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STOCK OPTIONS AND STOCK-BASED EMPLOYEE COMPENSATION
 6 Months Ended
Mar. 31, 2012
Stock Option and Stock Based Employee Compensation [Abstract]  
Stock Option and Stock Based Employee Compensation [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 was approved by the shareholders of the Company 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 March 31, 2012 and 2011 were $12,381 and zero, respectively, and were $20,635 and zero for the six months then ended, respectively. There were no stock option grants or exercises for the six months ended March 31, 2012 or 2011.

 

Stock Option Activity

 

The following is a summary of all stock option transactions for the six months ended March 31, 2012:

 

(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, 2011     520     $ 10.01                  
Granted     -       -                  
Cancelled or expired     -       -                  
Exercised     -       -                  
Outstanding as of March 31, 2012     520     $ 10.01       0.56     $ 0  
Options exercisable as of March 31, 2012     485     $ 10.21       0.50     $ 0