Stockholders' Equity

12 Months Ended

Oct. 31, 2022

Stockholders' Equity Note [Abstract]

Stock Issuance and Stock Repurchase Program

Stockholders’ Equity

Our authorized capital stock consists of 400 million shares of common stock, $0.01 par value per share (“common stock”), and 15 million shares of preferred stock, $0.01 par value per share. At October 31, 2022, we had 109.6 million shares of common stock issued and outstanding, 4.6 million shares of common stock reserved for outstanding stock options and restricted stock units, 4.9 million shares of common stock reserved for future stock option and award issuances, and 282,000 shares of common stock reserved for issuance under our employee stock purchase plan. As of October 31, 2022, no shares of preferred stock have been issued.

Cash Dividends

On February 21, 2017, our Board of Directors approved the initiation of quarterly cash dividends to shareholders. In March 2022, our Board of Directors approved an increase in the quarterly dividend from $0.17 to $0.20 per share, which was previously increased to $0.17 from $0.11 in March 2021. During the fiscal years ended October 31, 2022, 2021 and 2020, we declared and paid aggregate cash dividends of $0.77 , $0.62 and $0.44 per share, respectively, to our shareholders.

Stock Repurchase Program

From time to time since fiscal 2017, our Board of Directors has renewed its authorization to repurchase up to 20 million shares of our common stock in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. Most recently, on May 17, 2022, our Board of Directors renewed its authorization to repurchase 20 million shares of our common stock and terminated, effective the same date, the existing authorization that had been in effect since March 10, 2020. The Board of Directors did not fix any expiration date for this repurchase program.

The following table provides information about the share repurchase programs for the fiscal years ended October 31, 2022, 2021, and 2020:

	2022		2021		2020
Number of shares purchased (in thousands)	11,000		7,421		15,952
Average price per share	$	49.34	$	50.97	$	39.75
Remaining authorization at October 31 (in thousands)	14,577		12,563		19,984

Transfer Restriction

On March 17, 2010, our Board of Directors adopted a Certificate of Amendment to the Second Restated Certificate of Incorporation of the Company (the “Certificate of Amendment”). The Certificate of Amendment includes an amendment approved by our stockholders at the 2010 Annual Meeting of Stockholders that restricts certain transfers of our common stock. The Certificate of Amendment’s transfer restrictions generally restrict any direct or indirect transfer of our common stock if the effect would be to increase the direct or indirect ownership of any Person (as defined in the Certificate of Amendment) from less than 4.95% to 4.95% or more of our common stock or increase the ownership percentage of a Person owning or deemed to own 4.95% or more of our common stock. Any direct or indirect transfer attempted in violation of this restriction would be void as of the date of the prohibited transfer as to the purported transferee.

Accumulated Other Comprehensive Income (Loss)

The changes in each component of accumulated other comprehensive income (loss) (“AOCI”), for fiscal years ended October 31, 2022, 2021, and 2020, were as follows (amounts in thousands):

	2022		2021		2020
Employee Retirement Plans
Beginning balance	$	(6,024)	$	(7,198)	$	(5,831)
Gains (losses) arising during the period	9,573		152		(2,477)
Less: Tax expense	(2,424)		(316)		(852)
Net gains (losses) arising during the period	7,149		(164)		(3,329)
Gains reclassified from AOCI to net income (1)	1,805		1,801		1,491
Less: Tax (expense) benefit (2)	(455)		(463)		471
Net gains reclassified from AOCI to net income	1,350		1,338		1,962
Other comprehensive income (loss), net of tax	8,499		1,174		(1,367)
Ending balance	$	2,475	$	(6,024)	$	(7,198)
Derivative Instruments
Beginning balance	$	7,133	$	—	$	—
Gains on derivative instruments	37,539		9,383		—
Less: Tax expense	(9,505)		(2,408)		—
Net gains on derivative instruments	28,034		6,975		—
(Losses) gains reclassified from AOCI to net income (3)	(32)		211		—
Less: Tax benefit (expense) (2)	8		(53)		—
Net (losses) gains reclassified from AOCI to net income	(24)		158		—
Other comprehensive income, net of tax	28,010		7,133		—
Ending balance	$	35,143	$	7,133	$	—
Total AOCI ending balance	$	37,618	$	1,109	$	(7,198)

(1) Reclassified to “Other income – net”

(2) Reclassified to “Income tax provision”

(3) Reclassified to “Cost of revenues – home sales”