Stock-based compensation and equity transactions (Tables)

3 Months Ended

Jan. 31, 2015

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Computation of Weighted Average Fair Value of Employee Stock Options using Black-Scholes Option Pricing Model Assumptions

The weighted average fair value of employee and non-employee directors’ stock options granted by the Company during the three months ended January 31, 2015 and 2014 was estimated to be $1.00 and $1.89 per share, respectively, using the Black-Scholes option pricing model with the following assumptions:

	2015		2014
Risk-free interest rate	0.88	%	0.69	%
Dividend yield	6.35	%	4.09	%
Expected life of the option	3.5 years		3.5 years
Volatility factor	47.4	%	49.2	%

Summary of Status of Options Granted under Stock Option Plans and Changes in Options Outstanding

A summary of the status of the options granted under the Company’s stock option plans as of January 31, 2015 and the changes in options outstanding during the three months then ended is presented in the table that follows:

		Weighted
		Average
	Shares	Exercise Price
Outstanding at November 1, 2014	1,044,932	$	3.27
Options granted	172,306	$	4.41
Options exercised	-	$	-
Options canceled or expired	(7,110)	$	3.65
Options outstanding at January 31, 2015	1,210,128	$	3.43
Options exercisable at January 31, 2015	760,030	$	2.41
Options vested and expected to vest at January 31, 2015	1,201,838	$	3.41