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Stock Compensation Plans | 12 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement, Noncash Expense [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. Under the Company's 2019 Equity Incentive Plan, which was approved by shareholders on January 28, 2020, the Company is able to grant options and awards or restricted stock (with or without performance measures) for up to 350,000 shares of common stock, of which 300,000 share are reserved to be awarded to employees and officers and 50,000 shares are reserved to be awarded to 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 the grant. At September 30, 2020, there were 25,556 shares of common stock available which may be awarded as options or restricted stock pursuant to future grants under the 2014 Equity Incentive Plan. At September 30, 2020 there were 299,500 shares of common stock available which may be awarded as options or restricted stock pursuant to future grants under the 2019 Equity Incentive Plan. At both September 30, 2020 and 2019, there were no unvested restricted stock awards. There were no restricted stock grants awarded during the years ended September 30, 2020, 2019 and 2018. Stock option activity for the years ended September 30, 2020, 2019 and 2018 is summarized as follows:
| Number of Shares |  | Weighted Average Exercise Price
Outstanding September 30, 2017 | 380,120 |  |  | $ | 13.23 |
Options granted | 45,950 |  |  | 31.80 |
Options exercised | (40,100) |  |  | 7.92 |
Options forfeited | (5,150) |  |  | 13.39 |
Outstanding September 30, 2018 | 380,820 |  |  | 16.03 |
Options granted | 46,840 |  |  | 27.14 |
Options exercised | (43,856) |  |  | 9.14 |
Options forfeited | (5,500) |  |  | 19.89 |
Outstanding September 30, 2019 | 378,304 |  |  | 18.15 |
Options granted | 69,150 |  |  | 17.01 |
Options exercised | (37,975) |  |  | 10.31 |
Options forfeited | (14,130) |  |  | 25.36 |
Outstanding September 30, 2020 | 395,349 |  |  | $ | 18.45 |
The aggregate intrinsic value of options exercised during the years ended September 30, 2020 and 2019 was $640,000 and $864,000, respectively. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards with the weighted average assumptions noted in the following table. The risk-free interest rate is based on the rate of a U.S. Treasury security with a similar term as the expected life of the stock option at the particular grant date. The expected life is based on historical data, vesting terms and estimated exercise dates. The expected dividend yield is based on the most recent quarterly dividend on an annualized basis in effect at the time the options were granted, adjusted, if appropriate, for management's expectations regarding future dividends. The expected volatility is based on historical volatility of the Company’s stock price. There were 45,950 options granted during the year ended September 30, 2018 with an aggregate grant date fair value of $206,000. There were 46,840 options granted during the year ended September 30, 2019 with an aggregate grant date fair value of $240,000. There were 69,150 options granted during the year ended September 30, 2020 with an aggregate grant date fair value of $187,000. The weighted average assumptions for options granted during the years ended September 30, 2020, 2019 and 2018 were as follows:
| 2020 |  | 2019 |  | 2018
Expected volatility | 33 | % |  | 29 | % |  | 17 | %
Expected life (in years) | 5 |  | 5 |  | 5
Expected dividend yield | 5.36 | % |  | 3.28 | % |  | 2.61 | %
Risk free interest rate | 0.28 | % |  | 1.53 | % |  | 2.97 | %
Grant date fair value per share | $ | 2.70 |  |  | $ | 5.12 |  |  | $ | 4.48 |
There were 58,548 options that vested during the year ended September 30, 2020 with a total fair value of $176,000. There were 77,540 options that vested during the year ended September 30, 2019 with a total fair value of $203,000. There were 76,450 options that vested during the year ended September 30, 2018 with a total fair value of $181,000. At September 30, 2020, there were 159,192 unvested options with an aggregate grant date fair value of $571,000, all of which the Company assumes will vest. The unvested options had an aggregate intrinsic value of $99,000 at September 30, 2020. At September 30, 2019, there were 160,750 unvested options with an aggregate grant date fair value of $605,000. Additional information regarding options outstanding at September 30, 2020 is as follows:
|  |  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices ($) |  | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years)
$ 4.01 |  |  |  | 1,000 |  |  | $ | 4.01 |  |  | 1.2 |  | 1,000 |  |  | $ | 4.01 |  |  | 1.2
5.86 | - | 6.00 |  |  | 19,100 |  |  | 5.97 |  |  | 2.1 |  | 19,100 |  |  | 5.97 |  |  | 2.1
9.00 |  |  |  | 37,425 |  |  | 9.00 |  |  | 3.1 |  | 37,425 |  |  | 9.00 |  |  | 3.1
10.26 | - | 10.71 |  |  | 89,064 |  |  | 10.59 |  |  | 4.6 |  | 89,064 |  |  | 10.59 |  |  | 4.6
15.67 | - | 16.87 |  |  | 110,150 |  |  | 16.41 |  |  | 8.5 |  | 32,500 |  |  | 15.67 |  |  | 6.0
26.50 | - | 27.14 |  |  | 45,240 |  |  | 27.13 |  |  | 9.0 |  | 8,848 |  |  | 27.14 |  |  | 9.0
29.69 |  |  |  | 51,800 |  |  | 29.69 |  |  | 7.0 |  | 31,400 |  |  | 29.69 |  |  | 7.0
31.80 |  |  |  | 41,570 |  |  | 31.80 |  |  | 8.0 |  | 16,820 |  |  | 31.80 |  |  | 8.0
|  |  |  | 395,349 |  |  | $ | 18.45 |  |  | 6.6 |  | 236,157 |  |  | $ | 15.31 |  |  | 5.1
The aggregate intrinsic value of options outstanding at September 30, 2020, 2019 and 2018 was $1,416,000, $3,854,000, and $5,813,000, respectively. As of September 30, 2020, unrecognized compensation cost related to non-vested stock options was $595,000, which is expected to be recognized over a weighted average period of 2.36 years.

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