Stock options (Tables)

12 Months Ended

Oct. 31, 2017

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 2017 and 2016 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:

	2017			2016
Weighted average volatility		43.3	%		28.7	%
Expected dividends		5.0	%		2.4	%
Expected term (in years)		4.3			3.0
Risk-free interest rate		1.20	%		0.70	%
Weighted average fair value of options granted during the year	$	0.39		$	0.66
Weighted average fair value of options vested during the year	$	1.95		$	4.36

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, 2017 and 2016 and changes in outstanding stock options in 2017 and 2016 follows:

	2017				2016
	Shares or		Weighted		Shares or		Weighted
	Price Per		Average		Price Per		Average
	Share		Exercise Price		Share		Exercise Price
Options outstanding at beginning of year		1,007,851	$	4.07		1,240,100	$	3.64
Options granted		449,068	$	1.61		104,936	$	3.36
Options exercised		(36,763)	$	1.50		(180,067)	$	0.27
Options forfeited		(260,385)	$	4.10		(157,118)	$	4.53
Options outstanding at end of year		1,159,771	$	3.19		1,007,851	$	4.07
Options exercisable at end of year		926,272	$	3.08		724,457	$	3.93
Options vested and expected to vest at end of year		1,159,002	$	3.19		1,002,522	$	4.07
Option price range at end of year	$	1.07 - $6.91			$	2.30 - $6.91
Aggregate intrinsic value of options exercised during year	$	55,000			$	456,000