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Stock-Based Compensation
 12 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

J. Stock-Based Compensation

 

In 2010, the Company’s Board of Directors approved the 2010 Stock Option Plan (the “2010 Plan”). The 2010 Plan was approved by the shareholders of the Company at the 2011 Annual Meeting of Stockholders. At the 2012 Annual Meeting of Stockholders, shareholders approved amending the 2010 Plan to increase the maximum aggregate number of shares of common stock that may be optioned and sold from 500,000 to 800,000. The options granted under the Plans may be either incentive stock options or non-qualified options. The 2010 Plan is 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 not less than 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 2010 Plan. There were no options outstanding as of September 30, 2016 or 2015.

 

In July 2014, the Company granted to an executive officer and an officer of a subsidiary an aggregate total of 96,325 shares of restricted stock. The total grant date fair value of all of these awards was $963,000 and vest in two years. Restricted stock awards are awards of common stock that are subject the restrictions on transfer and to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. Forfeitures are recognized as a reversal of expense of any unvested amounts in the period incurred.

 

The following table reflects the restricted stock activity for the fiscal year ended September 30, 2016 (shares in thousands):

 

          Weighted  
          Average  
    Number of     Grant Date  
    Shares     Fair Value  
Restricted stock at September 30, 2015     96,325     $ 10.21  
Vested     (96,325 )   $ 10.21  
Restricted stock at September 30, 2016     -          

 

During fiscal 2016, the total intrinsic value of restricted stock that vested was $1.0 million.

 

The following table summarizes the stock-based compensation expense recorded during the last three fiscal years (in thousands):

 

    For the Year Ended September 30,  
    2016     2015     2014  
Restricted stock   $ 360     $ 480     $ 123  
Stock options     -       -       159  
Total stock-based compensation expense   $ 360     $ 480     $ 282  

 

As of September 30, 2016, the Company had no remaining unrecognized stock-based compensation expense and had no shares available for future grants under its equity plans.