Company: KEQU
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0000055529-25-000013
Chunk: 32

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 growth strategies, financial conditions, the terms of the Company's indebtedness, which contains provisions that could limit the payment of dividends in certain circumstances, and other factors that the Board of Directors may deem to be relevant.Share Repurchase ProgramOn August 31, 2023, the Board of Directors of the Company adopted a share repurchase program with authorization to repurchase up to 100,000 shares. There is no expiration date and currently, management has no plans to terminate this program. The Company did not purchase any shares under its share repurchase program during the three and nine months ended January 31, 2025. As of January 31, 2025, the total remaining purchase authorization was 33,809 shares.On March 12, 2025, the Board of Directors amended the existing share repurchase program to authorize the repurchase of up to an additional 100,000 shares of the Company's common stock (as amended, the "Program"). The Program does not have a specified expiration date and the timing and amount of any repurchase under this Program will be determined by the Company's management at its discretion based upon its ongoing assessment of the capital needs of the business, the market price of the Company's common stock, and general market conditions.

L. Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the assumed exercise of outstanding options and the conversion of restricted stock units ("RSUs") under the Company's various stock compensation plans, except when RSUs and options have an antidilutive effect. There were no antidilutive RSUs and options outstanding at January 31, 2025. There were 15,000 antidilutive RSUs and options outstanding at January 31, 2024. The following is a reconciliation of basic to diluted weighted average common shares outstanding (in thousands):Three Months EndedNine Months EndedJanuary 31, 2025January 31, 2024January 31, 2025January 31, 2024Basic2,872 2,893 2,864 2,885 Dilutive effect of stock options and RSUs123 72 115 42 Weighted average common shares outstanding - diluted2,995 2,965 2,979 2,927 

M. Stock Options and Stock-based Compensation 

The Company recognizes compensation costs related to stock options and other stock awards granted by the Company as operating expenses