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The Incentive Stock Plans | 12 Months Ended
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Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
The Incentive Stock Plans | 13. THE INCENTIVE STOCK PLANS: During February 2020, our shareholders approved a proposal to amend the 2011 Stock-Based Compensation Plan (“2011 Plan”) to increase the 3,200,456 share threshold by 1,000,000 shares to 4,200,456 shares. During January 2011, our shareholders approved a proposal to authorize our 2011 Plan, which replaced our 2007 Incentive Compensation Plan (“2007 Plan”). Our 2011 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units, bonus stock, dividend equivalents, other stock related awards, and performance awards (collectively “awards”), that may be settled in cash, stock, or other property. Our 2011 Plan is designed to attract, motivate, retain, and reward our executives, employees, officers, directors, and independent contractors by providing such persons with annual and long-term performance incentives to expend their maximum efforts in the creation of shareholder value. Subsequent to the February 2020 amendment described above, the total number of shares of our common stock that may be subject to awards under the 2011 Plan is equal to 4,000,000 shares, plus: (i) any shares available for issuance and not subject to an award under the 2007 Plan, which was 200,456 shares at the time of approval of the 2011 Plan; (ii) the number of shares with respect to which awards granted under the 2011 Plan and the 2007 Plan terminate without the issuance of the shares or where the shares are forfeited or repurchased; (iii) with respect to awards granted under the 2011 Plan and the 2007 Plan, the number of shares that are not issued as a result of the award being settled for cash or otherwise not issued in connection with the exercise or payment of the award; and (iv) the number of shares that are surrendered or withheld in payment of the exercise price of any award or any tax withholding requirements in connection with any award granted under the 2011 Plan or the 2007 Plan. The 2011 Plan terminates in January 2021, and awards may be granted at any time during the life of the 2011 Plan. The dates on which awards vest are determined by the Board of Directors or the Plan Administrator. The Board of Directors has appointed the Compensation Committee as the Plan Administrator. The exercise prices of options are determined by the Board of Directors or the Plan Administrator and are at least equal to the fair market value of shares of common stock on the date of grant. The term of options under the 2011 Plan may not exceed ten years. The options granted have varying vesting periods. To date, we have not settled or been under any obligation to settle any awards in cash. The following table summarizes option activity from September 30, 2019 through September 30, 2020:
|  | Shares Available for Grant |  |  | Options Outstanding |  |  | Aggregate Intrinsic Value (in thousands) |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |
Balance as of September 30, 2019 |  |  | 715,590 |  |  |  | 484,031 |  |  | $ | 1,569 |  |  | $ | 12.42 |  |  |  | 3.7 |
Shares authorized |  |  | 1,000,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Options granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Options cancelled/forfeited/expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Options exercised |  |  | — |  |  |  | (287,702 | ) |  |  | — |  |  |  | 12.63 |  |  |  |  |
Restricted stock awards granted |  |  | (477,271 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Restricted stock awards forfeited |  |  | 49,188 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Additional shares of stock issued |  |  | (12,092 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Balance as of September 30, 2020 |  |  | 1,275,415 |  |  |  | 196,329 |  |  | $ | 2,636 |  |  | $ | 12.12 |  |  |  | 2.5 |
Exercisable as of September 30, 2020 |  |  |  |  |  |  | 196,239 |  |  | $ | 2,636 |  |  | $ | 12.12 |  |  |  | 2.5 |
The weighted-average grant date fair value of options granted during the fiscal year ended September 30, 2018 was $8.42. No options were granted during the fiscal years ended September 30, 2019 and September 30, 2020. The total intrinsic value of options exercised during the fiscal years ended September 30, 2018, 2019 and 2020 was approximately $6.3 million, $1.4 million, and $3.8 million, respectively. The total fair value of options vested during the fiscal year ended September 30, 2018, was approximately $1.3 million. We used the Black-Scholes model to estimate the fair value of options granted. The expected term of options granted is estimated based on historical experience. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant. Below are the weighted-average assumptions used for the fiscal year ended September 30, 2018. No options were granted for the fiscal years ended September 30, 2019 or September 30, 2020.
|  | 2018 |  |  | 2019 |  |  | 2020 |
Dividend yield |  | 0.0% |  |  | — |  |  | — |
Risk-free interest rate |  | 2.7% |  |  | — |  |  | — |
Volatility |  | 45.4% |  |  | — |  |  | — |
Expected life |  | 5.0 years |  |  | — |  |  | — |

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