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Stock-based Compensation | 9 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Stock-based Compensation | Note 12. Stock-based Compensation Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”) which provides for up to 1,250,000 common shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to stockholder value. The 2015 Plan was approved by the Company’s stockholders in February 2015. An amendment and restatement of the 2015 Plan was approved by the board of directors on December 17, 2024 and by shareholders on February 28, 2025 at the Company Annual Shareholders Meeting (the “Amended and Restated 2015 Plan”). The Amended and Restated 2015 Plan provides for grants to eligible participants in various forms including restricted shares of the Company’s common stock, restricted stock units and stock options. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service conditions. Non-vested restricted shares generally vest over requisite service periods of one to six years from the date of grant. The Company recognizes stock-based compensation expense for (i) Board of Directors fees (generally paid in treasury stock), and (ii) other awards under the Amended and Restated 2015 Plan (paid in restricted stock, stock options or Market-based Restricted Stock Units (“MRSUs”). Stock-based compensation expense is recognized in general and administrative expenses in the Condensed Consolidated Statements of Operations. Stock Compensation – Board of Directors The Board of Directors can either elect to receive stock compensation or cash for their fees for services provided. Stock-based compensation expense relating to the Board of Directors fees was $130 and $368 for the three and nine months ended June 30, 2025, respectively, and $118 and $375 for the three and nine months ended June 30, 2024. Stock Compensation - Employees Stock compensation expense related to employee awards were $65 and $191 for the three and nine months ended June 30, 2025, and $57 and $169 for the three and nine months ended June 30, 2024, respectively. Restricted Stock Awards (“RSAs”)
Restricted Stock Awards |  | Shares |  | Weighted- Average Grant Date Fair Value
Outstanding at September 30, 2024 |  | 17,500 |  | $ | 37.82 |
Vested |  | (8,750) |  | 37.82 |
Outstanding at June 30, 2025 (a) |  | 8,750 |  | $ | 37.82 |
a. The remaining contractual term is 0.5 years and the aggregate intrinsic value of RSAs expected to vest is $286. There was $46 and $150 of total unrecognized stock compensation costs related to unvested RSAs at June 30, 2025 and September 30, 2024, respectively. Stock Option Grants
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Vested and outstanding - June 30, 2025 | 38,000 |  | $ | 33.75 |  |  | 1.5 |  | —
No stock compensation expense related to stock options was recognized for the three and nine months ended June 30, 2025 or June 30, 2024, respectively. Market-based Restricted Stock Units On December 23, 2024, the Company granted MRSUs to one of its executives, which will be eligible to be earned if at any time prior to September 30, 2027, the average 30-day closing per share price of the Company’s Common Stock exceeds the applicable price per share thresholds set forth below:
Price Per Share Threshold |  | Number of MRSUs Earned
$35 per share |  | 5,000
$40 per share |  | 12,500
$45 per share |  | 20,500
The earned MRSUs will then be subject to time-based vesting on September 30, 2027, subject to continued service through such date. Stock compensation expense will be recognized ratably over the term of the award. The assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s MRSUs are as follows:
|  | Nine months ended
|  | June 30, 2025
Expected volatility of stock price |  | 33.14 | %
Risk-free interest rate |  | 4.26 | %
Expected term of awards (years) |  | 2.77
Dividend yield |  | 0.76 | %
Grant date stock price |  | $ | 26.15 |
Market-based Restricted Stock Units |  | Shares |  | Weighted- Average Grant Date Fair Value
Outstanding at September 30, 2024 |  | — |  |  | $ | — |
Granted |  | 38,000 |  | $ | 12.32 |
Vested |  | — |  |  | $ | — |
Forfeited |  | — |  |  | $ | — |
Outstanding at June 30, 2025 (a) |  | 38,000 |  | $ | 12.32 |
a. The weighted average remaining contractual term is 2.8 years and the aggregate intrinsic value of MRSUs expected to vest is $1,134. As of June 30, 2025 and September 30, 2024, total unrecognized stock compensation costs for MRSUs was $380 and $0, respectively. Forfeitures of RSAs, stock options and MRSUs are recognized as incurred. Total stock-based compensation expense for the three and nine months ended June 30, 2025, which was recognized in general and administrative expense, was $195 and $559, respectively, and $175 and $544 for the three and nine months ended June 30, 2024, respectively.

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