Note 15 - Stockholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note Disclosure [Text Block] |
Authorized Shares and Increase in Stock Compensation Plan At the Company's 2022 annual meeting of stockholders held on June 17, 2022 (the "Annual Meeting"), the Company's stockholders approved the decrease in the amount of authorized common stock from 300,000,000 to 50,000,000. The decrease became effective upon filing of a Certificate of Amendment to the Company's Certificate Incorporation on June 17, 2022. Additionally, following approval of the Company's stockholders at the Annual Meeting, the total number of shares of common stock authorized for issuance of the Company's 2020 Equity Incentive Plan increased by 1,300,000 from 2,500,000 to 3,800,000.
Stock Buyback Plan On February 15, 2022, the Company's Board of Directors approved a plan to buy back up to $10 million worth of shares of the Company's common stock from the open market (“Stock Buyback Plan”). The Company's Stock Buyback Plan was used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. The Company's Board of Directors specified an expiration date of the sooner of April 30, 2022 or upon reaching the aggregate limit of $10 million for the repurchases under the Stock Buyback Plan. The Company completed the full $10 million for the repurchases during March 2022.
On April 28, 2022, the Company's Board of Directors approved a plan to buy back up to an additional $5 million worth of shares of the Company's common stock. The Company completed the full $5 million repurchase of shares during May 2022.
The following table summarizes the treasury stock activity during the six months ended May 31, 2022:
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