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Note 2 - Stock Compensation
 3 Months Ended
Jan. 31, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

2.

Stock Compensation

 

During the first quarter of fiscal 2023, the Board of Directors approved certain grants under a new Long-Term Incentive Program (the “2023 LTIP”) that contain performance-based vesting conditions. The performance period for the 2023 LTIP commenced on November 1, 2022 and will end on October 31, 2025. At the end of the performance period, 50% of the awards, if any, are payable in cash-settled phantom shares and the remaining 50% of the awards, if any, are payable in shares of Company stock, subject to a mandatory two-year post-vesting hold period.

 

For the three months ended January 31, 2023 and 2022, stock-based compensation expense was $2.1 million (pre and post tax) and $1.6 million ($1.1 million, net of tax), respectively. Included in stock-based compensation expense was $8 thousand and $45 thousand of stock option expense for the three months ended January 31, 2023 and 2022, respectively.