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CASH DIVIDENDS AND COMMON STOCK REPURCHASES | 12 Months Ended
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Jan. 31, 2024
CASH DIVIDENDS AND COMMON STOCK REPURCHASES |
CASH DIVIDENDS AND COMMON STOCK REPURCHASES | NOTE 14 – 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 and, accordingly, the Company made regular quarterly cash dividend payments of $0.30 per share of common stock in October 2023 and January 2024. The Company also made regular quarterly cash dividend payments of $0.25 per share of common stock in April 2023 and July 2023. During Fiscal 2023 and Fiscal 2022, the Company made regular quarterly cash dividend payments of $0.25 per share of common stock. Pursuant to its established program and authorizations provided by Argan’s board of directors, the Company began to repurchase shares of its common stock in November 2021. During Fiscal 2024, the Company repurchased 230,160 shares of common stock, all on the open market, for an aggregate price of approximately $9.2 million, or $40.01 per share. In addition, the Company repurchased 73,000 shares of common stock in a direct purchase from a director of the Company for an aggregate price of approximately $3.2 million, or $43.50 per share. During Fiscal 2024, the Company accepted 31,066 shares of common stock at the average price per share of $47.19 as consideration for the exercise price and/or tax withholding in connection with stock option exercises and other share-based award settlements. During Fiscal 2023, the Company repurchased 1,855,714 shares of common stock, most on the open market, for an aggregate price of approximately $68.2 million, or $36.77 per share. During Fiscal 2022, the Company repurchased 527,752 shares of common stock, all on the open market, for an aggregate price of approximately $20.4 million, or $38.60 per share. For Fiscal 2024, the Company used 135,156 shares of treasury stock to settle stock option exercises and other share-based awards. For Fiscal 2023 and 2022, no shares of treasury stock were used to settle such transactions. In August 2022, the Inflation Reduction Act was signed into law, which introduced a 1% excise tax on shares repurchased after December 31, 2022. For Fiscal 2024 and Fiscal 2023, the excise tax was not material.

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