XML 25 R18.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Stockholders' Equity | 12 Months Ended
--- | ---
Sep. 30, 2013
Stockholders' Equity [Abstract] |
Stockholders' Equity | 12. STOCKHOLDERS’ EQUITY The 2006 Equity Incentive Plan became effective on May 12, 2006 (as amended, the “2006 Equity Incentive Plan”). The 2006 Equity Incentive Plan provides for grants of stock options as well as grants of stock, including restricted stock. We have approximatel y 1.0 million shares of common stock authorized for issuance under the 2006 Equity Incentive Plan. Treasury Stock D uring the year ended September 30, 2013, we repurchased 95,469 common shares from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Plan. W e issued 266,814 shares out of treasury stock under our sh are-based compensation programs; 12,500 for restricted shares granted, and 254,314 for phantom stock units. Restricted Stock
Restricted Stock Awards: |  |  |  |  |  |  |  |
Fiscal Year |  | Shares Granted |  | Weighted Average Fair Value at Date of Grant |  | Shares Vested |  | Shares Forfeited |  | Shares Outstanding |  | Expense recognized through September 30, 2013
2006 |  | 384,850 |  | $ 24.78 |  | 258,347 |  | 126,503 |  | - |  | $ 6,402
2006 |  | 25,000 |  | 17.36 |  | 25,000 |  | - |  | - |  | 434
2007 |  | 20,000 |  | 25.08 |  | 20,000 |  | - |  | - |  | 502
2007 |  | 4,000 |  | 26.48 |  | 4,000 |  | - |  | - |  | 106
2008 |  | 101,650 |  | 19.17 |  | 85,750 |  | 15,900 |  | - |  | 1,779
2009 |  | 185,100 |  | 8.71 |  | 146,400 |  | 38,700 |  | - |  | 1,344
2010 |  | 225,486 |  | 3.64 |  | 147,456 |  | 78,030 |  | - |  | 495
2011 |  | 320,000 |  | 3.39 |  | 171,715 |  | 73,205 |  | 75,080 |  | 669
2012 |  | 107,500 |  | 2.07 |  | 35,834 |  | - |  | 71,666 |  | 124
2013 |  | 12,500 |  | 5.00 |  | - |  | - |  | 12,500 |  | 19
During the years ended September 30, 2013, 2012 and 2011, we recognized $374, $536, and $787, respectively, in compensation expense related to these restricted stock awards. At September 30, 2013, the unamortized compensation cost related to outstanding unvested restricted stock was $216. We expect to recognize $186 and $30 of this unamortized compensation expense during the years ended September 30, 2014 and 2015, respectively. A summary of restricted stock awards for the years ended September 30, 2013, 2012 and 2011 is provided in the table below:
|  | Years Ended September 30,
|  | 2013 |  | 2012 |  | 2011
Unvested at beginning of year |  | 257,826 |  | 376,200 |  | 352,086
| Granted |  | 12,500 |  | 107,500 |  | 320,000
| Vested |  | (111,080) |  | (192,973) |  | (165,628)
| Forfeited |  | - |  | (32,901) |  | (130,258)
Unvested at end of year |  | 159,246 |  | 257,826 |  | 376,200
The fair value of shares vesting during the years ended September 30, 2013, 2012 and 2011 was $528, $661 and $520, respectively. Fair value was calculated as the number of shares vested times the market price of shares on the date of vesting. The weighted average grant date fair value of unvested restricted stock at September 30, 2013 was $2.90. All the restricted shares granted under the 2006 Equity Incentive Plan (vested or unvested) participate in dividends issued to common shareholders, if any. P hantom Stock Units Phantom stock units (“PSUs”) are primarily granted to the members of the Board of Directors as part of their overall compensation. These PSUs are paid via unrestricted stock grants to each director upon their departure from the Board of Directors. We record compensation expense for the full value of the grant on the date of grant. For the years ended September 30, 2013, 2012 and 2011, we recognized $295, $1 59, and $1 00 in compensation expense related to these grants. From time to time, PSUs are granted to employees. These PSUs are paid via unrestricted stock grants to each employee upon the satisfaction of the grant terms. We record compensation expense for the PSUs granted to employees over the gran t vesting period. For the years ended September 30, 2013, 2012 and 2011, we recognized $651, $129, and $0 in compensation expense related to these grants. Stock Options We utilized a binomial option pricing model to measure the fair value of stock options granted. Our determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, b ut are not limited to, our expected stock price volatility over the term of the awards, the risk-free rate of return, and actual and projected employee stock option exercise behaviors. The expected life of stock options is not considered under the binomial option pricing model that we utilize. The assumptions used in the fair value method calculation for the years ended September 30, 2013, 2012 and 2011 are disclosed in the following table:
|  |  | Years Ended September 30,
|  |  | 2013 |  | 2012 |  | 2011
Weighted average value per option granted during the period |  | $ | 3.43 |  |  | N/A |  | $ | 2.05
Dividends (1) |  | $ | - |  |  | N/A |  | $ | -
Stock price volatility (2) |  |  | 66.6% |  |  | N/A |  |  | 69.9%
Risk-free rate of return |  |  | 0.9% |  |  | N/A |  |  | 1.9%
Option term |  |  | 10.0 years |  |  | N/A |  |  | 10.0 years
Expected life |  |  | 6.0 years |  |  | N/A |  |  | 6.0 years
Forfeiture rate (3) |  |  | 10.0% |  |  | N/A |  |  | 0.0%
| (1) We do not currently pay dividends on our common stock.
