Stock option plan (Tables)

9 Months Ended

Jul. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the nine-month period ended July 31, 2019:

	No. of Options			Weighted Average
	Outstanding			Exercise Price
Options outstanding beginning of period		305,780		$	18.40
Options granted during period		5,000			15.00
Options forfeited/cancelled during period		(40	)		18.45
Options outstanding end of period		310,740		$	18.35
Options vested and expected to vest		303,990
Options exercisable at end of period		218,860

Schedule of Assumptions Used to Value Options Granted During Fiscal 2019

The estimated fair value of options granted during Fiscal 2019 was $2.43 per option. Such value was estimated on the grant date using a binomial lattice option pricing model using the following assumptions:

· Expected volatility – 27.69%

· Risk-free interest rate – 2.72%

· Imputed option life – 6.3 years

· Expected dividend yield – 3.82%