XML 37 R20.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Stockholders’ Equity | 12 Months Ended
--- | ---
Sep. 30, 2017
Stockholders Equity Note [Abstract] |
Stockholders’ Equity | 13. Stockholders’ Equity In September 1997, the board of directors and stockholders approved the 1997 Key Employee Stock Option Plan (as amended the “1997 Plan”) and, following amendments thereto, there has been reserved an aggregate of 2,250,000 shares of common stock for issuance thereunder. The1997 Plan expired in November 2017. In February 2014, the board of directors and stockholders approved the 2014 Long Term Incentive Plan (the “2014 Plan”), which replaced the 1997 Plan. Under the 2014 Plan, an aggregate of 1,500,000 shares of common stock may be issued. The Company is authorized to issue nonqualified and incentive stock options to purchase common stock and restricted stock awards of common stock to key employees, directors and consultants under the 2014 Plan. Options have a term not to exceed ten years, with the exception of incentive stock options granted to employees owning ten percent or more of the outstanding shares of common stock, which have a term not to exceed five years. The exercise price of any option may not be less than the fair market value of the common stock on the date of grant. In the case of incentive stock options granted to an employee owning ten percent or more of the outstanding shares of common stock, the exercise price of such option may not be less than 110% of the fair market value of the common stock on the date of grant. Under the 2014 Plan, the Company may issue shares of restricted stock to employees for no payment by the employee or for a payment below the fair market value on the date of grant. The restricted stock is subject to certain restrictions described in the 2014 Plan. At September 30, 2017, an aggregate of 923,175 shares of common stock were available for issuance under the 2014 Plan. No shares of common stock were available for issuance under the 1997 Plan. The following table summarizes the combined activity under the equity incentive plans for the indicated periods:
|  | Number of Nonqualified Options Outstanding |  |  | Weighted Average Exercise Price per Share |  |  | Number of Restricted Stock Awards |  |  | Weighted Average Grant-date Fair Value per Share |
Outstanding at October 1, 2014 |  |  | 89,700 |  |  | $ | 17.27 |  |  |  | 189,000 |  |  | $ | 95.03 |
Granted |  |  | — |  |  |  | — |  |  |  | 3,000 |  |  |  | 19.13 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | (2,500 | ) |  |  | 98.68 |
Vested |  |  | — |  |  |  | — |  |  |  | (47,000 | ) |  |  | 95.02 |
Outstanding at September 30, 2015 |  |  | 89,700 |  |  |  | 17.27 |  |  |  | 142,500 |  |  |  | 93.80 |
Granted |  |  | 69,300 |  |  |  | 14.87 |  |  |  | 182,400 |  |  |  | 14.84 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | (2,250 | ) |  |  | 77.33 |
Vested |  |  | — |  |  |  | — |  |  |  | (49,000 | ) |  |  | 90.73 |
Outstanding at September 30, 2016 |  |  | 159,000 |  |  |  | 16.23 |  |  |  | 273,650 |  |  |  | 39.98 |
Granted |  |  | 51,300 |  |  |  | 21.42 |  |  |  | 109,500 |  |  |  | 21.12 |
Exercised |  |  | (4,000 | ) |  |  | 8.78 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (4,500 | ) |  |  | 26.48 |  |  |  | (3,250 | ) |  |  | 28.73 |
Vested |  |  | — |  |  |  | — |  |  |  | (91,100 | ) |  |  | 22.02 |
Outstanding at September 30, 2017 |  |  | 201,800 |  |  | $ | 17.47 |  |  |  | 288,800 |  |  | $ | 28.92 |
During fiscal year 2017, the Company issued 109,500 shares of restricted stock under the 2014 Plan. The weighted average grant date fair value of the restricted stock was $21.12 per share. The grant date fair value of these awards was $2.3 million, which will be charged to expense over the next four years as the restrictions lapse. Compensation expense for restricted stock awards was determined based on the closing market price of the Company’s stock on the date of grant applied to the total number of shares that are anticipated to fully vest. Recipients of restricted stock awards are entitled to vote such shares and are entitled to dividends, if paid. During fiscal year 2017, the Company also issued 51,300 nonqualified stock options under the Plan. The options issued are based upon three tiers, each with separate service based vesting conditions and market conditions that affect exercisability. The market based conditions are based on achieving a specified market return on the Company’s stock price. Compensation expense for the nonqualified stock option awards was determined based on a Monte Carlo simulation, which incorporates the possibility that the market conditions may not be satisfied. The weighted average grant date fair value of the options issued was determined to be $9.35 per option. The requisite service period of the options issued ranges from 18 to 36 months. The restricted stock outstanding at September 30, 2017, 2016 and 2015 was issued from the 2014 Plan. The stock options outstanding at September 30, 2015 were issued under the 1997 Plan. The stock options granted during fiscal year 2017 and 2016 were issued under the 2014 Plan. All stock options outstanding represent nonqualified options. The total intrinsic value of nonqualified stock options exercised during fiscal year 2017 was $45,000. No nonqualified stock options were exercised during fiscal years 2016 and 2015. The following table summarizes information about stock options outstanding and exercisable at September 30, 2017:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Shares |  |  | Weighted Average Remaining Term (in years) |  |  | Weighted Average Exercise Price |  |  | Intrinsic Value |  |  | Shares |  |  | Weighted Average Remaining Term (in years) |  |  | Weighted Average Exercise Price |  |  | Intrinsic Value |
$8.78 to $8.78 |  |  | 34,200 |  |  |  | 1.2 |  |  | $ | 8.78 |  |  | $ | 309,168 |  |  |  | 34,200 |  |  |  | 1.2 |  |  | $ | 8.78 |  |  | $ | 309,168 |
$14.87 to $14.87 |  |  | 69,300 |  |  |  | 8.1 |  |  |  | 14.87 |  |  |  | 204,435 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
$21.42 to $26.48 |  |  | 98,300 |  |  |  | 6.0 |  |  |  | 22.32 |  |  |  | — |  |  |  | 47,000 |  |  |  | 2.5 |  |  |  | 23.30 |  |  |  | — |
|  |  | 201,800 |  |  |  | 5.9 |  |  | $ | 17.47 |  |  | $ | 513,603 |  |  |  | 81,200 |  |  |  | 3.3 |  |  | $ | 17.18 |  |  | $ | 309,168 |
The Company recognized $5.7 million, $5.2 million and $4.5 million of stock-based compensation expense for the fiscal years ended September 30, 2017, 2016 and 2015, respectively. As of September 30, 2017, the Company had unrecognized compensation expense of $3.7 million relating to restricted stock awards. This unrecognized compensation expense is expected to be recognized over a weighted average period of 2.6 years. In addition, the Company had $0.4 million of unrecognized compensation expense related to nonqualified stock option awards which is expected to be recognized over a weighted average period of 1.3 years.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration