Stock option plan (Tables)

3 Months Ended

Jan. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the three-month period ended January 31, 2017:

	No. of Options			Weighted Average
	Outstanding			Exercise Price
Options outstanding beginning of period		229,880		$	18.45
Options granted during period		38,000			21.00
Options forfeited/cancelled during period		(60	)		18.45
Options outstanding end of period		267,820		$	18.81
Options vested and expected to vest		262,280
Options exercisable at end of period		84,080

The estimated fair value of options granted during Fiscal 2017 was $3.54 per option. Such value was estimated on the grant date using a binomial lattice option pricing model using the following assumptions:

· Expected volatility – 30.30%

· Risk-free interest rate – 2.23%

· Imputed option life – 6.3 years

· Expected dividend yield – 4.66%