Stock-Based Compensation

12 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

NOTE 11 – STOCK-BASED COMPENSATION

The Company maintains a stock-based compensation plan, which provides for the issuance of Company stock to certain directors, officers, key employees and affiliates.

On March 17, 2009, the shareholders of the Company approved the 2009 Incentive Compensation Plan (the “2009 Plan”). The 2009 Plan provides that the total number of shares of Company stock that may be subject to the granting of awards under the 2009 Plan (“Awards”) at any time during the term of the 2009 Plan shall be equal to 800,000 shares of common stock and 160,000 shares of Class B stock. The foregoing limit shall be increased, as provided for in the 2009 Plan. Persons eligible to receive Awards under the 2009 Plan include employees, directors, consultants and other persons who provide services to the Company. The 2009 Plan imposes individual limitations on the amount of certain Awards, in part, to comply with Internal Revenue Code, Section 162(m). The Awards can be in the form of stock options, restricted and deferred stock, performance awards and other stock-based awards, as provided for in the 2009 Plan.

As of September 30, 2019, all outstanding common stock options had been fully vested. These options amounted to 197,492 at September 30, 2019. As long as the employee remains employed by the Company, these options are exercisable through October 1, 2021.

As of September 30, 2019,

45,000

outstanding Class B stock options were fully vested and are exercisable through

October 1, 2021

as long as the employee remains employed by the Company. In addition,

30,000

outstanding Class B

stock

options were

% vested and are exercisable through

September 26, 2026

as long as the employee remains employed by the Company.

As of September 30, 2019, 482,000 shares of Company common stock and 100,000 shares of Class B stock are available for granting of Awards under the 2009 Plan.

The following table summarizes option activity under the 2009 Plan:


	Number of Shares			Average Exercise Price Per Share
Options outstanding at September 30, 2017		440,000		$	5.739
Options exercised during fiscal 2018		(122,508	)	$	5.104

Options outstanding at September 30, 2018		317,492		$	5.984
Options exercised during fiscal 2019		(45,000	)	$	5.126

Options outstanding at September 30, 2019		272,492		$	6.126

No options were granted, forfeited or cancelled during the year ended September 30, 2019. The weighted average remaining contractual life on the options outstanding as of September 30, 2019 is 2.5 years under the 2009 Plan.