Quarterly report pursuant to Section 13 or 15(d)

Share Repurchase Plan

v3.23.1
Share Repurchase Plan
3 Months Ended
Feb. 28, 2023
Equity [Abstract]  
Share Repurchase Plan

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 nine 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 February 28, 2023, the Company had repurchased an aggregate of 6,404,771 shares of the Company’s common stock at an average price of $3.57 per share through open market and privately negotiated transactions under the Company’s share repurchase plan. The Company purchased 57,281 and 76,428, (at an average price of $4.25 and $10.85 per share) of the Company’s common stock during the three months ended February 28, 2023 and 2022, respectively.

The repurchased shares will be held as treasury stock at cost and have been removed from common shares outstanding as of February 28, 2023 and November 30, 2022. As of February 28, 2023 and November 30, 2022, 6,404,771 and 6,347,490 shares, respectively, were held as treasury stock.

Subsequent to the balance sheet date of February 28, 2023, the Company repurchased 139,626 of additional shares of the Company’s common stock, at an average price of $3.37 per share.