Note 10 - Shareholders' Equity

12 Months Ended

Oct. 31, 2011

Stockholders' Equity Note Disclosure [Text Block]

10. SHAREHOLDERS’ EQUITY

Common stock repurchases.  Our board of directors periodically authorizes us to repurchase shares of our common stock.  As of October 31, 2011, $21.1 million remained outstanding under our board authorization.  We cancel shares that are repurchased.  No shares were repurchased in fiscal 2011.  Although we generally prioritize bank debt reduction over share repurchases we may consider share repurchase when there are anomalies in the value created by, but not limited to, market conditions.

The timing of our common stock repurchases pursuant to our board of directors’ authorization is dependent on future opportunities and on our views, as they may change from time to time, as to the most prudent uses of our capital resources, including cash and borrowing capacity.

Tax effect from stock option exercises.  For fiscal 2011 and 2010, the tax effect/benefit from stock option exercises affected our deferred tax asset and income tax payable as well as our additional paid-in capital by an equal amount and had no effect on our income tax provision. For fiscal 2009, there were no income tax benefits from stock options exercised.