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Shareholders' Equity
12 Months Ended
Nov. 30, 2018
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity

Preferred Stock

Our Board of Directors is authorized to establish one or more series of preferred stock and to fix and determine the number and conditions of preferred shares, including dividend rates, redemption and/or conversion provisions, if any, preferences and voting rights. As of November 30, 2018, there was no preferred stock issued or outstanding.

Common Stock

We have 200,000,000 shares of authorized common stock, $0.01 par value per share, of which 45,114,935 were issued and outstanding at November 30, 2018.

There were 136,388 deferred stock units ("DSUs") outstanding at November 30, 2018. Each DSU represents one share of our common stock and all DSU grants have been made to non-employee members of our Board of Directors. DSUs do not have voting rights and can only be converted into common stock when the recipient ceases to be a member of the Board of Directors or a change in control of the Company occurs. During the fiscal year ended November 30, 2018, we released 13,995 DSUs as a result of one individual leaving our Board of Directors.

Common Stock Repurchases

In September 2017, our Board of Directors increased our total share repurchase authorization to $250.0 million. In fiscal years 2018 and 2017, we repurchased and retired 2.9 million shares of our common stock for $120.0 million and 2.2 million shares of our common stock for $73.9 million, respectively, under this current authorization. In fiscal year 2016, we repurchased and retired 3.1 million shares of our common stock for $79.2 million. As of November 30, 2018, there was $100.0 million remaining under the current authorization.

Dividends

On September 27, 2016, our Board of Directors approved the initiation of a quarterly cash dividend of $0.125 per share of common stock to Progress stockholders. We began paying quarterly cash dividends of $0.125 per share of common stock to Progress stockholders in December 2016 and increased the quarterly cash dividend to $0.14 per share in September 2017. On September 21, 2018, our Board of Directors approved an 11% increase to our quarterly cash dividend from $0.14 to $0.155 per share of common stock. We have declared aggregate per share quarterly cash dividends totaling $0.575, $0.515 and $0.125 for the years ended November 30, 2018, November 30, 2017 and November 30, 2016, respectively. We have paid aggregate cash dividends totaling $25.8 million, and $24.1 million for the years ended November 30, 2018 and November 30, 2017, respectively.