v3.26.1
Stock-based Compensation
6 Months Ended
Apr. 30, 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 85,394 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.
In February 2026, the Company's Chief Financial Officer and Treasurer resigned from the Company. As a result, 31,248 nonvested shares were forfeited, and the Company reversed $128,000 of previously recognized stock-based compensation expense.
16. Stock-based Compensation (continued)
Executive Awards (continued)
During November 2025, 56,476 shares of restricted stock with a per share price of $13.28 were granted to key executives, of which 18,825 were forfeited in February 2026. The related compensation expense after forfeiture of $250,000 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 112,952 shares of common stock in the future based on the achievement of certain long-term performance goals over a three-year period. In February 2026, the maximum number of shares of common stock that may be awarded to remaining key executives was reduced to 75,302 shares.
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. During April 2026, 37,890 shares were granted as Director Awards with a per share price of $13.46.
Exchange of Common Stock
During the six months ended April 30, 2026 and 2025, members of management exchanged 29,187 and 53,769 shares of common stock with fair values totaling $423,000 and $1,326,000, respectively, at the dates of the exchanges, for the payment of payroll taxes associated with the vesting of restricted stock under the Stock Plan.