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Note 14 - Preferred Stock
6 Months Ended
Apr. 30, 2023
Notes to Financial Statements  
Preferred Stock [Text Block]

14.

Preferred Stock

 

On July 12, 2005, we issued 5,600 shares of 7.625% Series A preferred stock, with a liquidation preference of $25,000 per share. Dividends on Series A preferred stock are not cumulative and are payable at an annual rate of 7.625%. The Series A preferred stock is not convertible into the Company’s common stock and is redeemable in whole or in part at our option at the liquidation preference of the shares. The Series A preferred stock is traded as depositary shares, with each depositary share representing 1/1000th of a share of Series A preferred stock. We paid dividends on the Series A preferred stock of $2.7 million and $5.3 million in each of the three and six months ended April 30, 2023 and 2022, respectively.