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Common Stock and Options (Tables) | 12 Months Ended
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Sep. 30, 2019
Equity [Abstract] |
Summary of status of nonvested shares and stock option activity | The following table represents a summary of the Company’s stock option activity:
|  |  |  |  | Weighted Average |  |
|  |  | Weighted |  | Remaining |  | Aggregate
| Number of |  | Average Exercise |  | Contractual Term |  | Intrinsic
| Options |  | Price |  | (years) |  | Value
Balance - September 30, 2017 | 750,000 |  |  | $ | 27.15 |  |  | 2.58 |  |  | — |
Granted during fiscal year 2018 | 300,000 |  |  | 33.60 |  |  | 3.25 |  |  | — |
Forfeitures/expired in fiscal year 2018 | (375,000 | ) |  | 27.15 |  |  | 1.86 |  |  | — |
Exercised during fiscal year 2018 | — |  |  | — |  |  | — |  |  | — |
Balance - September 30, 2018 | 675,000 |  |  | 30.02 |  |  | 2.22 |  |  | — |
Granted during fiscal year 2019 | 10,000 |  |  | 33.34 |  |  | 2.25 |  |  | — |
Forfeitures/expired in fiscal year 2019 | (457,500 | ) |  | 29.37 |  |  | 1.78 |  |  | — |
Exercised during fiscal year 2019 | — |  |  | — |  |  | — |  |  | — |
Balance - September 30, 2019 | 227,500 |  |  | $ | 31.46 |  |  | 1.22 |  |  | — |
The following table represents a summary of the status of the Company’s nonvested shares:
Nonvested Shares | Shares |  |  | Weighted-Average Grant Date Fair Value
Nonvested Shares at September 30, 2016 | 10,267 |  |  | $ | 49.49 |
Granted during fiscal year 2017 | — |  |  | — |
Vested during fiscal year 2017 | (4,933 | ) |  | 49.58 |
Forfeited during fiscal year 2017 | — |  |  | — |
Nonvested Shares at September 30, 2017 | 5,334 |  |  | 49.39 |
Granted during fiscal year 2018 | 5,000 |  |  | 31.95 |
Vested during fiscal year 2018 | (3,001 | ) |  | 39.70 |
Forfeited during fiscal year 2018 | — |  |  | — |
Nonvested Shares at September 30, 2018 | 7,333 |  |  | 41.46 |
Granted during fiscal year 2019 | — |  |  | — |
Vested during fiscal year 2019 | (1,667 | ) |  | 31.95 |
Forfeited during fiscal year 2019 | — |  |  | — |
Nonvested Shares at September 30, 2019 | 5,666 |  |  | $ | 44.26 |
Schedule of stock options using valuation assumptions | The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from different timeframes for the various market conditions being met. 2019 Modified Option Grant
Expected Volatility | 25.0 | %
Expected Term (in years) | 1.50 |
Risk Free Rate | 2.52 | %
The weighted-average grant-date fair value of the 2019 Modified Option Grant was $1.40. 2019 Option Grants
Expected Volatility | 30.0 | %
Expected Term (in years) | 4.09 |
Risk Free Rate | 2.95 | %
2018 Option Grants
Expected Volatility | 30.0 | %
Expected Term (in years) | 3.32 |
Risk Free Rate | 2.80 | %
2016 Option Grants
Expected Volatility | 32.2 | %
Expected Term (in years) | 2.6 - 4.0 |
Risk Free Rate | 2.45 | %

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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