Note 2 - Stock Compensation

6 Months Ended

Apr. 30, 2024

Stock Compensation

Stock Compensation

2. Stock Compensation

During the first quarter of fiscal 2024, the Board of Directors (the "Board") approved certain grants under a new Long-Term Incentive Program (the "2024 LTIP") that contain performance-based vesting conditions. The performance period for the 2024 LTIP commenced on November 1, 2023 and will end on October 31, 2026. At the end of the performance period, 50% of the awards, if any, are payable in cash-settled phantom shares and the remaining 50% of the awards, if any, are payable in shares of Company stock, subject to a mandatory two-year post-vesting hold period.

For the three and six months ended April 30, 2024, stock-based compensation expense was $6.9 million ($5.1 million net of tax) and $11.0 million ($8.1 million net of tax), respectively. For the three and six months ended April 30, 2023, stock-based compensation expense was $2.2 million ($1.6 million net of tax) and $4.2 million ($3.5 million net of tax), respectively.