Stock options (Tables)

12 Months Ended

Oct. 31, 2018

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 fair value of each option granted in 2018 and 2017 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:

	2018			2017
Weighted average volatility		46.83	%		43.30	%
Expected dividends		3.28	%		5.00	%
Expected term (in years)		4.5			4.3
Risk-free interest rate		1.87	%		1.20	%
Weighted average fair value of options granted during the year	$	0.82		$	0.39
Weighted average fair value of options vested during the year	$	2.64		$	1.95

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

Additional information regarding all of the Company's outstanding stock options at October 31, 2018 and 2017 and changes in outstanding stock options in 2018 and 2017 follows:

	2018					2017
	Shares or			Weighted		Shares or			Weighted
	Price Per			Average		Price Per			Average
	Share			Exercise Price		Share			Exercise Price
Outstanding at beginning of year		1,159,771		$	3.19		1,007,851		$	4.07
Options granted		269,635		$	2.44		449,068		$	1.61
Options exercised		(418,955	)	$	2.66		(36,763	)	$	1.50
Options canceled or expired		(68,085	)	$	4.98		(260,385	)	$	4.10
Options outstanding at end of year		942,366		$	3.09		1,159,771		$	3.19

Options exercisable at end of year		675,033		$	3.01		926,272		$	3.08

Options vested and expected to vest at end of year		940,144		$	3.09		1,159,002		$	3.19

Option price range at end of year	$	1.90 - $ 5.88				$	1.07 - $ 6.91

Aggregate intrinsic value of options exercised during year	$	1,207,148				$	55,000