| (2) Based upon the Company's historical volatility.
| (3) The forfeiture rate for the 2011 options was assumed on the date of grant to be zero based on the limited number of employees who have been awarded stock options. The forfeiture rate for the 2013 options was for a larger number of employees and based on historical data.
Stock-based compensation expense recognized during the period is based on the value of the portion of the share-based payment awards that is ultimately expected to vest during the period. Stock-based compensation expense recognized in the Consolidated S tatement s of Comprehensive Income is based on awards ultimately expected to vest. We estimate our forfeitures at the time of grant and revise, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The following table summ arizes activity under our stock option plans.
|  |  |  | Weighted Average
|  | Shares |  | Exercise Price
Outstanding, September 30, 2010 |  | 158,500 |  | $ | 18.66
Options granted |  | 20,000 |  |  | 3.24
Exercised |  | - |  |  | -
Forfeited and Cancelled |  | (158,500) |  |  | 18.66
Outstanding, September 30, 2011 |  | 20,000 |  | $ | 18.66
Options granted |  | - |  |  | -
Exercised |  | - |  |  | -
Forfeited and Cancelled |  | - |  |  | -
Outstanding, September 30, 2012 |  | 20,000 |  | $ | 3.24
Options granted |  | 150,000 |  |  | 5.76
Exercised |  | - |  |  | -
Forfeited and Cancelled |  | - |  |  | -
Outstanding, September 30, 2013 |  | 170,000 |  | $ | 5.46
The following table summarizes options outstanding and exercisable at September 30, 2013:
Exercise Prices |  | Outstanding as of September 30, 2013 |  | Remaining Contractual Life in Years |  |  | Weighted-Average Exercise Price |  | Exercisable as of September 30, 2013 |  |  | Weighted-Average Exercise Price
$3.24 |  | 20,000 |  | 7.80 |  | $ | 3.24 |  | 13,333 |  | $ | 3.24
$5.76 |  | 150,000 |  | 9.58 |  | $ | 5.76 |  | - |  | $ | -
|  | 170,000 |  |  |  | $ | 5.46 |  | 13,333 |  | $ | 3.24
Our 2011 options vest over a three year period at a rate of one-third per year upon the annual anniversary date of the grant. Our 2013 options cliff vest at the end of a two year period ending at the anniversary date of the grant. All options expire ten years from the grant date if they are not exercised. Upon exercise of stock options, it is our policy to first issue shares from treasury stock, then to issue new share. Unexercised stock options expire July 2021 and May 2023. During the years ended September 30, 2013, 2012 and 2011, we recognized $110, $14 and $19, respectively, in compensation expense related to our stock option awards. At September 30, 2013, the unamortized compe nsation cost related to outstanding unvested stock options was $378. We expect to recognize $243 and $135 of this unamortized compe nsation expense during the year ended September 30, 2014 and 2015. The intrinsic value of stock options outstanding and exercisable was $36 and zero at September 30, 2013 and 2012, respectively. The intrinsic value is calculated as the difference between the fair value as of the end of the period and the exerc ise price of the stock options.

X
- Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration