Equity incentive plan

3 Months Ended

Jan. 31, 2023

Equity Incentive Plan [Abstract]

Equity incentive plan

Note 13 – Equity Incentive Plan:

As of January 31, 2023, 442,060 shares are available for issuance under the FREIT Equity Incentive Plan (the “Plan”).

The following table summarizes stock option activity for the three months ended January 31, 2023 and 2022:

	Three Months Ended						Three Months Ended
	January 31, 2023						January 31, 2022
	No. of Options			Weighted Average			No. of Options		Weighted Average
	Outstanding			Price			Outstanding		Price
Options outstanding at beginning of period		126,140		$	10.64			310,740	$	18.35
Options granted during period		—			—			—		—
Options forfeited/cancelled during period		—			—			—		—
Options exercised during period		(112,900	)		(10.86	)		—		—
Options outstanding at end of period		13,240		$	8.74			310,740	$	18.35
Options vested and expected to vest		11,950						309,450
Options exercisable at end of period		3,640						292,540

For the three months ended January 31, 2023 and 2022, compensation expense related to stock options vested amounted to approximately $5,000 and $5,000, respectively. At January 31, 2023, there was approximately $7,000 of unrecognized compensation cost relating to outstanding non-vested stock options to be recognized over the remaining weighted average vesting period of approximately 0.4 years. The aggregate intrinsic value of options vested and expected to vest and options exercisable at January 31, 2023 was approximately $81,000 and $17,000, respectively. For the three months ended January 31, 2023, 112,900 options were exercised for an aggregate amount of approximately $1.2 million.