XML 27 R11.htm IDEA: XBRL DOCUMENT  v2.3.0.11
STOCK OPTIONS AND STOCK-BASED EMPLOYEE COMPENSATION
 9 Months Ended
Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
4. STOCK OPTIONS AND STOCK-BASED EMPLOYEE COMPENSATION

Employee and Director Stock Option Plans

In 1995, the Company adopted the 1995 Stock Option Plan (the “1995 Plan”) for employees and directors. In August 1999, the Company adopted the 1999 Stock Option Plan (the “1999 Plan”) and in 2010, the Company’s Board of Directors approved the 2010 Stock Option Plan (the “2010 Plan”) (collectively, “the Plans”).  The 2010 Plan will be submitted to the shareholders of the Company for adoption at the 2011 Annual Meeting of Shareholders. The options granted under the Plans may be either incentive stock options, or non-qualified options. The Plans are administered by the Board of Directors or by a compensation committee of the Board of Directors. The Board of Directors has the exclusive power to select individuals to receive grants, to establish the terms of the options granted to each participant, provided that all options granted shall be granted at an exercise price equal to at least 85% of the fair market value of the common stock covered by the option on the grant date and to make all determinations necessary or advisable under the Plans.

The compensation costs recognized for the three months ended June 30, 2011 and 2010 were zero and $44,037, respectively, and were zero and $132,111 for the nine months then ended, respectively.  There were 25,000 and 5,000 stock option exercises for the nine months ended June 30, 2011 and 2010, respectively.  There were no stock option grants for the nine month periods ended June 30, 2011 and 2010.
Below is the summary of common stock options outstanding as of June 30, 2011:

(in thousands)
Employee and Director Stock Option Plan:
 
Options
Authorized
   
Options
Outstanding
   
Options
Vested
   
Available
for Grant
 
1999 Stock Option Plan
    1,500       535       535       35  
Stock Option Activity

The following is a summary of all stock option transactions for the nine months ended June 30, 2011:

(in thousands, except for per share
and year information)
 
Shares
   
Weighted
Average
Exercise Price
   
Weighted
Average
Remaining
Contractual
Term
(years)
   
Aggregate
Intrinsic
Value
 
Outstanding as of September 30, 2010
    565     $ 9.94              
Granted
    -       -              
Cancelled or expired
    (5)     6.75              
Exercised
    (25 )   $ 7.55              
Outstanding as of June 30, 2011
    535     $ 10.08       1.14     $ 0  
Options exercisable as of June 30, 2011
    535     $ 10.08       1.14     $ 0