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Stock-Based Compensation | 9 Months Ended
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Jul. 31, 2019
Stock-Based Compensation |
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, 2019, 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 $71.56. On January 2, 2020, 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 $0.4 million for the three months ended July 31, 2019. The total recognized stock-based compensation expense for these grants was $0.9 million for the nine months ended July 31, 2019. ​ On December 14, 2018, our executive officers were granted a total of 14,522 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 $85.67. These shares vest in one-third increments, on an annual basis, beginning December 14, 2019. These shares were granted pursuant to our 2011 Plan. The total recognized stock-based compensation expense for these grants was $0.1 million for the three months ended July 31, 2019. The total recognized stock-based compensation expense for these grants was $0.3 million for the nine months ended July 31, 2019. ​ 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, 2018 |  | 85 | ​ | $ | 68.82 | ​ | ​ | ​ | ​
Vested |  | (51) | ​ | $ | 70.48 | ​ | ​ | ​ | ​
Granted |  | 35 | ​ | $ | 77.33 | ​ | ​ | ​ | ​
Outstanding at July 31, 2019 |  | 69 | ​ | $ | 71.74 | ​ | $ | 6,143 | ​
​ The total recognized stock-based compensation expense for restricted stock was $0.9 million for the three months ended July 31, 2019 and 2018. The total recognized stock-based compensation expense for restricted stock was $2.7 million for the nine months ended July 31, 2019 and 2018. Total unrecognized stock-based compensation expense totaled $2.9 million as of July 31, 2019 and will be amortized through fiscal year 2021. ​ 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, 2018 |  | 4 | ​ | $ | 19.20 | ​ | ​ | ​ | ​
Exercised |  | (2) | ​ | $ | 19.20 | ​ | ​ | ​ | ​
Outstanding at July 31, 2019 |  | 2 | ​ | $ | 19.20 | ​ | $ | 178 | ​
Exercisable at July 31, 2019 |  | 2 | ​ | $ | 19.20 | ​ | $ | 178 | ​
​ At July 31, 2019, outstanding and exercisable stock options had a weighted-average remaining contractual term of 1.1 years. The total recognized and unrecognized stock-based compensation expense was insignificant for the three and nine months ended July 31, 2019. ​ 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, 2018 |  | 20 | ​ | $ | 40.07 | ​ | ​ | ​ | ​
Exercised |  | (2) | ​ | $ | 23.48 | ​ | ​ | ​ | ​
Outstanding at July 31, 2019 |  | 18 | ​ | $ | 41.91 | ​ | $ | 845 | ​
Exercisable at July 31, 2019 |  | 12 | ​ | $ | 25.10 | ​ | $ | 765 | ​
​ At July 31, 2019, outstanding and exercisable stock options had a weighted-average remaining contractual term of 3.9 years. The total recognized and unrecognized stock-based compensation expense was insignificant for the three and nine months ended July 31, 2019.

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