On October 1, 2020, our Board of Directors adopted the 2020 Incentive Award Plan (“2020 Plan”), which provides for the grant of equity awards, including stock options, RSUs, and PSUs to directors, employees, consultants, and certain of our affiliates. The terms of awards may vary based on the grantee classification, or nature of the award, such as awards contingent upon discrete events, or awards related to continuing employment. Upon adoption of the 2020 Plan, the Company’s former stock incentive plan was simultaneously closed, and all shares subject to awards outstanding and shares available for issuance were transferred to, or became available for issuance under the 2020 Plan. A maximum of 9,880,190 shares of common stock may be issued under the 2020 Plan. As of October 31, 2023, 8,154,357 shares were available for issuance under the 2020 Plan.

Stock-based compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of (loss) income. Total stock-based compensation expense under these plans and the total related recognized tax benefit were as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
RSUs	$	3.4	$	2.0	$	1.1
PSUs	0.1		0.3		—
Stock options	1.0		1.3		1.5
Total stock-based compensation expense under incentive plans, pretax	4.5		3.6		2.6
Tax benefit	0.4		—		0.1

RSUs are service-based awards granted under the 2020 Plan to eligible employees and non-employees. RSUs are expected to be settled with shares of the Company’s common stock. Vesting and forfeiture conditions are specific to each grant as determined by the plan administrator. The fair value of RSUs is determined based on the market price of our common stock on the date of grant.

RSUs granted to eligible employees generally vest ratably over three to four years. The weighted average grant date fair value of RSUs granted to employees in the years ended October 31, 2023, 2022, and 2021 was $11.87, $15.88, and $20.87, respectively.


	Units (in thousands)	Weighted average grant-date fair value per unit
Outstanding at October 31, 2022	280	$	15.99
Granted	375	11.87
Vested	(98)	15.65
Forfeited	(40)	11.85
Outstanding at October 31, 2023	517	$	13.38

Under our Director Compensation Plan, new directors receive an initial sign-on grant and continuing directors receive an automatic annual grant on the date of each Annual Shareholders’ Meeting, set to cliff-vest at the earlier of one year following the grant date or at the subsequent Annual Shareholders’ Meeting. Directors are also eligible to defer the distribution of shares between two to five years, either in lump sum or annual installments. Deferral elections are made annually at the beginning of each plan year and apply to grants made within said year. The weighted average grant date fair value of RSUs granted to directors in the years ended October 31, 2023, 2022, and 2021 was $11.18, $13.08, and $19.89, respectively.


	Units (in thousands)	Weighted average grant-date fair value per unit
Outstanding at October 31, 2022	68	$	12.90
Granted	73	11.18
Vested	(68)	12.90
Forfeited	—	—
Outstanding at October 31, 2023	73	$	11.18
Vested and deferred at October 31, 2023	34	$	14.94

PSUs are performance-based awards granted to eligible employees under the 2020 Plan. PSUs are expected to be settled with shares of the Company’s common stock at the end of a three-year cliff vesting period, provided the performance conditions are achieved as of the end of such period. The actual number of shares issued may range from 0% to 200% of the target shares issued at time of grant. The fair value of PSUs is determined based on the market price of our common stock on the date of grant.

The weighted average grant date fair value of PSUs granted in the years ended October 31, 2023 and 2022 was $11.90 and $15.89, respectively. No PSU awards were granted during the year ended October 31, 2021. Activity for PSU awards during the year ended October 31, 2023 was as follows.


	Units (in thousands)	Weighted average grant-date fair value per unit
Unvested at October 31, 2022	95	$	15.89
Granted at target	177	11.90

Vested	—	—
Forfeited	(20)	12.27
Unvested at October 31, 2023	252	$	13.38

No stock options were granted during the years ended October 31, 2023, 2022 and 2021. Historical grants of stock options were predominantly made in connection with our IPO. Stock options vest based on tenure of employment or other specific events and expire 10 years after the grant date. The total grant-date fair value of stock options vested during the years ended October 31, 2023, 2022 and 2021 was $1.1 million, $1.4 million, and $1.3 million, respectively. The total intrinsic value of stock options exercised was $0.1 million during both years ended October 31, 2023 and 2022 and $0.2 million for the year ended October 31, 2021.


	Number of options (in thousands)	Weighted-average exercise price		Weighted-average remaining life (in years)	Aggregate intrinsic value (in millions)
Outstanding at October 31, 2022	1,700	$	13.74
Granted	—
Exercised	—
Forfeited	—
Outstanding at October 31, 2023	1,700	$	13.74	5.7	$	—
Vested and expected to vest at October 31, 2023	1,700	$	13.74	5.7	$	—
Exercisable at October 31, 2023	1,530	$	13.74	5.7	$	—


	Number of options (in thousands)	Weighted average grant-date fair value
Unvested at October 31, 2022	340	$	5.35
Granted	—	—
Vested	(170)	5.35
Forfeited	—	—
Unvested at October 31, 2023	170	$	5.35

Stock options to employees (excluding the CEO) generally have ratable vesting over four years. Activity for these awards during the year ended October 31, 2023 was as follows:


	Number of options (in thousands)	Weighted-average exercise price		Weighted-average remaining life (in years)	Aggregate intrinsic value (in millions)
Outstanding at October 31, 2022	448	$	11.69
Granted	—	—
Exercised	(19)	4.78
Forfeited	(10)	12.00
Expired	(40)	12.00
Outstanding at October 31, 2023	379	$	12.00	6.9	$	—
Vested and expected to vest at October 31, 2023	379	12.00		6.9	—
Exercisable at October 31, 2023	280	$	12.00	6.9	$	—


	Number of options (in thousands)	Weighted average grant-date fair value
Unvested at October 31, 2022	208	$	3.61
Granted	—	—
Vested	(99)	3.61
Forfeited	(10)	3.61
Unvested at October 31, 2023	99	$	3.61

On September 6, 2023, the Board of Directors approved a stock repurchase program, which permits the Company to repurchase up to $20 million of shares of the Company’s common stock within 36 months from adoption. The shares may be repurchased from time to time in open market or privately negotiated transactions in such quantities and at such prices as may be authorized by certain designated officers of the Company. As of October 31, 2023, $19.4 million of shares remains authorized for repurchase.