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Note 2 - Stock Compensation
 9 Months Ended
Jul. 31, 2025
Stock Compensation  
Stock Compensation

2.

Stock Compensation

 

During the first quarter of fiscal 2025, the Board of Directors (the "Board") approved certain grants under a new Long-Term Incentive Program (the "2025 LTIP") that contain performance-based vesting conditions. The performance period for the 2025 LTIP commenced on November 1, 2024 and will end on October 31, 2027. At the end of the performance period, 100% of the awards, if any, are payable in shares of Company stock, subject to a mandatory two-year post-vesting hold period. During the third quarter of fiscal 2025, the Board approved certain grants under a new Performance Stock Units Program (the "2025 PSUs") that also contain performance-based vesting conditions. The performance period for the 2025 PSUs commenced on May 1, 2025 and will end on April 30, 2026. Upon vesting, approximately 50% of the awards, if any, are payable in shares of Company stock, subject to a mandatory two-year post-vesting hold period and approximately 50% of the awards, if any, are paid in cash based on the earned phantom stock units.

 

For the three and nine months ended July 31, 2025, stock-based compensation expense was $6.2 million ($4.4 million net of tax) and $14.1 million ($10.1 million net of tax), respectively. 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.