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13. STOCK OPTIONS

6 Months Ended

Mar. 31, 2018

Notes to Financial Statements

13. STOCK OPTIONS

Description of Stock Option Plan

On March 21, 2013, an amendment to the Stock Option Plan was approved by the stockholders of the Company, increasing the number of shares reserved for issuance under the Plan to 93,333 shares.

Determining Fair Value under ASC 505

The Company records compensation expense associated with stock options and other equity-based compensation using the Black-Scholes-Merton option valuation model for estimating fair value of stock options granted under our plan. The Company amortizes the fair value of stock options on a ratable basis over the requisite service periods, which are generally the vesting periods. The expected life of awards granted represents the period of time that they are expected to be outstanding.  The Company estimates the volatility of our common stock based on the historical volatility of its own common stock over the most recent period corresponding with the estimated expected life of the award. The Company bases the risk-free interest rate used in the Black Scholes-Merton option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on our common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes-Merton option valuation model and adjusts share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate is recognized in the period the forfeiture estimate is changed.

Stock Option Activity

The Company had the following stock option transactions during the six months ended March 31, 2018.

A former employee forfeited stock option grants for 10,668 shares of common stock at $14.719 per share. 

There are currently 4,736 options to purchase common stock at an average exercise price of $14.577 per share outstanding as of March 31, 2018 under the 2011 Stock Incentive Plan. The Company recorded $7,334 and $21,774 of compensation expense, net of related tax effects, relative to stock options for the six months ended March 31, 2018 and in accordance with ASC 505. Net loss per share (basic and diluted) associated with this expense was approximately ($0.00) and ($0.01) per share, respectively. As of March 31, 2018, there is approximately $2,722 of total unrecognized costs related to employee granted stock options that are not vested. These costs are expected to be recognized over a period of approximately 1.38 years. 

Stock option activity for the six months ended March 31, 2018 and for the years ended September 30, 2017 and 2016 was as follows:

		Weighted Average
		Options				Exercise Price				$
Outstanding as of September 30, 2015			57,407				18.425				1,057,725
Granted			-				-				-
Exercised			-				-				-
Forfeitures			(6,499	)			(21.403	)			(139,098	)
Outstanding as of September 30, 2016			50,908				18.045				918,627
Granted			-				-				-
Exercised			-				-				-
Forfeitures			(35,504	)			(19.507	)			(692,568	)
Outstanding as of September 30, 2017			15,404			$	14.675			$	226,059
Granted			-				-				-
Exercised			-				-				-
Forfeitures			(10,668	)			14.719				(157,020	)
Outstanding as of March 31, 2018			4,736			$	14.577			$	69,039

The following table summarizes information about stock options outstanding and exercisable as of March 31, 2018:

								Weighted				Weighted								Weighted
								Average				Average								Average
Range of				Number				Remaining Life				Exercise Price				Number				Exercise Price
Exercise Prices				Outstanding				In Years				Exerciseable				Exerciseable				Exerciseable
	13.500				1,334				2.25			$	13.500				1,334			$	13.50
	15.000				3,402				1.04				15.000				2,068				15.00
					4,736				1.38			$	14.577				3,402			$	14.41

There is no aggregate intrinsic value of the exercisable options as of March 31, 2018. 

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- References

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- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-URI http://asc.fasb.org/subtopic&trid=2208855

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