Shareholders' Equity

12 Months Ended

Nov. 30, 2020

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Preferred Stock

Our Board of Directors is authorized to establish one or more series of preferred stock and to fix and determine the number and conditions of preferred shares, including dividend rates, redemption and/or conversion provisions, if any, preferences and voting rights. As of November 30, 2020, there was no preferred stock issued or outstanding.

Common Stock

We have 200,000,000 shares of authorized common stock, $0.01 par value per share, of which 44,240,635 were issued and outstanding at November 30, 2020.

There were 214,631 deferred stock units ("DSUs") outstanding at November 30, 2020. Each DSU represents one share of our common stock and all DSU grants have been made to non-employee members of our Board of Directors. DSUs do not have voting rights and can only be converted into common stock when the recipient ceases to be a member of the Board of Directors or a change in control of the Company occurs.

Common Stock Repurchases

In January 2020, our Board of Directors increased the total share repurchase authorization from $75.0 million to $250.0 million. In fiscal years 2020 and 2019, we repurchased and retired 1.4 million shares of our common stock for $60.0 million and 0.7 million shares of our common stock for $25.0 million, respectively, under this current authorization. In fiscal year 2018, we repurchased and retired 2.9 million shares of our common stock for $120.0 million. As of November 30, 2020, there was $190.0 million remaining under the current authorization.

Dividends

On September 27, 2016, our Board of Directors approved the initiation of a quarterly cash dividend of $0.125 per share of common stock to Progress stockholders. We began paying quarterly cash dividends of $0.125 per share of common stock to Progress stockholders in December 2016 and increased the quarterly cash dividend to $0.14 per share in September 2017. In September 2018, the quarterly cash dividend was increased by 11% to $0.155 per share of common stock. In September 2019, our Board of Directors approved an additional 6% increase to our quarterly cash dividend from $0.155 to $0.165 per share of common stock.

On September 22, 2020, our Board of Directors approved an additional increase of 6% to our quarterly cash dividend from $0.165 to $0.175 and declared a quarterly dividend of $0.175 per share of common stock. We have declared aggregate per share quarterly cash dividends totaling $0.670, $0.630 and $0.575 for the years ended November 30, 2020, November 30, 2019 and November 30, 2018, respectively. We have paid aggregate cash dividends totaling $29.9 million, $27.8 million, and $25.8 million and for the years ended November 30, 2020, November 30, 2019 and November 30, 2018, respectively.