XML 45 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Stockholders' Equity | 6 Months Ended
--- | ---
Mar. 31, 2020
Equity [Abstract] |
Shareholders' Equity and Share-based Payments [Text Block] | 7. STOCKHOLDERS’ EQUITY Equity Incentive Plan The Company’s 2006 Equity Incentive Plan, as amended and restated (the “Equity Incentive Plan”), provides for grants of stock options as well as grants of stock, including restricted stock. Approximately 3.0 million shares of common stock are authorized for issuance under the Equity Incentive Plan, of which approximately 731,443 shares were available for issuance at March 31, 2020. Stock Repurchase Program In 2015, our Board of Directors authorized a stock repurchase program for the purchase from time to time of up to 1.5 million shares of the Company’s common stock, and on May 2, 2019, authorized the repurchase from time to time of up to an additional 1.0 million shares of our common stock under the stock repurchase program. Share purchases are made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise. The timing and amount of purchases under the program are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which allows repurchases under pre-set terms at times when the Company might otherwise be prevented from purchasing under insider trading laws or because of self-imposed blackout periods. The program does not require the Company to purchase any specific number of shares and may be modified, suspended or reinstated at any time at the Company’s discretion and without notice. We repurchased 178,431 and 198,248 shares, respectively, of our common stock during the three and six months ended March 31, 2020, in open market transactions at an average price of $22.60 and $22.59, respectively, per share. We repurchased 189,821 and 235,954 shares, respectively, of our common stock during the three and six months ended March 31, 2019, in open market transactions at an average price of $16.70 and $16.58, respectively, per share. Treasury Stock During the six months ended March 31, 2020, we issued 113,408 shares of common stock from treasury stock to employees and repurchased 17,427 shares of common stock from our employees to satisfy statutory tax withholding requirements upon the vesting of certain performance phantom stock units under the Equity Incentive Plan. We also issued 3,172 unrestricted shares of common stock from treasury to members of our Board of Directors as part of their overall compensation and 5,750 unrestricted shares to satisfy the exercise of outstanding options. We repurchased 198,248 shares of common stock on the open market pursuant to our stock repurchase program. During the six months ended March 31, 2019, we issued 212,688 shares of common stock from treasury to employees and repurchased 87,609 shares of common stock from our employees to satisfy statutory tax withholding requirements upon the vesting of certain performance phantom stock units under the Equity Incentive Plan. We also repurchased 235,954 shares of common stock on the open market pursuant to our stock repurchase program. In March 2019, we issued 3,991 shares of treasury stock as payment for outstanding phantom stock units that vested upon the departure of the Company's former President and issued 283,195 shares of treasury stock for restricted shares granted upon the appointment of the Company's Chief Executive Officer. Restricted Stock We granted 69,338 restricted shares to executives during the six months ended March 31, 2020. These awards include restricted shares subject to the achievement of specified levels of cumulative net income before taxes, as well as shares that vest based on the passage of time. During the three months ended March 31, 2020, and 2019 we recognized $429 and $111 in compensation expense related to all restricted stock awards, respectively. During the six months ended March 31, 2020 and 2019 we recognized $795 and $111 in compensation expense related to all restricted stock awards, respectively. At March 31, 2020, the unamortized compensation cost related to outstanding unvested restricted stock was $3,545. Director Phantom Stock Units Director phantom stock units (“Director PSUs”) are primarily granted to the members of the Board of Directors as part of their overall compensation. These Director PSUs are paid via unrestricted stock grants to each director upon their departure from the Board of Directors or upon a change of control. We record compensation expense for the full value of the grant on the date of grant. During the three months ended March 31, 2019, and 2018, we recognized $96 and $50, respectively, in compensation expense related to these grants. During the six months ended March 31, 2020 and 2019 we recognized $197 and $99, respectively, in compensation expense related to these grants. Performance Based Phantom Stock Units An employee phantom stock unit (an “Employee PSU”) is a contractual right to receive one share of the Company’s common stock. Depending on the terms of each grant, Employee PSUs may vest upon the achievement of certain specified performance objectives and continued performance of services, or may vest based on continued performance of services through the vesting date. On February 6, 2019, and December 4, 2019, the Company granted Employee PSUs, which, subject to the achievement of certain performance metrics, could result in the issuance of 264,815, and 39,767 shares of common stock, respectively. Of these Employee PSUs, 97,983 Employee PSUs have been forfeited, and 49,678 have vested. At March 31, 2020, a maximum of 156,921 shares of common stock may be issued upon vesting of our outstanding Employee PSUs. During the three months ended March 31, 2020 and 2019, we recognized $187 and $465 in compensation expense, respectively, related to Employee PSU grants. During the six months ended March 31, 2020 and 2019, we recognized $615 and $465 in compensation expense, respectively, related to Employee PSU grants.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration