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CASH DIVIDENDS AND TREASURY STOCK | 9 Months Ended
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Oct. 31, 2023
CASH DIVIDENDS AND TREASURY STOCK |
CASH DIVIDENDS AND TREASURY STOCK | NOTE 12 – CASH DIVIDENDS AND COMMON STOCK REPURCHASES On September 19, 2023, Argan’s board of directors increased the Company’s quarterly cash dividend by 20% from $0.25 to $0.30 per share of common stock, which was paid on October 31, 2023 to stockholders of record at the close of business on October 23, 2023. The Company also made regular quarterly cash dividend payments in the amount of $0.25 per share of common stock in July 2023 and April 2023. During the nine months ended October 31, 2022, the board of directors declared three regular quarterly cash dividends, each in the amount of $0.25 per share of common stock, which were paid to stockholders in October 2022, July 2022 and April 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 nine months ended October 31, 2023 and 2022 and added the shares to treasury stock. During these periods, the Company repurchased 212,441 shares and 1,721,015 shares of common stock, all on the open market, for aggregate prices of approximately $8.4 million, or $39.67 per share, and $63.3 million, or $36.75 per share, respectively. For the nine months ended October 31, 2023, the Company accepted 29,058 shares of common stock at the average price per share of $47.16 for the exercise price and/or tax withholding in connection with stock option exercises and other share-based award settlements. For the nine months ended October 31, 2022, the Company did not accept any shares of common stock for such transactions. For the nine months ended October 31, 2023, the Company used 132,656 shares of treasury stock to settle stock option exercises and other share-based awards. For the nine months ended October 31, 2022, no shares of treasury stock were used to settle such transactions. In August 2022, the Inflation Reduction Act (the “IRA”) was signed into law, which introduced a 1% excise tax on the value of shares repurchased after December 31, 2022. For the nine months ended October 31, 2023, the excise tax was not material.

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