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Stockholders' Equity | 9 Months Ended
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Jun. 30, 2013
Stockholders' Equity [Abstract] |
Stockholders' Equity | 7. 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 approximately 1.0 million shares of common stock authorized for issuance under the 2006 Equity Incentive Plan. Treasury Stock During the nine months ended June 30, 2013, we repurchased 74,760 common shares from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Plan. We issued 203,206 shares out of treasury stock under our share-based compensation programs. Of these shares issued, 48,706 shares were to satisfy phantom stock unit vestings for two members of the Board of Directors whose units vested upon their respective departures from the Board of Directors. During the nine months ended June 30, 2012, we repurchased 34,578 common shares from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Plan, and 27,242 unvested shares were forfeited by former employees and returned to treasury stock. We issued 100,000 shares out of treasury stock under our share-based compensation programs. Restricted Stock
Restricted Stock Awards: |  |  |  |  |  |  |  |
Fiscal Year |  | Shares Granted |  | Weighted Average Fair Value at Date of Grant |  | Vested |  | Forfeitures |  | Shares Outstanding |  | Expense recognized through June 30, 2013
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 |  | 148,047 |  | 77,439 |  | - |  | $ 495
2011 |  | 320,000 |  | $ 3.39 |  | 161,049 |  | 77,205 |  | 81,746 |  | $ 661
2012 |  | 107,500 |  | $ 2.07 |  | 33,334 |  | - |  | 74,166 |  | $ 123
2013 |  | 12,500 |  | $ 5.00 |  | - |  | - |  | 12,500 |  | $ 14
During the nine months ended June 30, 2013 and 2012, we recognized $275 and $405, respectively, in compensation expense related to these restricted stock awards. At June 30, 2013, the unamortized compensation cost related to outstanding unvested restricted stock was $298. We expect to recognize $92 of this unamortized compensation expense during the remaining three months of our 2013 fiscal year and $206 thereafter. 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 |  | (101,914) |  | (192,973) |  | (165,628)
| Forfeited |  | - |  | (32,901) |  | (130,258)
Unvested at end of year |  | 168,412 |  | 257,826 |  | 376,200
All the restricted shares granted under the 2006 Equity Incentive Plan (vested or unvested) participate in dividends issued to common shareholders, if any. Phantom 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 nine months ended June 30, 2013 and 2012, we recognized $266 and $34, respectively in compensation expense related to these grants. Two directors departed the Board of Directors during the nine months ended June 30, 2013, resulting in an immediate vesting of 48,706 PSUs. 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 grant vesting period. For the nine months ended June 30, 2013 and 2012, we recognized $363 and zero, respectively, in compensation expense related to these grants. Stock Options We utilize 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, but 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 Statements 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 summarizes 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 |  | $ | 3.24
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, June 30, 2013 |  | 170,000 |  | $ | 5.46
The following table summarizes options outstanding and exercisable at June 30, 2013:
Range of Exercise Prices |  | Outstanding as of June 30, 2013 |  | Remaining Contractual Life in Years |  |  | Weighted-Average Exercise Price |  | Exercisable as of June 30, 2013 |  |  | Weighted-Average Exercise Price
$3.24 |  | 20,000 |  | 8.05 |  | $ | 3.24 |  | 6,667 |  | $ | 3.24
$5.76 |  | 150,000 |  | 9.83 |  | $ | 5.76 |  | - |  | $ | -
|  | 170,000 |  |  |  | $ | 5.46 |  | 6,667 |  | $ | 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 shares. Unexercised stock options expire July 2021 and May 2023. During the nine months ended June 30, 2013 and 2012, we recognized $49 in compensation expense related to these awards. At June 30, 2013, the unamortized compensation cost related to outstanding unvested stock options was $439. We expect to recognize $61 of this unamortized compensation expense during the remaining three months of our 2013 fiscal year, and $378 thereafter. The intrinsic value of stock options outstanding and exercisable was $39 and zero at June 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 exercise price of the stock options.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 2: 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 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 AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 7: 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=6228006&loc=d3e74512-122707 Reference 8: 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 9: 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=6959260&loc=d3e187143-122770 Reference 10: 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=6881521&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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