Redeemable Common Stock

12 Months Ended

Nov. 30, 2011

Redeemable Common Stock [Abstract]

Redeemable Common Stock

8. Redeemable Common Stock

The Company inadvertently failed to register with the SEC the issuance of certain of its common shares in its defined contribution 401(k) employee benefit plan (the “Plan”). As a result, certain Plan participants who purchased such securities pursuant to the Plan may have the right to rescind certain of their purchases for consideration equal to the purchase price paid for the securities (or if such security has been sold, to receive consideration with respect to any loss incurred on such sale) plus interest from the date of purchase. As of November 30, 2011 and 2010, the Company has classified 0.4 and 0.5 million shares, respectively, as redeemable common stock because the redemption features are not within the control of the Company. The Company may also be subject to civil and other penalties by regulatory authorities as a result of the failure to register these shares. These shares have always been treated as outstanding for financial reporting purposes. In June 2008, the Company filed a registration statement on Form S-8 to register future transactions in the GenCorp Stock Fund in the Plan. During fiscal 2011, 2010, and 2009, the Company recorded a charge of $0.8 million, $0.9 million, and $1.3 million, respectively, for realized losses and interest associated with this matter.