Stock options (Tables)

12 Months Ended

Oct. 31, 2016

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Computation of Weighted Average Fair Value of Employee Stock Options using Black-Scholes Option Pricing Model Assumptions

The fair value of each option granted in 2016 and 2015 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:

	2016			2015
Weighted average volatility		28.7	%		52.2	%
Expected dividends		2.4	%		6.7	%
Expected term (in years)		3.0			5.4
Risk-free interest rate		0.70	%		1.17	%
Weighted average fair value of options granted during the year	$	0.66		$	1.09
Weighted average fair value of options vested during the year	$	4.36		$	4.78

Summary of Status of Options Granted under Stock Option Plans and Changes in Options Outstanding

Additional information regarding all of the Company's outstanding stock options at October 31, 2016 and 2015 and changes in outstanding stock options in 2016 and 2015 follows:

	2016				2015
	Shares or		Weighted		Shares or		Weighted
	Price Per		Average		Price Per		Average
	Share		Exercise Price		Share		Exercise Price
Options outstanding at beginning of year		1,240,100	$	3.64		1,044,932	$	3.27
Options granted		104,936	$	3.36		396,039	$	4.21
Options exercised		(180,067)	$	0.27		(153,837)	$	2.12
Options forfeited		(157,118)	$	4.53		(47,034)	$	5.11
Options outstanding at end of year		1,007,851	$	4.07		1,240,100	$	3.27
Options exercisable at end of year		724,457	$	3.93		782,648	$	3.02
Options vested and expected to vest at end of year		1,002,522	$	4.07		1,233,543	$	3.63
Option price range at end of year	$	2.30 - $6.91			$	0.05 - $6.91
Aggregate intrinsic value of options exercised during year	$	456,000			$	363,000