Note 10 – Share Repurchase Plan

In December 2011, the Company’s Board of Directors authorized management at its discretion to repurchase up to one million (1,000,000) shares of the Company's outstanding common stock. On June 6, 2012, the Board of Directors of the Company increased the number of shares of the Company’s outstanding common stock that management is authorized to repurchase to up to three million (3,000,000). On April 8, 2015, the Board of Directors of the Company increased the number of shares of the Company’s outstanding common stock that management is authorized to repurchase to up to six million (6,000,000) shares. On October 6, 2016, the Board of Directors of the Company increased the number of shares of the Company’s outstanding common stock that management is authorized to repurchase to up to eight million (8,000,000) shares. The repurchases must be effectuated through open market purchases, privately negotiated block trades, unsolicited negotiated transactions, and/or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission or in such other manner as will comply with the provisions of the Securities Exchange Act of 1934.

As of August 31, 2022, the Company had repurchased an aggregate of 6,322,746 shares of the Company’s common stock at an average price of $3.56 per share through open market and privately negotiated transactions under the Company’s share repurchase plan. The Company purchased 208,790 (at an average price of $8.11 per share) during the nine months ended August 31, 2022 and the Company did not purchase any shares of the Company’s common stock during the nine months ended August 31, 2021.

The repurchased shares will be held as treasury stock at cost and have been removed from common shares outstanding as of August 31, 2022 and November 30, 2021. As of August 31, 2022 and November 30, 2021, 6,322,746 and 6,113,956 shares, respectively, were held as treasury stock.

Subsequent to the balance sheet date, August 31, 2022, the Company repurchased 6,005 of additional shares of the Company’s common stock, at an average price of $5.57 per share.