Note 8 - Stockholders' Equity

12 Months Ended

Dec. 02, 2023

Notes to Financial Statements

Equity [Text Block]

Note 8: Stockholders' Equity

Preferred Stock

The Board of Directors is authorized to issue up to 10,045,900 shares of preferred stock that may be issued in one or more series and with such stated value and terms as the Board of Directors may determine.

Common Stock

There were 160,000,000 shares of common stock with a par value of $1.00 authorized and 54,092,987 and 53,676,576 shares issued and outstanding at December 2, 2023 and December 3, 2022, respectively.

On April 7, 2022, the Board of Directors authorized a new share repurchase program of up to $300,000 of our outstanding common shares for a period of up to five years. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The timing of such repurchases is dependent on price, market conditions and applicable regulatory requirements. Upon repurchase of the shares, we reduce our common stock for the par value of the shares with the excess being applied against additional paid-in capital. This authorization replaces the April 6, 2017 authorization to repurchase shares. We did not repurchase any shares during 2023, 2022 and 2021 under our share repurchase program. Up to $300,000 of our outstanding common shares may still be repurchased under the current share repurchase program.

Common Shares Outstanding	2023			2022			2021
Beginning balance		53,676,576			52,777,753			51,906,663
Stock options exercised		314,832			657,789			740,731
Deferred compensation paid		102,108			118,429			19,895
Restricted units vested		113,339			172,474			157,945
Shares withheld for taxes		(113,868	)		(49,869	)		(47,481	)
Ending balance		54,092,987			53,676,576			52,777,753