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Stock Compensation Plans (Tables)

12 Months Ended

Sep. 30, 2015

tock option activity for the years ended September 30, 2015, 2014 and 2013 is summarized as follows:



	Number of Shares		Weighted Average Exercise Price
Outstanding September 30, 2012	195,626		$	7.97
Options granted	29,000		6.00
Options forfeited	(61,680	)	9.69
Outstanding September 30, 2013	162,946		6.96

Options granted	135,000		9.29
Options exercised	(5,000	)	4.66
Options forfeited	(71,546	)	9.87
Outstanding September 30, 2014	221,400		7.49

Options granted	128,000		10.62
Options exercised	(6,300	)	4.84
Options forfeited	(1,800	)	4.55
Outstanding September 30, 2015	341,300		$	8.73

Schedule of Fair Value Assumptions

The weighted average assumptions for options granted during the years ended September 30, 2015, 2014 and 2013 were as follows:



	2015			2014			2013
Expected volatility	28		%	39		%	45		%
Expected term (in years)	5			5			5
Expected dividend yield	3.31		%	2.51		%	—		%
Risk free interest rate	1.43		%	1.41		%	0.76		%
Grant date fair value per share	$	1.88		$	2.59		$	2.37

Schedule of Stock Option Plans, by Exercise Price Range

Additional information regarding options outstanding at September 30, 2015 is as follows:



	Options Outstanding				Options Exercisable
Range of Exercise Prices ($)	Number	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Number	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
$ 4.01 - 4.55	31,600	$	4.23	5.3	24,000	$	4.30	5.0
5.86 - 6.00	59,700	5.92		7.0	30,200	5.91		7.0
9.00	96,000	9.00		8.1	19,200	9.00		8.1
10.26 - 10.71	154,000	10.57		9.6	5,200	10.34		8.6
	341,300	$	8.73	8.3	78,600	$	6.47	6.8

Summary of MRDP Shares Vested

A summary of restricted stock grant shares vested for the years ended September 30, 2014 and 2013 were as follows:



	2014		2013
Shares vested	3,254		6,207
Aggregate vesting date fair value	$	30,000	$	38,000

Summary of MRDP Shares Unvested

Schedule of Compensation Expense by Plan

Compensation expense recorded in the consolidated financial statements for all stock-based plans was as follows for the years ended September 30, 2015, 2014 and 2013 (dollars in thousands):



	2015			2014			2013
Stock options	$	127		$	112		$	49
Restricted stock grants	—			2			39
Less: related tax benefit recognized	(2		)	(10		)	(8		)
	$	125		$	104		$	80

Schedule of Compensation Expense to be Recognized in Future Periods

The compensation expense to be recognized in the future years ending September 30 for stock options that had been awarded as of September 30, 2015 is as follows (in thousands):




2016	$	151
2017	144
2018	113
2019	55
2020	33
	$	496