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Stock Compensation Plans | 6 Months Ended
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Mar. 31, 2023
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, 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 shares are reserved to be awarded to employees, including 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 grant. At March 31, 2023, there were 1,796 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, 2023, there were 198,900 shares of common stock available which may be awarded as options or restricted stock pursuant to future grant under the 2019 Equity Incentive Plan. At both March 31, 2023 and 2022, there were no unvested restricted stock awards. There were no restricted stock grants awarded during the six months ended March 31, 2023 and 2022. Stock option activity for the six months ended March 31, 2023 and 2022 is summarized as follows:
| Six Months Ended March 31, 2023 |  | Six Months Ended March 31, 2022
| Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price
Options outstanding, beginning of period | 421,925 |  |  | $ | 23.30 |  |  | 406,815 |  |  | $ | 21.62 |
Exercised | (26,055) |  |  | 19.88 |  |  | (27,470) |  |  | 12.09 |
Granted | 1,000 |  |  | 33.40 |  |  | 1,000 |  |  | 27.25 |
Forfeited | (4,600) |  |  | 27.38 |  |  | (17,170) |  |  | 25.91 |
Options outstanding, end of period | 392,270 |  |  | $ | 23.50 |  |  | 363,175 |  |  | $ | 22.15 |
The fair value of stock options is determined using the Black-Scholes valuation model. The weighted average assumptions for options granted during the six months ended March 31, 2023 were as follows:
Expected volatility | 33 | %
Expected life (in years) | 5
Expected dividend yield | 2.99 | %
Risk free interest rate | 3.58 | %
Grant date fair value per share | $ | 8.65 |
The aggregate intrinsic value of options exercised during the six months ended March 31, 2023 and 2022 was $337,000 and $443,000, respectively. At March 31, 2023, there were 189,910 unvested options with an aggregate grant date fair value of $1.07 million, all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at March 31, 2023 was $371,000. There were 200 options vested during the six months ended March 31, 2023 with a total fair value of $1,000. At March 31, 2022, there were 178,670 unvested options with an aggregate grant date fair value of $847,000. There were 400 options that vested during the six months ended March 31, 2022 with a total fair value of $2,000. Additional information regarding options outstanding at March 31, 2023 is as follows:
|  |  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices ($) |  | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years)
9.00 |  |  |  | 14,000 |  |  | $ | 9.00 |  |  | 0.6 |  | 14,000 |  |  | $ | 9.00 |  |  | 0.6
10.26 | - | 10.71 |  | 45,000 |  |  | 10.55 |  |  | 1.9 |  | 45,000 |  |  | 10.55 |  |  | 1.9
15.67 | - | 19.13 |  | 75,500 |  |  | 16.54 |  |  | 6.3 |  | 38,810 |  |  | 16.19 |  |  | 5.2
26.50 | - | 27.40 |  | 108,820 |  |  | 27.31 |  |  | 8.5 |  | 20,740 |  |  | 27.14 |  |  | 6.5
28.23 | - | 29.69 |  | 113,150 |  |  | 28.78 |  |  | 7.0 |  | 55,950 |  |  | 29.35 |  |  | 5.4
31.80 | - | 33.40 |  | 35,800 |  |  | 31.84 |  |  | 5.6 |  | 27,860 |  |  | 31.80 |  |  | 5.5
|  |  |  | 392,270 |  |  | $ | 23.50 |  |  | 6.3 |  | 202,360 |  |  | $ | 21.35 |  |  | 4.4
The aggregate intrinsic value of options outstanding at March 31, 2023 and 2022 was $1.78 million and $2.17 million, respectively. As of March 31, 2023, unrecognized compensation cost related to unvested stock options was $972,000, which is expected to be recognized over a weighted average life of 5.00 years.

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