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Equity and Stock-Based Compensation | 12 Months Ended
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Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Equity and Stock-Based Compensation | Equity and Stock-Based Compensation 2017 Equity Offering On August 18, 2017, we entered into an Underwriting Agreement with Roth Capital Partners, LLC, as underwriter (the “Underwriter”), relating to a firm commitment underwritten offering (the “Offering”) of 1,055,000 shares of our common stock at a price of $9.50 per share, and granted the Underwriter an option to purchase up to 158,250 additional shares (the “Over-Allotment Option”) of our common stock to cover over-allotments, if any. On August 23, 2017, we and the Underwriter closed the Offering and the Underwriter exercised its Over-Allotment Option at the closing. As a result, we issued a total of 1,213,250 shares of our common stock at a price of $9.50 per share. We received net proceeds of approximately $10.6 million from the Offering. We plan to use the net proceeds of the Offering for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions. 2018 Stock Repurchase Plan On March 28, 2018, we announced that our Board approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock over a one-year period, commencing on April 2, 2018. During the year ended September 30, 2018, we completed our repurchase program and repurchased 771,149 shares of our common stock on the open market at a total cost of approximately $4.0 million (an average price of $5.19 per share). All shares repurchased during the year ended September 30, 2018, have been retired. Stock-Based Compensation Expense Stock-based compensation expenses of $0.9 million, $1.3 million and $1.4 million for 2018, 2017 and 2016, respectively, are included in selling, general and administrative expenses. As of September 30, 2018, total compensation cost related to non-vested stock options not yet recognized is $0.3 million, which is expected to be recognized over the next 0.82 years on a weighted-average basis. Amtech Equity Compensation Plans The 2007 Employee Stock Incentive Plan (the “2007 Plan), under which 500,000 shares could be granted, was adopted by our Board of Directors in April 2007, and approved by the shareholders in May 2007. The 2007 Plan was amended in 2009, 2014 and 2015 to add 2,500,000 shares. The Non-Employee Directors Stock Option Plan was approved by the shareholders in 1996 for issuance of up to 100,000 shares of common stock to directors. The Non-Employee Directors Stock Option Plan was amended in 2005, 2009 and 2014 to add 400,000 shares. Equity compensation plans as of September 30, 2018 are summarized in the table below:
Name of Plan |  | Shares Authorized |  | Shares Available |  | Options Outstanding |  | Plan Expiration
2007 Employee Stock Incentive Plan |  | 3,000,000 |  |  | 739,561 |  |  | 1,042,407 |  |  | Mar. 2020
Non-Employee Directors Stock Option Plan |  | 500,000 |  |  | 88,600 |  |  | 206,351 |  |  | Mar. 2020
|  |  |  |  | 828,161 |  |  | 1,248,758 |  |  |
Stock Options Stock options issued under the terms of the plans have, or will have, an exercise price equal to or greater than the fair market value of the common stock at the date of the option grant and expire no later than 10 years from the date of grant, with the most recent grant expiring in 2028. Options issued under the plans vest over 6 months to 4 years. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions:
| Years Ended September 30,
| 2018 |  | 2017 |  | 2016
Risk free interest rate | 3% |  | 2% |  | 2%
Expected life | 6 years |  | 6 years |  | 6 years
Dividend rate | 0% |  | 0% |  | 0%
Volatility | 59% |  | 63% |  | 63%
Stock option transactions and the options outstanding are summarized as follows:
| Years Ended September 30,
| 2018 |  | 2017 |  | 2016
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Outstanding at beginning of period | 1,560,441 |  |  | $ | 7.95 |  |  | 1,841,567 |  |  | $ | 8.15 |  |  | 1,627,477 |  |  | $ | 9.11 |
Granted | 44,000 |  |  | 7.40 |  |  | 145,000 |  |  | 5.23 |  |  | 360,075 |  |  | 5.25 |
Exercised | (277,154 | ) |  | 6.71 |  |  | (317,986 | ) |  | 6.30 |  |  | (15,346 | ) |  | 3.28 |
Forfeited/expired | (78,529 | ) |  | 16.12 |  |  | (108,140 | ) |  | 12.71 |  |  | (130,639 | ) |  | 12.86 |
Outstanding at end of period | 1,248,758 |  |  | $ | 7.69 |  |  | 1,560,441 |  |  | $ | 7.95 |  |  | 1,841,567 |  |  | $ | 8.15 |
Exercisable at end of period | 1,014,300 |  |  | $ | 7.93 |  |  | 1,055,865 |  |  | $ | 8.58 |  |  | 1,127,611 |  |  | $ | 8.92 |
Weighted average grant-date fair value of options granted during the period | $ | 4.20 |  |  |  |  | $ | 3.04 |  |  |  |  | $ | 3.03 |  |  |
The following table summarizes information for stock options outstanding and exercisable as of September 30, 2018:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding |  | Remaining Contractual Life |  | Weighted Average Exercise Price Per Share |  | Number Exercisable |  | Weighted Average Exercise Price Per Share
|  |  |  | (in years) |  |  |  |  |  |
2.95-5.07 |  | 173,154 |  |  | 5.76 |  | $ | 3.99 |  |  | 112,321 |  |  | $ | 3.45 |
5.20-5.20 |  | 990 |  |  | 0.96 |  | 5.20 |  |  | 990 |  |  | 5.20 |
5.25-5.25 |  | 204,524 |  |  | 6.93 |  | 5.25 |  |  | 137,024 |  |  | 5.25 |
5.40-6.15 |  | 79,319 |  |  | 4.95 |  | 5.91 |  |  | 71,819 |  |  | 5.93 |
7.01-7.01 |  | 160,225 |  |  | 4.74 |  | 7.01 |  |  | 160,225 |  |  | 7.01 |
7.15-7.87 |  | 68,315 |  |  | 7.19 |  | 7.50 |  |  | 24,315 |  |  | 7.69 |
7.98-7.98 |  | 186,533 |  |  | 3.05 |  | 7.98 |  |  | 186,533 |  |  | 7.98 |
8.20-9.94 |  | 21,191 |  |  | 3.21 |  | 9.31 |  |  | 17,441 |  |  | 9.55 |
9.98-9.98 |  | 228,300 |  |  | 5.81 |  | 9.98 |  |  | 177,425 |  |  | 9.98 |
10.50-22.26 |  | 126,207 |  |  | 2.12 |  | 13.99 |  |  | 126,207 |  |  | 13.99 |
|  | 1,248,758 |  |  | 5.03 |  | $ | 7.69 |  |  | 1,014,300 |  |  | $ | 7.93 |
The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2018 were $253,000 and $225,000, respectively, which represents the total pretax intrinsic value, based on our closing stock price of $5.34 per share as of September 28, 2018, the last business day of our fiscal year, which would have been received by the option holders had all option holders exercised their options as of that date. The total intrinsic value of stock options exercised during the fiscal years ended September 30, 2018, 2017 and 2016 was $1.2 million, $1.1 million and less than $0.1 million, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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