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Note 2 - Stock Compensation
 9 Months Ended
Jul. 31, 2024
Stock Compensation  
Stock Compensation

2.

Stock Compensation

 

During the first quarter of fiscal 2024, the Board of Directors (the "Board") approved certain grants under a new Long-Term Incentive Program (the "2024 LTIP") that contain performance-based vesting conditions. The performance period for the 2024 LTIP commenced on November 1, 2023 and will end on October 31, 2026. 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 and nine months ended July 31, 2024, stock-based compensation expense was $9.2 million ($6.1 million net of tax) and $20.2 million ($13.2 million net of tax), respectively. For the three and nine months ended July 31, 2023, stock-based compensation expense was $5.3 million ($4.2 million net of tax) and $9.6 million ($7.7 million net of tax), respectively.