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CASH DIVIDENDS AND TREASURY STOCK | 6 Months Ended
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Jul. 31, 2023
CASH DIVIDENDS AND TREASURY STOCK |
CASH DIVIDENDS AND TREASURY STOCK | NOTE 12 – CASH DIVIDENDS AND TREASURY STOCK On June 20, 2023, Argan’s board of directors declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, which was paid on July 31, 2023 to stockholders of record at the close of business on July 21, 2023. On April 10, 2023, Argan’s board of directors declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, which was paid on April 28, 2023 to stockholders of record at the close of business on April 20, 2023. During the six months ended July 31, 2022, the board of directors declared two regular quarterly cash dividends, each in the amount of $0.25 per share of common stock, which were paid to stockholders on April 29, 2022 and July 29, 2022. Pursuant to its established program and authorizations provided by Argan’s board of directors, the Company repurchased shares of its common stock during the six months ended July 31, 2023 and 2022. During these periods, the Company repurchased 169,788 shares and 1,412,592 shares of common stock, all on the open market, for aggregate prices of approximately $6.7 million, or $39.45 per share, and $53.2 million, or $37.64 per share, respectively. For the six months ended July 31, 2023, the Company used 81,851 of the repurchased shares to settle stock option exercises and other share-based awards. For the six months ended July 31, 2022, no treasury stock was used to settle stock option exercises and other share-based awards. In August 2022, the Inflation Reduction Act (the “IRA”) was signed into law, which introduced a 1% excise tax on shares repurchased after December 31, 2022. For the six months ended July 31, 2023, the excise tax was not material.

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