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Shareholders' Equity and Stock-Based Compensation

12 Months Ended

Sep. 30, 2021

Equity [Abstract]

Shareholders' Equity and Stock-Based Compensation

NOTE 11 – SHAREHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

Shareholders’ Equity

Under the Company’s Certificate of Incorporation, as amended, certain rights of the holders of the Company’s common stock are modified by shares of Class B stock for as long as such shares shall remain outstanding. During that period, holders of common stock will have the right to elect approximately 25% of the Company’s Board of Directors, and conversely, holders of Class B stock will be entitled to elect approximately 75% of the Company’s Board of Directors. During the period when shares of common stock and Class B stock are outstanding, certain matters submitted to a vote of shareholders will also require approval of the holders of common stock and Class B stock, each voting separately as a class. Common stock and Class B shareholders have equal rights with respect to dividends, preferences, and rights, including rights in liquidation.

Stock-Based Compensation

On March 17, 2009, the shareholders of the Company approved the 2009 Incentive Compensation Plan (the “2009 Plan”).

As of September 30, 2021 and 2020, all outstanding common stock options issued under the 2009 Plan were fully vested. All remaining unexercised, outstanding common stock options issued under the 2009 Plan expired as of September 30, 2021.

As of September 30, 2021 and 2020, 45,000 outstanding Class B stock options issued under the 2009 Plan were fully vested. These options expired as of September 30, 2021. In addition, 30,000 outstanding Class B stock options issued under the 2009 Plan were fully vested at September 30, 2021, and remain exercisable through September 26, 2026 as long as the employee remains employed by the Company (however, refer to Subsequent Events under Note 1 – Nature of Operations and Summary of Significant Accounting Policies).

As of September 30, 2021, no options were 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, 2019			272,492			$	6.126
Options exercised during fiscal 2020			(20,000	)		$	5.126
Options outstanding at September 30, 2020			252,492			$	6.205
Options exercised during fiscal 2021			(51,508	)		$	5.126
Options expired on September 30, 2021			(170,984	)		$	5.623
Options outstanding at September 30, 2021			30,000			$	11.380

No options were granted, forfeited or cancelled during the years ended September 30, 2021 or September 30, 2020. The weighted average remaining contractual life on the options outstanding as of September 30, 2021 is 5.0 years under the 2009 Plan (however, refer to Subsequent Events under Note 1 – Nature of Operations and Summary of Significant Accounting Policies).

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

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