Stockholders’ Equity

12 Months Ended

Nov. 30, 2021

Equity [Abstract]

Stockholders’ Equity

Stockholders’ 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, 2021, 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 44,146,193 were issued and outstanding at November 30, 2021.

There were 253,255 deferred stock units ("DSUs") outstanding at November 30, 2021. 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 2021 and 2020, we repurchased and retired 0.8 million shares of our common stock for $35.0 million and 1.4 million shares of our common stock for $60.0 million, respectively, under this current authorization. In fiscal year 2019, we repurchased and retired 0.7 million shares of our common stock for $25.0 million. As of November 30, 2021, there was $155.0 million remaining under the current authorization.

Dividends

We began paying quarterly cash dividends of $0.125 per share of common stock to Progress stockholders in December 2016 and have paid quarterly dividends since that time.

On September 21, 2021, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that was paid on December 15, 2021 to stockholders of record as of the close of business on December 1, 2021. We have declared aggregate per share quarterly cash dividends totaling $0.700, $0.670, and $0.630 for the years ended November 30, 2021, November 30, 2020, and November 30, 2019, respectively. We have paid aggregate cash dividends totaling $31.6 million, $29.9 million, and $27.8 million and for the years ended November 30, 2021, November 30, 2020, and November 30, 2019, respectively.