
During the three months ended January 31, 2026 and 2025, members of management exchanged 29,187 and 47,089 shares of common stock with fair values totaling $423,000 and $1,224,000, respectively, at the dates of the exchanges, for the payment of payroll taxes associated with the vesting of restricted stock under the Stock Plan.