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Stock Compensation Plans
 3 Months Ended
Dec. 31, 2016
Share-based Compensation [Abstract]  
Stock Compensation Plans And Stock Based Compensation
STOCK COMPENSATION PLANS

Under the Company’s 2003 Stock Option Plan, the Company was able to grant options for up to 300,000 shares of common stock to employees, officers, directors and directors emeriti.  Under the Company's 2014 Equity Incentive Plan, the Company is able to grant options and awards of restricted stock (with or without performance measures) for up to 352,366 shares of common stock to employees, officers, directors and directors emeriti.  Shares issued may be purchased in the open market or may be issued from authorized and unissued shares.  The exercise price of each option equals the fair market value of the Company’s common stock on the date of grant. Generally, options and restricted stock vest in 20% annual installments on each of the five anniversaries from the date of the grant, and options generally have a maximum contractual term of ten years. At December 31, 2016, there were 171,116 shares of common stock available which may be awarded as options or restricted stock pursuant to future grant under the 2014 Equity Incentive Plan. At December 31, 2016, there were no options available for future grant under the 2003 Stock Option Plan.

At both December 31, 2016 and 2015, there were no unvested restricted stock grant shares. There were no restricted stock grants awarded during the three months ended December 31, 2016 and 2015.

Stock option activity for the three months ended December 31, 2016 and 2015 is summarized as follows:
 
Three Months Ended
December 31, 2016
 
Three Months Ended
December 31, 2015
 
 Number of Shares

 
Weighted
Average
Exercise
Price

 
 Number of Shares

 
Weighted
Average
Exercise
Price

Options outstanding, beginning of period
373,130

 
$
9.82

 
341,300

 
$
8.73

Exercised
(12,700
)
 
6.31

 
(5,300
)
 
7.88

Forfeited
—

 
—

 
(400
)
 
5.86

Options outstanding, end of period
360,430

 
$
9.94

 
335,600

 
$
8.74





The aggregate intrinsic value of options exercised during the three months ended December 31, 2016 and 2015 was $157,000 and $20,000, respectively.

At December 31, 2016, there were 221,950 unvested options with an aggregate grant date fair value of $438,000, all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at December 31, 2016 was $2.07 million.  There were 28,500 options with an aggregate grant date fair value of $67,000 that vested during the three months ended December 31, 2016.

At December 31, 2015, there were 233,800 unvested options with an aggregate grant date fair value of $506,000. There were 28,500 options with an aggregate grant date fair value of $67,000 that vested during the three months ended December 31, 2015.

 
 

Additional information regarding options outstanding at December 31, 2016 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
 
22,500

 
$
4.22

 
4.1
 
22,500

 
$
4.22

 
4.1
   5.86 - 6.00
 
50,000

 
5.93

 
5.8
 
38,200

 
5.93

 
5.8
   9.00
 
86,000

 
9.00

 
6.8
 
47,600

 
9.00

 
6.8
 10.26 - 10.71
 
146,180

 
10.57

 
8.3
 
30,180

 
10.56

 
8.2
 15.67
 
55,750

 
15.67

 
9.7
 
—

 
N/A

 
N/A
 
 
360,430

 
$
9.94

 
7.6
 
138,480

 
$
7.71

 
6.4


The aggregate intrinsic value of options outstanding at December 31, 2016 and 2015 was $3.86 million and $1.06 million, respectively.

Compensation expense during the three months ended December 31, 2016 and 2015 for all stock-based plans was as follows (dollars in thousands):
 
Three Months Ended December 31,
 
2016
 
2015
Stock options
$
85

 
$
41

Less: related tax benefit recognized
(45
)
 
(4
)
Total
$
40

 
$
37



As of December 31, 2016, unrecognized compensation cost related to non-vested stock options was $384,000, which is expected to be recognized over a weighted average life of 2.03 years.