XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Stock-Based Compensation | 6 Months Ended
--- | ---
Apr. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | 6.Stock-Based Compensation In April 2011, our shareholders approved the Calavo Growers, Inc. 2011 Management Incentive Plan (the “2011 Plan”). All directors, officers, employees and consultants (including prospective directors, officers, employees and consultants) of Calavo and its subsidiaries are eligible to receive awards under the 2011 Plan. Up to 1,500,000 shares of common stock may be issued by Calavo under the 2011 Plan. On January 2, 2018, all 12 of our non-employee directors were granted 1,750 restricted shares each (total of 21,000 shares). These shares have full voting rights and participate in dividends as if unrestricted. The closing price of our stock on such date was $85.90. On January 2, 2019, as long as the directors are still serving on the board, these shares lose their restriction and become non-forfeitable and transferable. These shares were granted pursuant to our 2011 Plan. The total recognized stock-based compensation expense for these grants was $0.5 million for the three months ended April 30, 2018. The total recognized stock-based compensation expense for these grants was $0.6 million for the six months ended April 30, 2018. On December 18, 2017, our executive officers were granted a total of 25,241 restricted shares. These shares have full voting rights and participate in dividends as if unrestricted. The closing price of our stock on such date was $75.45. These shares vest in one-third increments, on an annual basis, beginning December 18, 2018. These shares were granted pursuant to our 2011 Plan. The total recognized stock-based compensation expense for these grants was $0.2 million for the three months ended April 30, 2018. The total recognized stock-based compensation expense for these grants was $0.3 million for the six months ended April 30, 2018. On October 31, 2017, a member of the management team at RFG resigned. His unvested portion of restricted stock issued in December of 2016 and January of 2016 were forfeited. On January 25, 2018, in consideration of and in exchange for his forfeiture of restricted shares upon his resignation, the board of directors granted 10,788 shares of unrestricted stock, which immediately vested. The closing price of our stock on such date was $87.10. We recorded for this grant $0.8 million of stock-based compensation expense in our fiscal first quarter of 2018. On February 2, 2017, our Vice President of the Foods Division retired from Calavo for medical reasons. In January 2018, per the terms of our 2011 Plan and the respective employee award, the board of directors awarded the portion of the fiscal 2017 management bonus for the percentage of the year worked. As a result, he was granted 867 shares of unrestricted stock, which immediately vested. As a result, we recorded $0.1 million of stock-based compensation expense in our fiscal first quarter of 2018. A summary of restricted stock activity, related to our 2011 Management Incentive Plan, is as follows (in thousands, except for per share amounts):
|  |  |  | Weighted-Average |  | Aggregate |
|  | Number of Shares |  | Grant Price |  | Intrinsic Value |
Outstanding at October 31, 2017 |  | 103 |  | $ | 54.64 |  |  |  |
Vested |  | (56) |  | $ | 54.27 |  |  |  |
Forfeited |  | (7) |  | $ | 52.69 |  |  |  |
Granted |  | 47 |  | $ | 80.20 |  |  |  |
Outstanding at April 30, 2018 |  | 87 |  | $ | 68.08 |  | $ | 8,105 |
The total recognized stock-based compensation expense for restricted stock was $0.9 million and $0.8 million for the three months ended April 30, 2018 and 2017. The total recognized stock-based compensation expense for restricted stock was $1.8 million and $1.5 million for the six months ended April 30, 2018 and 2017. Total unrecognized stock-based compensation expense totaled $4.8 million and $3.0 million as of April 30, 2018 and October 31, 2017, and will be amortized through fiscal year 2020. Stock options are granted with exercise prices of not less than the fair market value at grant date, generally vest over one to five years and generally expire two to five years after the grant date. We settle stock option exercises with newly issued shares of common stock. We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense in our consolidated statements of operations over the service period that the awards are expected to vest. We measure the fair value of our stock based compensation awards on the date of grant. A summary of stock option activity, related to our 2005 Stock Incentive Plan, is as follows (in thousands, except for per share amounts):
|  |  |  | Weighted-Average |  | Aggregate |
|  | Number of Shares |  | Exercise Price |  | Intrinsic Value |
Outstanding at October 31, 2017 |  | 7 |  | $ | 18.54 |  |  |  |
Exercised |  | (3) |  | $ | 17.66 |  |  |  |
Outstanding at April 30, 2018 |  | 4 |  | $ | 19.20 |  | $ | 374 |
Exercisable at April 30, 2018 |  | 4 |  | $ | 19.20 |  | $ | 374 |
At April 30, 2018, outstanding and exercisable stock options had a weighted-average remaining contractual term of 1.8 years. The total recognized and unrecognized stock-based compensation expense was insignificant for the three months ended April 30, 2018. A summary of stock option activity, related to our 2011 Management Incentive Plan, is as follows (in thousands, except for per share amounts):
|  |  |  | Weighted-Average |  | Aggregate |
|  |  |  | Exercise |  | Intrinsic |
|  | Number of Shares |  | Price |  | Value |
Outstanding at October 31, 2017 |  | 20 |  | $ | 40.07 |  |  |  |
Outstanding at April 30, 2018 |  | 20 |  | $ | 40.07 |  | $ | 1,068 |
Exercisable at April 30, 2018 |  | 12 |  | $ | 29.01 |  | $ | 773 |
At April 30, 2018, outstanding and exercisable stock options had a weighted-average remaining contractual term of 4.7 years. The total recognized and unrecognized stock-based compensation expense was insignificant for the three months ended April 30, 2018.

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration