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Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Apr. 30, 2011	Jun. 06, 2011	Apr. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	Quanex Building Products CORP
Entity Central Index Key	0001423221
Document Type	10-Q
Document Period End Date	Apr. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--10-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 709,315,602
Entity Common Stock, Shares Outstanding		37,874,595

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2011	Oct. 31, 2010
Current assets:
Cash and equivalents	$ 57,727	$ 187,178
Accounts receivable, net of allowance of $1,278 and $1,037	99,286	87,007
Inventories	68,567	45,200
Deferred income taxes	16,140	10,547
Prepaid and other current assets	9,190	8,229
Current assets of discontinued operations	0	462
Total current assets	250,910	338,623
Property, plant and equipment, net	156,375	135,517
Deferred income taxes	7,892	30,563
Goodwill	69,785	25,189
Intangible assets, net	97,404	44,668
Other assets	17,710	16,690
Total assets	600,076	591,250
Current liabilities:
Accounts payable	84,183	70,986
Accrued liabilities	36,480	43,447
Income taxes payable	3,504	0
Current maturities of long-term debt	351	327
Current liabilities of discontinued operations	0	30
Total current liabilities	124,518	114,790
Long-term debt	1,633	1,616
Deferred pension and postretirement benefits	3,637	3,667
Non-current environmental reserves	11,430	12,027
Other liabilities	23,113	17,718
Total liabilities	164,331	149,818
Stockholders' equity:
Preferred stock, no par value, shares authorized 1,000,000; issued and outstanding - none	0	0
Common stock, $0.01 par value, shares authorized 125,000,000; issued 37,874,595 and 37,862,441, respectively	379	379
Additional paid-in-capital	240,335	238,079
Retained earnings	200,894	210,366
Accumulated other comprehensive income (loss)	222	(1,757)
Less treasury stock at cost, 373,444 and 351,626 shares, respectively	(6,085)	(5,635)
Total stockholders' equity	435,745	441,432
Total liabilities and stockholders' equity	$ 600,076	$ 591,250

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2011	Oct. 31, 2010
Current assets:
Allowance for accounts receivable	$ 1,278	$ 1,037
Stockholders' equity:
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	37,874,595	37,862,441
Treasury stock, shares	373,444	351,626

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2011	Apr. 30, 2010
Consolidated Statements of Income [Abstract]
Net sales	$ 203,112	$ 199,386	$ 362,920	$ 350,808
Cost and expenses:
Cost of sales (exclusive of items shown separately below)	175,512	167,626	315,167	293,760
Selling, general and administrative	22,024	19,046	42,318	35,153
Depreciation and amortization	7,861	7,035	15,386	14,369
Operating income (loss)	(2,285)	5,679	(9,951)	7,526
Interest expense	(110)	(103)	(231)	(227)
Other, net	338	1,427	438	1,505
Income (loss) from continuing operations before income taxes	(2,057)	7,003	(9,744)	8,804
Income tax benefit (expense)	668	(2,619)	3,627	(3,337)
Income (loss) from continuing operations	(1,389)	4,384	(6,117)	5,467
Income (loss) from discontinued operations, net of taxes		(71)	(12)	(960)
Net income (loss)	$ (1,389)	$ 4,313	$ (6,129)	$ 4,507
Basic earnings per common share:
Earnings (loss) from continuing operations	$ (0.04)	$ 0.12	$ (0.16)	$ 0.15
Income (loss) from discontinued operations			(0.01)	(0.03)
Basic earnings (loss) per share	(0.04)	0.12	(0.17)	0.12
Diluted earnings per common share:
Earnings (loss) from continuing operations	(0.04)	0.12	(0.16)	0.14
Income (loss) from discontinued operations		(0.01)	(0.01)	(0.02)
Diluted earnings (loss) per share	$ (0.04)	$ 0.11	$ (0.17)	$ 0.12
Weighted-average common shares outstanding:
Basic	37,092	37,357	37,092	37,348
Diluted	37,092	37,892	37,092	37,835

Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2011	Apr. 30, 2010
Operating activities:
Net income (loss)	$ (6,129)	$ 4,507
(Income) loss from discontinued operations	12	960
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities from continuing operations:
Gain on bargain purchase		(1,272)
Depreciation and amortization	15,420	14,404
Deferred income taxes	(4,539)	2,363
Stock-based compensation	2,722	2,252
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Decrease (increase) in accounts receivable	(1,176)	743
Decrease (increase) in inventory	(12,961)	(2,536)
Decrease (increase) in other current assets	(1,095)	(95)
Increase (decrease) in accounts payable	6,097	2,307
Increase (decrease) in accrued liabilities	(7,675)	2,412
Increase (decrease) in income taxes payable	460	12,005
Increase (decrease) in deferred pension and postretirement benefits	(29)	845
Other, net	3,556	1,706
Cash provided by (used for) operating activities from continuing operations	(5,337)	40,601
Cash provided by (used for) operating activities from discontinued operations	(68)	(361)
Cash provided by (used for) operating activities	(5,405)	40,240
Investing activities:
Acquisitions, net of cash acquired	(110,845)	(1,590)
Capital expenditures	(10,896)	(7,404)
Proceeds from property insurance claim		105
Proceeds from executive life insurance	683
Other, net	75
Cash provided by (used for) investing activities from continuing operations	(120,983)	(8,889)
Cash provided by (used for) investing activities from discontinued operations		90
Cash provided by (used for) investing activities	(120,983)	(8,799)
Financing activities:
Repayments of long-term debt	(23)	(115)
Common stock dividends paid	(3,001)	(2,264)
Issuance of common stock from stock option exercises, including related tax benefits	1,048	364
Purchase of treasury stock	(1,504)
Other, net	392	(246)
Cash provided by (used for) financing activities from continuing operations	(3,088)	(2,261)
Cash provided by (used for) financing activities from discontinued operations	(392)	246
Cash provided by (used for) financing activities	(3,480)	(2,015)
Effect of exchange rate changes on cash and equivalents	(43)	30
Less: (Increase) decrease in cash and equivalents from discontinued operations	460	25
Increase (decrease) in cash and equivalents from continuing operations	(129,451)	29,481
Cash and equivalents at beginning of period	187,178	123,499
Cash and equivalents at end of period	$ 57,727	$ 152,980

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 30, 2011	Apr. 30, 2011
Statement [Line Items]
Beginning Balance		$ 441,432
Net income (loss)	$ (1,389)	(6,129)
Foreign currency translation adjustment (net of taxes of $272)		1,977
Common dividends ($0.08 per share)		(3,001)
Treasury shares purchased, at cost		(1,504)
Stock-based compensation activity:
Stock-based compensation earned		2,582
Stock options exercised		847
Stock-based compensation tax benefit		178
Other		(637)
Ending Balance	435,745	435,745
Common Stock
Statement [Line Items]
Beginning Balance		379
Stock-based compensation activity:
Restricted stock awards		1
Other		(1)
Ending Balance	379	379
Additional Paid-in Capital
Statement [Line Items]
Beginning Balance		238,079
Stock-based compensation activity:
Stock-based compensation earned		2,582
Stock options exercised		(20)
Restricted stock awards		(82)
Stock-based compensation tax benefit		178
Other		(402)
Ending Balance	240,335	240,335
Retained Earnings
Statement [Line Items]
Beginning Balance		210,366
Net income (loss)		(6,129)
Common dividends ($0.08 per share)		(3,001)
Stock-based compensation activity:
Stock options exercised		(106)
Other		(236)
Ending Balance	200,894	200,894
Accumulated Other Comprehensive Income (Loss)
Statement [Line Items]
Beginning Balance		(1,757)
Foreign currency translation adjustment (net of taxes of $272)		1,977
Stock-based compensation activity:
Other		2
Ending Balance	222	222
Treasury Stock
Statement [Line Items]
Beginning Balance		(5,635)
Treasury shares purchased, at cost		(1,504)
Stock-based compensation activity:
Stock options exercised		973
Restricted stock awards		81
Ending Balance	$ (6,085)	$ (6,085)

Organization Consolidation And Presentation Of Financial Statements Abstract	3 Months Ended
	Apr. 30, 2011
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization Consolidation And Presentation Of Financial Statements Abstract	1. Description of Business and Basis of Presentation Quanex Building Products Corporation and its subsidiaries (Quanex or the Company) are managed on a decentralized basis and operate in two business segments: Engineered Products and Aluminum Sheet Products. The Engineered Products segment produces engineered systems, products and components primarily serving the window and door industry, while the Aluminum Sheet Products segment produces mill finished and coated aluminum sheet serving the broader building products markets and secondary markets such as capital goods and transportation. The primary market drivers are residential housing starts and residential remodeling expenditures. Quanex believes it is a technological leader in the production of aluminum sheet products, flexible insulating glass spacer systems, extruded vinyl profiles, thin film solar panel sealants, and precision-formed metal and wood products which primarily serve the North American building products markets. The Company uses low-cost production processes, and engineering and metallurgical expertise to provide customers with specialized products for specific applications. On December 12, 2007, Quanex Building Products Corporation was incorporated in the state of Delaware as a subsidiary of Quanex Corporation to facilitate the separation of Quanex Corporation’s vehicular products and building products businesses. The separation occurred on April 23, 2008 through the spin-off of Quanex Corporation’s building products business to its shareholders immediately followed by the merger of Quanex Corporation (consisting principally of the vehicular products business and all non-building products related corporate accounts) with a wholly-owned subsidiary of Gerdau S.A. (Gerdau). This is hereafter referred to as the “Separation”. In January 2010, management committed to a plan to close its start-up facility in China due to the contraction of demand and the Company’s ability to serve the overseas thin film solar panel market from its U.S. operation. Accordingly, the China assets and liabilities, results of operations and cash flows are reported as discontinued operations for all periods presented. Unless otherwise noted, all disclosures in the notes accompanying the consolidated financial statements reflect only continuing operations. On March 31, 2011, the Company acquired Edgetech for $104.4 million in an all cash transaction (net of cash acquired). Headquartered in Cambridge, Ohio, Edgetech has three manufacturing facilities (U.S., U.K. and Germany) that produce and market a full line of insulating glass spacer systems for window and door customers in North America and abroad. See Note 3 for discussion of this acquisition. The interim unaudited consolidated financial statements of the Company include all adjustments which, in the opinion of management, are necessary for a fair presentation of the Company’s financial position and results of operations. All such adjustments are of a normal recurring nature. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The preparation of these financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying footnotes. Estimates and assumptions about future events and their effects cannot be perceived with certainty. Estimates may change as new events occur, as more experience is acquired, as additional information becomes available and as the Company’s operating environment changes. Actual results could differ from estimates. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2010.

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Apr. 30, 2011
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	2. New Accounting Pronouncements In December 2010, the Financial Accounting Standards Board (FASB) issued ASC Topic No. 2010-29 Business Combinations (ASC Topic 805) — Disclosure of Supplementary Pro Forma Information for Business Combinations which amended ASC Topic 805 “Business Combinations” to specify that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination that occurred during the year had occurred as of the beginning of the comparable prior annual reporting period only. The ASC also expands the supplemental pro forma disclosures under ASC Topic 805 to include a description of the nature and the amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The ASC is effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010 (November 1, 2011 for the Company). Early adoption is permitted. The Company has disclosed information in accordance with this ASC effective March 31, 2011. In December 2010, the FASB issued ASC Topic No. 2010-28 Intangibles—Goodwill and Other (ASC Topic 350) — When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts which amended ASC Topic 350 “Goodwill and Other.” The ASC requires an entity with reporting units that have carrying amounts that are zero or negative to assess whether it is more likely than not that the reporting units’ goodwill is impaired. If the entity determines that it is more likely than not that the goodwill of one or more of its reporting units is impaired, the entity is required to perform Step 2 of the goodwill impairment test for those reporting unit(s) and record any resulting impairment as a cumulative-effect adjustment to beginning retained earnings. The provisions of this ASC are effective for fiscal years, and interim periods within those years, beginning after December 15, 2010 (November 1, 2011 for the Company). Early adoption is not permitted. The Company does not expect the adoption of this ASC to have a material impact on the Company’s consolidated financial statements. In January 2010, the FASB issued ASC Topic No. 2010-06, Fair Value Measurements and Disclosures (ASC Topic 820) — Improving Disclosures About Fair Value Measurements. The ASC requires new disclosures about transfers into and out of Levels 1 (fair value determined based on quoted prices in active markets for identical assets and liabilities) and 2 (fair value determined based on significant other observable inputs) and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. It also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. Except for the detailed Level 3 roll-forward disclosures, the new standard is effective for the Company for interim and annual reporting periods beginning after December 31, 2009 (February 1, 2010 for the Company). The requirement to provide detailed disclosures about the purchases, sales, issuances and settlements in the roll-forward activity for Level 3 fair value measurements is effective for the Company for interim and annual reporting periods beginning after December 31, 2010 (February 1, 2011 for the Company). Other than requiring additional disclosures, none that currently impact the Company, the adoption of this new guidance does not have a material impact on the Company’s consolidated financial statements. In April 2011, the FASB issued Accounting Standards Update No. 2011-04 (ASU 2011-04), Fair Value Measurement (ASC Topic 820) Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amended guidance changes the wording used to describe many requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. Additionally, the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements. The guidance provided in ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. The Company does not expect the provisions of ASU 2011-04 to have a material effect on its consolidated financial statements.

Acquisitions

3 Months Ended

Apr. 30, 2011

Acquisitions [Abstract]

Acquisitions

3. Acquisitions

On March 31, 2011, Quanex completed its acquisition of Edgetech I.G., Inc., an Ohio corporation (“Edgetech I.G.”), the United Kingdom division of Edgetech (“Edgetech UK”), and Edgetech Europe GmbH, a German company (“Edgetech Germany” and together with Edgetech I.G. and Edgetech UK, “Edgetech”). Headquartered in Cambridge, Ohio, Edgetech has three manufacturing facilities located in the United States, the United Kingdom and Germany that produce a full line of warm-edge, dual seal insulating glass spacer systems for window and door customers in North America and abroad. Edgetech’s products separate and seal double and triple glass within a window and act as a thermal barrier that enhances the window’s energy efficiency.

Quanex acquired Edgetech by merging its wholly-owned subsidiary, QSB Inc., a Delaware corporation (“QSB”), with and into Lauren International, Inc. formerly known as Lauren Holdco Inc., an Ohio corporation and parent of the Edgetech Entities (“Holdco”), pursuant to the terms and conditions of the previously filed Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 31, 2011, among the Company, QSB, Lauren International Ltd. fka Lauren International Inc., a privately-held Ohio corporation (“Lauren”), Holdco and Kevin E. Gray, as agent for the shareholders of Holdco (“Agent”). Holdco is now Quanex’s wholly-owned subsidiary. As consideration for the acquisition of all of the issued and outstanding capital shares of Holdco, Quanex paid $104.4 million in cash, net of $0.8 million of cash acquired. Of the cash paid, $7.0 million was placed into an escrow fund to satisfy certain indemnity obligations under the Merger Agreement. Additionally, Quanex will be responsible for the tax liability resulting from the pre-closing reorganization of Lauren and its subsidiaries limited to $3.5 million.

Edgetech has been integrated into the Engineered Products segment. The acquisition of Edgetech complements Quanex’s ongoing efforts to provide its customers with the broadest range of high quality components, products, systems and services the fenestration industry has to offer. The vast majority of windows manufactured today feature double or triple insulating glass, and with window production set to rise as the housing and remodeling markets recover, Quanex believes that the long-term outlook for the business is excellent. Acquiring Edgetech will allow the Company to better serve its growing base of national and regional customers and will further accelerate its international growth as Edgetech has a solid market presence overseas.

The Edgetech acquisition is being accounted for as a business combination using the acquisition method of accounting under which the total purchase price consideration is allocated to assets and liabilities assumed based upon their fair values. Fair value measurements have been applied based on assumptions that market participants would use in the pricing of the asset or liability. The excess of the purchase price over the amounts assigned to tangible or intangible assets acquired and liabilities assumed is recognized as goodwill. The following table summarizes the fair values assigned to the net assets acquired as of the March 31, 2011 acquisition date:


	As of Date of
	Opening Balance
	Sheet
	(In thousands)

Current assets:
Cash and equivalents	$	828
Accounts receivable		10,447
Inventories		10,123
Prepaid and other current assets		516

Total current assets		21,914
Property, plant and equipment		18,046
Goodwill		43,724
Intangible assets		52,320
Other assets		1,377

Total assets	$	137,381


Current liabilities:
Accounts payable	$	6,185
Accrued laibilities		1,795
Income taxes payable		3,780
Deferred income taxes		340
Current maturities of long term debt		24

Total current liabilities		12,124

Long-term debt		40
Deferred income taxes		19,986

Total liabilities		32,150
Investment		105,231

Total liabilities and equity	$	137,381

As of June 14, 2011, the purchase price allocation is provisional and could change materially in subsequent periods. Any subsequent changes to the purchase price allocation that result in material changes to the consolidated financial results will be adjusted retrospectively. The final purchase price allocation is pending the finalization of valuation work and the completion of the Company’s internal review of such work, which is expected to be completed during fiscal 2011. The provisional items pending finalization include, but are not limited to, the valuation of property, plant and equipment, intangible assets, goodwill and income tax related matters. These adjustments could include, but are not limited to, adjustments to reflect the fair value of tangible and intangible assets acquired, and the resulting goodwill and tax related items. In connection with applying the provisions of purchase accounting to state inventory at fair value, the Company increased Edgetech’s inventory value by $2.0 million, which negatively impacts Quanex’s Cost of sales following the acquisition. In April 2011, Cost of sales was negatively impacted by $0.9 million as a result of the $2.0 million increase in inventory value.

The preliminary allocations resulted in goodwill of $43.7 million, which is not deductible for income tax purposes. Goodwill consists of the excess of the purchase price over the fair value of the acquired assets and represents the estimated economic value attributable to future operations. The other intangible assets are being amortized over periods which reflect the pattern in which the economic benefits of the assets are expected to be realized. Specifically, the trademarks and trade names are being amortized over an average estimated useful life of 8 years, patents and other developed technology is being amortized over an average life of 10 years and customer relationships are being amortized over an average of 11 years. The weighted average useful life of intangible assets, excluding goodwill, created as a result of the acquisition is 10 years. No residual value is estimated for the intangible assets.

The Company recorded $2.2 million of transaction-related costs in connection with the Edgetech acquisition within Selling, general and administrative expense in its Consolidated Statement of Income during the six months ended April 30, 2011.

The Consolidated Statements of Income for the three and six months ended April 30, 2011, include one months of financial results (April) of Edgetech. The April 2011 Edgetech revenues and operating loss reflected such statements are $6.4 million and $0.9 million, respectively. As discussed above, the April 2011 Edgetech results include $0.9 million of Cost of sales associated with the increase in inventory value from purchase accounting as well as $0.5 million in amortization expense from the acquired intangibles. The following table provides unaudited pro forma consolidated results of operations for the combined entity for the three and six months ended April 30, 2011 and 2010 as if Edgetech had been acquired as of the first day of the Company’s fiscal 2010 period.


	Pro forma
	Three Months Ended					Six Months Ended
	April 30,					April 30,
	2011			2010		2011			2010
	(In thousands, except per share amounts)
Net sales	$	215,582		$	217,345	$	392,917		$	383,844
Operating income (loss)		(865	)		4,942		(7,585	)		2,896
Income (loss) from continuing operations	$	(422	)	$	3,814	$	(4,730	)	$	2,644
Diluted earnings (loss) per common share from continuing operations	$	(0.01	)	$	0.10	$	(0.13	)	$	0.07

The unaudited pro forma consolidated results of operations were prepared using the acquisition method of accounting and are based on the historical financial information of the Company and Edgetech. The unaudited pro forma financial information does not purport to reflect the results the combined company may achieve in future periods or the results that would have been obtained had Quanex acquired Edgetech on the first day of its fiscal 2010 period. The unaudited pro forma financial information does not include any operating efficiencies or cost savings that may be achieved or any integration expenses. Additionally, the historical Edgetech financial information has not been adjusted to remove expenses that will cease under Quanex’s ownership, such as the prior parent company allocation, or to add incremental anticipated stand-alone expenses going forward. Generally, the pro forma financial information reflects the allocation of the purchase price to the appropriate assets and liabilities based upon their fair values, and related changes in depreciation and amortization expense. Accordingly, such amounts are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the dates indicated or that may result in the future. The unaudited pro forma information reflects primarily the following unaudited pro forma adjustments:

•

Amortization expense related to the fair value of identifiable intangible assets acquired;

•

Additional depreciation expense related to the fair value adjustment to property, plant and equipment acquired;

•

Additional facility rental expense;

•

Additional cost of goods sold of $2.0 million in the three and six months ended April 30, 2010 to reflect the increased value of inventory sold as a result of applying purchase accounting, and a partially offsetting impact of $0.9 million in the three and six months ended April 30, 2011;

•

Additional expense of $2.5 million in the three and six months ended April 30, 2010 to reflect the transaction-related costs incurred, and partially offsetting impact of $2.2 million in the three and six months ended April 30, 2011;

•

The Edgetech historical results and all of the above adjustments were adjusted for the applicable tax impact.

In March 2011, the Company also acquired JELD-WEN’s vinyl extrusion assets in Yakima, Washington (Yakima) for $6.4 million in cash consideration. This acquisition was effected through an asset purchase of vinyl extrusion related equipment and certain other assets. Yakima was integrated into one of the Company’s existing Engineered Products businesses, and the net assets acquired primarily included $5.0 million of property, plant and equipment and $1.4 million of intangible assets. There was no goodwill recognized in connection with the Yakima acquisition.

Earnings and Dividends Per Share

3 Months Ended

Apr. 30, 2011

Earnings and Dividends Per Share [Abstract]

Earnings and Dividends Per Share

6. Earnings and Dividends Per Share

Earnings Per Share

Basic and diluted earnings per share from continuing operations for the three and six months ended April 30, 2011 are identical as the Company reported a loss from continuing operations. The computational components of basic and diluted earnings per share from continuing operations for the three and six months ended April 30, 2010 are below (shares and dollars in thousands except per share amounts):


	For the Three Months Ended						For the Six Months Ended
	April 30, 2010						April 30, 2010
					Per						Per
	Income		Shares		Share		Income		Shares		Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings and earnings per share	$	4,384		37,357	$	0.12	$	5,467		37,348	$	0.15

Effect of dilutive securities:
Common stock equivalents arising from stock options		—		248				—		220
Restricted stock		—		185				—		165
Common stock held by rabbi trust		—		102				—		102

Diluted earnings and earnings per share	$	4,384		37,892	$	0.12	$	5,467		37,835	$	0.14

The computation of diluted earnings per share excludes outstanding options and other common stock equivalents in periods where inclusion of such potential common stock instruments would be anti-dilutive in the periods presented. When income from continuing operations is a loss, all potential dilutive instruments are excluded from the computation of diluted earnings per share as they would be anti-dilutive. Accordingly, for the three months ended April 30, 2011, 0.3 million of restricted stock and 0.4 million of common stock equivalents were excluded from the computation of diluted earnings per share as the Company had a loss from continuing operations. For the six months ended April 30, 2011, 0.2 million of restricted stock and 0.4 million of common stock equivalents were excluded from the computation of diluted earnings per share as the Company had a loss from continuing operations.

For the six months ended April 30, 2011 and 2010, the Company had $0.3 million and $0.3 million, respectively, of securities that are potentially dilutive in future earnings per share calculations. Such dilution will be dependent on the excess of the market price of the Company’s stock over the exercise price and other components of the treasury stock method.

Dividends Per Share

The Company pays a quarterly cash dividend on the Company’s common stock. During the three and six months ended April 30, 2011, the Company paid $0.04 and $0.08, respectively, cash dividend per common share. During the three and six months ended April 30, 2010, the Company paid $0.03 and $0.06, respectively, cash dividend per common share.

Long-Term Debt and Capital Lease Obligations

3 Months Ended

Apr. 30, 2011

Long-Term Debt and Capital Lease Obligations [Abstract]

Long-Term Debt and Capital Lease Obligations

8. Long-Term Debt and Capital Lease Obligations

Long-term debt consists of the following:


	April 30,		October 31,
	2011		2010
	(In thousands)
Revolving Credit Facility	$	—	$	—
City of Richmond, Kentucky Industrial Building Revenue Bonds		1,000		1,000
Scott County, Iowa Industrial Waste Recycling Revenue Bonds		800		800
Capital lease obligations and other		184		143

Total debt	$	1,984	$	1,943
Less maturities due within one year included in current liabilities		351		327

Long-term debt	$	1,633	$	1,616

Credit Facility

The Company’s $270.0 million Senior Unsecured Revolving Credit Facility (the Credit Facility) was executed on April 23, 2008. The Credit Facility has a five-year term and is unsecured. The Credit Facility expires April 23, 2013 and provides for up to $50.0 million for standby letters of credit, limited to the undrawn amount available under the Credit Facility. Borrowings under the Credit Facility bear interest at a spread above LIBOR based on a combined leverage and ratings grid. Proceeds from the Credit Facility may be used to provide availability for acquisitions, working capital, capital expenditures and general corporate purposes.

Under the Credit Facility, the Company is obligated to comply with certain financial covenants requiring the Company to maintain a Consolidated Leverage Ratio of no more than 3.25 to 1 and a Consolidated Interest Coverage Ratio of no less than 3.00 to 1. As defined by the Credit Facility’s indenture, the Consolidated Leverage Ratio is the ratio of consolidated indebtedness as of such date to consolidated EBITDA for the previous four fiscal quarters; and the Consolidated Interest Coverage Ratio is the ratio of consolidated EBITDA to consolidated interest expense, in each case for the previous four consecutive fiscal quarters. EBITDA is defined by the indenture to include proforma EBITDA of acquisitions and to exclude certain items like non-cash charges. Additionally, the Credit Facility contains certain limitations on additional indebtedness, asset or equity sales, and acquisitions. Dividends and other distributions are permitted so long as after giving effect to such dividend or stock repurchase, there is no event of default.

As of April 30, 2011, the Company had no borrowings under the Credit Facility, and the Company was in compliance with all Credit Facility financial covenants. The availability under the Credit Facility is a function of both the facility amount utilized and meeting covenant requirements. Although there were no borrowings on the Credit Facility and only $5.6 million of outstanding letters of credit under the Credit Facility, the aggregate availability under the Credit Facility was limited by the Consolidated Leverage Ratio resulting in an availability of $214.7 million at April 30, 2011.

Retirement Plans

3 Months Ended

Apr. 30, 2011

Retirement Plans [Abstract]

Retirement Plans

9. Retirement Plans

The Company has a number of retirement plans covering substantially all employees. The Company provides both defined benefit and defined contribution plans. In general, the plant or location of employment determines an employee’s coverage for retirement benefits. Effective with the respective acquisition dates in the second fiscal quarter of 2011, the Edgetech and Yakima employees were eligible to participate in the Company’s retirement plans.

Pension Plan

The Company has a non-contributory, single employer defined benefit pension plan that covers substantially all non-union employees. Effective January 1, 2007, the Company amended this defined benefit pension plan to include a new cash balance formula for all new salaried employees hired on or after January 1, 2007 and for any non-union employees who were not participating in a defined benefit plan prior to January 1, 2007. All new salaried employees are eligible to receive credits equivalent to 4% of their annual eligible wages, while some of the employees at the time of the plan amendment were “grandfathered” and are eligible to receive credits ranging up to 6.5% based upon a percentage they received in the defined contribution plan prior to the amendment of the pension plan. Additionally, every year the participants will receive an interest related credit on their respective balance equivalent to the prevailing 30-year Treasury rate. Benefits for participants in this plan prior to January 1, 2007 continue to be based on a more traditional formula for retirement benefits, where the plan pays benefits to employees upon retirement using a formula based upon years of service and pensionable compensation prior to retirement. Of the Company’s participants, 99% are under the cash balance formula.

The components of net periodic pension cost are as follows:


	Three Months Ended						Six Months Ended
	April 30,						April 30,
	2011			2010			2011			2010
	(In thousands)
Pension Benefits
Service cost	$	945		$	899		$	1,883		$	1,651
Interest cost		201			177			401			309
Expected return on plan assets		(261	)		(202	)		(519	)		(329	)
Amortization of unrecognized net loss		23			39			45			74

Net periodic pension cost	$	908		$	913		$	1,810		$	1,705

The Company’s pension funding policy generally has been to make the minimum annual contributions required by applicable regulations while considering targeted funded percentages. In fiscal 2010, the Company decided to modify its funding strategy and accelerate contributions to target a 100% funding threshold. Additionally, the Company will consider funding fiscal year requirements early in the fiscal year to potentially maximize returns on assets. During the three and six months ended April 30, 2011, the Company contributed $1.2 million and $1.9 million to its defined benefit plan. The Company does not expect to make any additional contributions for the balance of fiscal 2011. Expected contributions are dependent on many variables, including the variability of the market value of the assets as compared to the obligation and other market or regulatory conditions. In addition, the Company takes into consideration its business investment opportunities and resulting cash requirements. Accordingly, actual funding may differ greatly from current estimates.

Defined Contribution Plans

The Company has defined contribution plans to which both employees and the Company make contributions. Effective April 1, 2009, the Company temporarily suspended its matching contributions to the Quanex Building Products Salaried and Non-Union Employee 401(k) Plan as part of its efforts to reduce controllable spending. Effective February 1, 2010, these matching contributions were reinstated. The Company matches 50% up to the first 5% of employee deferrals.

Industry Segment Information

3 Months Ended

Apr. 30, 2011

Industry Segment Information [Abstract]

Industry Segment Information

10. Industry Segment Information

Quanex has two reportable segments: Engineered Products and Aluminum Sheet Products. The Engineered Products segment produces engineered systems, finished products and components serving the OEM residential window and door industry, while the Aluminum Sheet Products segment produces mill finished and coated aluminum sheet serving the broader building products markets. The main market drivers of both segments are residential remodeling activity and housing starts.

The Company measures its inventory at the segment level on a FIFO or weighted-average basis; however at the consolidated Company level, approximately half of the inventory is measured on a LIFO basis. The LIFO reserve is computed on a consolidated basis as a single pool and is thus treated as a corporate expense. See Note 5 to the financial statements for more information. LIFO inventory adjustments along with corporate office charges and intersegment eliminations are reported as Corporate, Intersegment Eliminations or Other. The Company accounts for intersegment sales and transfers as though the sales or transfers were to third parties, that is, at current market prices. Intersegment sales, related cost of sales, and intercompany profit are eliminated in consolidation at Corporate. Corporate assets primarily include cash and equivalents partially offset by the Company’s consolidated LIFO inventory reserve.


	Three Months Ended						Six Months Ended
	April 30,						April 30,
	2011			2010			2011			2010
	(In thousands)
Net Sales:
Engineered Products	$	82,493		$	84,717		$	166,504		$	157,527
Aluminum Sheet Products		123,059			117,088			202,197			198,651
Intersegment Eliminations		(2,440	)		(2,419	)		(5,781	)		(5,370	)

Consolidated	$	203,112		$	199,386		$	362,920		$	350,808


Operating Income (Loss):
Engineered Products	$	1,914		$	5,760		$	1,266		$	9,838
Aluminum Sheet Products		6,058			7,232			6,609			10,866
Corporate & Other		(10,257	)		(7,313	)		(17,826	)		(13,178	)

Consolidated	$	(2,285	)	$	5,679		$	(9,951	)	$	7,526


	April 30,		October 31,
	2011		2010
	(In thousands)
Identifiable Assets:
Engineered Products ¹	$	403,853	$	258,919
Aluminum Sheet Products		163,009		152,113
Corporate, Intersegment Eliminations & Other		33,214		179,756
Discontinued Operations ²		—		462

Consolidated	$	600,076	$	591,250


Goodwill:
Engineered Products	$	69,785	$	25,189

Consolidated	$	69,785	$	25,189

Stock-Based Compensation

3 Months Ended

Apr. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Effective with the Separation on April 23, 2008, the Company established the Quanex Building Products Corporation 2008 Omnibus Incentive Plan (the 2008 Plan). The 2008 Plan provides for the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units (RSUs), performance stock awards, performance unit awards, annual incentive awards, other stock-based awards and cash-based awards. The 2008 Plan is administered by the Compensation and Management Development Committee of the Board of Directors and allows for immediate, graded or cliff vesting options, but options must be exercised no later than ten years from the date of grant. The aggregate number of shares of common stock authorized for grant originally under the 2008 Plan was 2,900,000. In February 2011, the 2008 Plan was amended by the Company’s shareholders to increase the aggregate number of shares available for awards by an additional 2,400,000 shares. Any officer, key employee and/or non-employee director of the Company or any of its affiliates is eligible for awards under the 2008 Plan. The initial awards granted under the 2008 Plan were on April 23, 2008; service is the vesting condition.


¹		Increase in Engineered Products identifiable assets and goodwill are primarily attributable to the Edgetech acquisition on March 31, 2011. See note 3 for discussion of this acquisition.

²		In January 2010, management committed to a plan to shut down the operations of its start-up facility in China; therefore, the China assets are included in discontinued operations for all periods presented.

The Company’s practice is to grant options and restricted stock or RSUs to non-employee directors on October 31^st of each year, with an additional grant of options to each director on the date of his or her first anniversary of service. Additionally, the Company’s practice is to grant options and restricted stock or RSUs to employees at the Company’s December board meeting and occasionally to key employees as deemed appropriate at other times during the year. The exercise price of the option awards is equal to the closing market price on the date granted. The Company generally issues shares from treasury stock, if available, to satisfy stock option exercises and grants of restricted stock. If there are no shares in treasury stock, the Company issues additional shares of common stock. The Company has not capitalized any stock-based compensation cost as part of inventory or fixed assets during the six months ended April 30, 2011 and 2010.

Restricted Stock Awards

Under the 2008 Plan, common stock may be awarded to key employees, officers and non-employee directors. The recipient is entitled to all of the rights of a shareholder, except that during the forfeiture period the shares are nontransferable. The awards vest over a specified time period, but typically either immediately vest or cliff vest over a three-year period with service as the vesting condition. Upon issuance of stock under the plan, fair value is measured by the grant-date price of the Company’s shares. This fair value is then expensed over the restricted period with a corresponding increase to additional paid-in-capital. A summary of non-vested restricted stock award changes during the six months ended April 30, 2011 follows:


				Weighted -Average
				Grant-Date Fair
	Shares			Value Per Share
Non-vested at October 31, 2010		378,616		$	13.07
Granted		69,200
Vested		(80,085	)
Forfeited		(25,207	)


Non-vested at April 30, 2011		342,524		$	13.39

The weighted-average grant-date fair value of restricted stock granted during the six months ended April 30, 2011 and 2010 was $17.14 and $16.21 per share, respectively. The total fair value of restricted stock vested during the six months ended April 30, 2011 was $1.2 million. There were no restricted shares that vested during the six months ended April 30, 2010. Total unrecognized compensation cost related to unamortized restricted stock awards was $1.9 million as of April 30, 2011. This cost is expected to be recognized over a weighted-average period of 2.0 years.

Stock Options

As described in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2010, the Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of its stock options. The fair value of each option was estimated on the date of grant. The following is a summary of valuation assumptions and resulting grant-date fair values for grants during the following periods:


	Six Months Ended
	April 30,
	2011			2010

Weighted-average expected volatility		53.0	%		55.0	%
Expected term (in years)		4.9-5.1			4.9-5.1
Risk-free interest rate		1.7	%		2.1	%
Expected dividend yield over expected term		1.0	%		1.0	%
Weighted-average grant-date fair value per share	$	7.57		$	7.32

Below is a table summarizing the stock option shares activity for the 2008 Plan since October 31, 2010:


				Weighted-		Weighted-
				Average		Average
				Exercise		Remaining		Aggregate
				Price Per		Contractual		Intrinsic
	Shares			Share		Term (in years)		Value (000s)

Outstanding at October 31, 2010		1,724,301		$	13.24
Granted		419,100			17.43
Exercised		(59,831	)		14.16
Forfeited		(2,419	)		13.61


Outstanding at April 30, 2011		2,081,151			14.05		7.7	$	14,373


Vested or expected to vest at April 30, 2011		2,009,378			14.00		7.6	$	13,990


Exercisable at April 30, 2011		1,207,879		$	13.25		6.9	$	9,316

The total intrinsic value of options (the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option) exercised during the six months ended April 30, 2011 and 2010 was $0.3 million and $0.2 million, respectively. The total fair value of shares vested during the six months ended April 30, 2011 was $2.1 million. Total unrecognized compensation cost related to stock options granted under the 2008 Plan was $3.7 million as of April 30, 2011. This cost is expected to be recognized over a weighted-average period of 2.0 years.

Contingencies

3 Months Ended

Apr. 30, 2011

Contingencies [Abstract]

Contingencies

13. Contingencies

Environmental

Quanex is subject to extensive laws and regulations concerning the discharge of materials into the environment and the remediation of chemical contamination. To satisfy such requirements, Quanex must make capital and other expenditures on an ongoing basis. The Company accrues its best estimates of its remediation obligations and adjusts such accruals as further information and circumstances develop. Those estimates may change substantially depending on information about the nature and extent of contamination, appropriate remediation technologies, and regulatory approvals. In accruing for environmental remediation liabilities, costs of future expenditures are not discounted to their present value, unless the amount and timing of the expenditures are fixed or reliably determinable. When environmental laws might be deemed to impose joint and several liability for the costs of responding to contamination, the Company accrues its allocable share of liability taking into account the number of parties participating, their ability to pay their shares, the volumes and nature of the wastes involved, the nature of anticipated response actions, and the nature of the Company’s alleged connections. The cost of environmental matters has not had a material adverse effect on Quanex’s operations or financial condition in the past, and management is not currently aware of any conditions that it believes are likely to have a material adverse effect on Quanex’s operations, financial condition or cash flows.

As described below, the Company currently is engaged in remediation activities at one of its plant sites. The total associated environmental reserve and corresponding recovery as of April 30, 2011 and October 31, 2010 were as follows:


	April 30,		October 31,
	2011		2010
	(In thousands)

Current	$	1,700	$	1,564
Non-current ¹		11,430		12,027

Total environmental reserves		13,130		13,591


Receivable for recovery of remediation costs ²	$	12,506	$	12,747


¹		Reported in Accrued liabilities on the Consolidated Balance Sheets.

²		Reported in Accounts receivable and Other assets on the Consolidated Balance Sheets.

Approximately $1.3 million of the April 30, 2011 reserve represents administrative costs; the balance represents estimated costs for investigation, studies, cleanup, and treatment. The reserve has not been discounted. As discussed below, an associated $12.5 million and $12.7 million undiscounted recovery from indemnitors of remediation costs at one plant site is recorded as of April 30, 2011 and October 31, 2010, respectively.

The Company’s Nichols Aluminum-Alabama, LLC (NAA) subsidiary operates a plant in Decatur, Alabama that is subject to an Alabama Hazardous Wastes Management and Minimization Act Post-Closure Permit. Among other things, the permit requires NAA to remediate, as directed by the state, historical environmental releases of wastes and waste constituents. Consistent with the permit, NAA has undertaken various studies of site conditions and, during the first quarter 2006, started a phased program to treat in-place free product petroleum that had been released underneath the plant. During the third quarter 2010, NAA submitted to the state its proposed workplan for implementing a site-wide remedy; a revised version reflecting both additional sampling data and responses to state comments was submitted during the second quarter 2011. Based on those plans, which remain subject to further state review and approval, the Company’s remediation reserve at NAA’s Decatur plant is $13.1 million. NAA was acquired through a stock purchase in which the sellers agreed to indemnify Quanex and NAA for identified environmental matters related to the business and based on conditions initially created or events initially occurring prior to the acquisition. Environmental conditions are presumed to relate to the period prior to the acquisition unless proved to relate to releases occurring entirely after closing. The limit on indemnification is $21.5 million excluding legal fees. While the Company’s current estimates indicate it will not reach this limit, changing circumstances could result in additional costs or expense that are not foreseen at this time. In accordance with the indemnification, the indemnitors paid the first $1.5 million of response costs and have been paying 90% of ongoing costs. Based on its experience to date, its estimated cleanup costs going forward, and costs incurred to date as of April 30, 2011, the Company expects to recover from the sellers’ shareholders an additional $12.5 million. Of that, $11.8 million is recorded in Other assets on the Consolidated Balance Sheets, and the balance is reflected in Accounts receivable on the Consolidated Balance Sheets.

The Company’s final remediation costs and the timing of those expenditures will depend upon such factors as the nature and extent of contamination, the cleanup technologies employed, the effectiveness of the cleanup measures that are employed, and regulatory concurrences. While actual remediation costs, therefore, may be more or less than amounts accrued, the Company believes it has established adequate reserves for all probable and reasonably estimable remediation liabilities. It is not possible at this point to reasonably estimate the amount of any obligation for remediation in excess of current accruals because of uncertainties as to the extent of environmental impact, cleanup technologies, and concurrence of governmental authorities. The Company currently expects to pay the accrued remediation reserve through at least fiscal 2034, although some of the same factors discussed earlier could accelerate or extend the timing.

Other

From time to time, the Company and its subsidiaries are involved in various litigation matters arising in the ordinary course of their business. Although the ultimate resolution and impact of such litigation on the Company is not presently determinable, the Company’s management believes that the eventual outcome of such litigation will not have a material adverse effect on the overall financial condition, results of operations or cash flows of the Company.

Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Apr. 30, 2011 USD ($) $ / shares
Statement [Line Items]
Common stock, dividends per share \| $ / shares	$ 0.08
Taxes on foreign currency translation adjustment \| $	$ 272
Retained Earnings
Statement [Line Items]
Common stock, dividends per share \| $ / shares	$ 0.08
Accumulated Other Comprehensive Income (Loss)
Statement [Line Items]
Taxes on foreign currency translation adjustment \| $	$ 272

Income Taxes	3 Months Ended
Income Taxes	Apr. 30, 2011
Income Taxes [Abstract]
Income Taxes	12. Income Taxes The provision for income taxes is determined by applying an estimated annual effective income tax rate to income from continuing operations before income taxes. The rate is based on the most recent annualized forecast of pretax income, permanent book versus tax differences and tax credits. The Company’s estimated annual effective tax rate for the six months ended April 30, 2011 is 37.2% compared to the estimated annual effective tax rate of 37.9% for the six months ended April 30, 2010. The decline in the 2011 six month effective rate is primarily due to more benefit from the manufacturer’s deduction. Prepaid and other current assets on the Consolidated Balance Sheets include an income tax receivable of $2.6 million as of April 30, 2011 and October 31, 2010. The non-current deferred income taxes asset balance decreased from $30.6 million as of October 31, 2010 to $7.9 million as of April 30, 2011. This large decrease primarily relates to the non-current deferred income tax liability established in the Edgetech acquisition. The income tax payable balance of $3.5 million as of April 30, 2011 relates to the reorganization taxes assumed in the acquisition of Edgetech. The Company’s unrecognized tax benefit (UTB) is related to the Separation and state tax items regarding the interpretations of tax laws and regulations. The total UTB as of April 30, 2011 is $18.8 million. Of this, $6.4 million is recorded in other liabilities and $12.4 million is recorded in non-current deferred income taxes. The UTB includes $0.9 million for which the disallowance of such items would not affect the annual effective tax rate. Judgment is required in assessing the future tax consequences of events that have been recognized in the Company’s financial statements or income tax returns. The final outcome of the future tax consequences of legal proceedings, if any, as well as the outcome of competent authority proceedings, changes in regulatory tax laws, or interpretation of those tax laws could impact the Company’s financial statements. The Company is subject to the effects of these matters occurring in various jurisdictions. The Company has no knowledge of any event that would materially increase or decrease the unrecognized tax benefit within the next twelve months.

Fair Value Measurement of Assets and Liabilities	3 Months Ended
Fair Value Measurement of Assets and Liabilities	Apr. 30, 2011
Fair Value Measurement of Assets and Liabilities [Abstract]
Fair Value Measurement of Assets and Liabilities	15. Fair Value Measurement of Assets and Liabilities The Company holds Money Market Fund investments that are classified as cash equivalents and are measured at fair value on a recurring basis, based on quoted prices in active markets for identical assets (Level 1). The Company had cash equivalent investments totaling approximately $52.4 million and $180.6 million at April 30, 2011 and October 31, 2010, respectively. The decrease is primarily related to the $104.4 million cash paid for the acquisition of Edgetech, net of cash received of $0.8 million. Inputs and valuation techniques used to measure the fair value of the Company’s pension plan assets vary according to the type of security being valued. All of the equity and debt securities held directly by the plans are actively traded and fair values are determined based on quoted market prices. As of April 30, 2011 and October 31, 2010, the fair value of pension plan assets was $15.1 million and $12.9 million, respectively. As of April 30, 2011, the Company did not have any assets or liabilities obtained from readily available pricing sources for comparable instruments (Level 2) or requiring measurement at fair value without observable market values that would require a high level of judgment to determine fair value (Level 3).

Stock Repurchase Program and Treasury Stock	3 Months Ended
Stock Repurchase Program and Treasury Stock	Apr. 30, 2011
Stock Repurchase Program and Treasury Stock [Abstract]
Stock Repurchase Program and Treasury Stock	16. Stock Repurchase Program and Treasury Stock On May 27, 2010, the Board of Directors approved a stock repurchase program of 1.0 million shares. The objectives of this program are to manage the dilution created by shares issued under stock-based compensation plans and to repurchase shares opportunistically. The Company records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. The Company uses a moving-average method on the subsequent reissuance of shares, and any resulting proceeds in excess of cost are credited to additional paid in capital while any deficiency is charged to retained earnings. As of October 31, 2010, the number of shares in treasury was 351,626. During the six months ended April 30, 2011, the Company purchased 86,649 shares at a cost of $1.5 million partially offset by shares issued for stock option exercises and restricted stock grants for a net increase to the number of shares in treasury to 373,444 as of April 30, 2011. The remaining shares authorized for repurchase in the program was 663,351 as of April 30, 2011.

Other Income (Expense)	3 Months Ended
Other Income (Expense)	Apr. 30, 2011
Other Income (Expense) [Abstract]
Other Income (Expense)	17. Other Income (Expense) During the three and six months ended April 30, 2011, the Company incurred $0.3 million of transaction gains which are included in determining net income primarily related to Edgetech’s international operations and foreign currency denominated receivables. There are no transaction gains or losses during the three and six months ended April 30, 2010. In February 2010, the Company completed a small acquisition for approximately $1.6 million in consideration. This operation was integrated into one of its existing Engineered Products businesses. ASC 805 “Business Combinations” requires that a gain be recorded when the fair value of the net assets acquired is greater than the fair value of the consideration transferred. Though uncommon, bargain purchases can occur because of underpayments for the business acquired due to a forced liquidation or distress sale. These assets were acquired at auction due to the business being in Wisconsin receivership proceedings. As such, the Company obtained the assets at a bargain and recognized a gain of approximately $1.3 million in Other, net.