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Stock Compensation Plans
 6 Months Ended
Mar. 31, 2017
Share-based Compensation [Abstract]  
Stock Compensation Plans
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 from the date of grant. At March 31, 2017, 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 March 31, 2017, there were no options available for future grant under the 2003 Stock Option Plan.

At both March 31, 2017 and 2016, there were no unvested restricted stock grant shares. There were no restricted stock grants awarded during the six months ended March 31, 2017 and 2016.

Stock option activity for the six months ended March 31, 2017 and 2016 is summarized as follows:
 
Six Months Ended
March 31, 2017
 
Six Months Ended
March 31, 2016
 
 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
(30,710
)
 
6.30

 
(10,220
)
 
8.37

Forfeited
(4,200
)
 
4.60

 
(2,900
)
 
9.96

Options outstanding, end of period
338,220

 
$
10.21

 
328,180

 
$
8.73

 
 
 
 
 
 
 
 


The aggregate intrinsic value of options exercised during the six months ended March 31, 2017 and 2016 was $413,000 and $38,000, respectively.

At March 31, 2017, there were 216,750 unvested options with an aggregate grant date fair value of $424,000, all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at March 31, 2017 was $2.39 million.  There were 33,700 options with an aggregate grant date fair value of $82,000 that vested during the six months ended March 31, 2017.

At March 31, 2016, there were 226,100 unvested options with an aggregate grant date fair value of $486,000. There were 33,700 options with an aggregate grant date fair value of $82,000 that vested during the six months ended March 31, 2016.

 
 

Additional information regarding options outstanding at March 31, 2017 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
 
11,400

 
$
4.25

 
3.8
 
11,400

 
$
4.25

 
3.8
   5.86 - 6.00
 
44,200

 
5.93

 
5.5
 
32,400

 
5.93

 
5.5
   9.00
 
83,600

 
9.00

 
6.6
 
45,200

 
9.00

 
6.6
 10.26 - 10.71
 
143,270

 
10.58

 
8.0
 
32,470

 
10.53

 
7.8
 15.67
 
55,750

 
15.67

 
9.5
 
—

 
N/A

 
N/A
 
 
338,220

 
$
10.21

 
7.4
 
121,470

 
$
8.15

 
6.4


The aggregate intrinsic value of options outstanding at March 31, 2017 and 2016 was $4.12 million and $1.28 million, respectively.

Compensation expense during the six months ended March 31, 2017 and 2016 for all stock-based plans was as follows (dollars in thousands):
 
Six Months Ended March 31,
 
2017
 
2016
Stock options
$
194

 
$
84

Less: related tax benefit recognized
(115
)
 
(9
)
Total
$
79

 
$
75



As of March 31, 2017, unrecognized compensation cost related to non-vested stock options was $345,000, which is expected to be recognized over a weighted average life of 1.92 years.