XML 60 R40.htm IDEA: XBRL DOCUMENT
v3.23.3

Equity and Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Repurchase Plans | The following table summarizes information related to our stock repurchase plans, in thousands, except share and per share amounts:
Name of Stock Repurchase Plan | Date Approved by Board | Plan Term | Amount Authorized ($) |  | Amount Used for Repurchases ($) |  | Average Price Paid per Share ($) |  | Shares Repurchased (#) |  | Amount Available for Repurchases ($) |  | Plan Status | Fiscal Year of Repurchases |
2023 Stock Repurchase Plan | 2/7/2023 | 1 year |  | 5,000 |  |  | — |  |  | — |  |  | — |  |  | 5,000 |  | Open | NA |
2022 Stock Repurchase Plan | 2/10/2022 | 1 year |  | 5,000 |  |  | 1,400 |  | 9.78 |  |  | 143,430 |  |  | — |  | Expired |  | 2022 |
2021 Stock Repurchase Plan | 2/9/2021 | 1 year |  | 4,000 |  |  | 2,700 |  | 9.31 |  |  | 291,383 |  |  | — |  | Expired |  | 2022 |
Summary of Equity Compensation Plans | Equity compensation plans as of September 30, 2023 are summarized in the table below:
Name of Plan |  | Shares Authorized |  |  | Shares Available for Grant |  |  | Options Outstanding |  |  | Unvested RSUs Outstanding |  |  | Plan Expiration
2022 Plan |  |  | 1,000,000 |  |  |  | 558,268 |  |  |  | 340,750 |  |  |  | 75,977 |  |  | Mar. 2032
2007 Plan |  |  | 3,000,000 |  |  |  | — |  |  |  | 248,174 |  |  |  | — |  |  | Mar. 2024
Non-Employee Directors Stock Option Plan |  |  | 500,000 |  |  |  | — |  |  |  | 84,000 |  |  |  | — |  |  | Mar. 2024
|  |  |  |  |  | 558,268 |  |  |  | 672,924 |  |  |  | 75,977 |  |  |
Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model | We estimated 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,
|  | 2023 |  | 2022 |  | 2021
Risk free interest rate |  | 4% |  | 2% |  | 1%
Expected life |  | 5 Years |  | 5 years |  | 6 years
Dividend rate |  | 0% |  | 0% |  | 0%
Volatility |  | 56% |  | 57% |  | 58%
Summary of Stock Option Activity | The following table summarizes our stock option activity du ring 2023, 2022 and 2021:
|  | Years Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of period |  |  | 589,341 |  |  | $ | 8.06 |  |  |  | 608,269 |  |  | $ | 6.48 |  |  |  | 696,665 |  |  | $ | 7.00 |
Granted |  |  | 322,500 |  |  | $ | 9.04 |  |  |  | 135,500 |  |  | $ | 12.80 |  |  |  | 204,000 |  |  | $ | 6.25 |
Exercised |  |  | (168,318 | ) |  | $ | 6.01 |  |  |  | (124,475 | ) |  | $ | 5.78 |  |  |  | (241,320 | ) |  | $ | 6.40 |
Forfeited/expired |  |  | (70,599 | ) |  | $ | 10.73 |  |  |  | (29,953 | ) |  | $ | 6.92 |  |  |  | (51,076 | ) |  | $ | 13.01 |
Outstanding at end of period |  |  | 672,924 |  |  | $ | 8.76 |  |  |  | 589,341 |  |  | $ | 8.06 |  |  |  | 608,269 |  |  | $ | 6.48 |
Exercisable at end of period |  |  | 374,728 |  |  | $ | 8.25 |  |  |  | 358,343 |  |  | $ | 6.92 |  |  |  | 403,853 |  |  | $ | 6.87 |
Weighted average grant-date fair value of options granted during the period |  | $ | 4.73 |  |  |  |  |  | $ | 6.39 |  |  |  |  |  | $ | 3.33 |  |  |  |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes information for stock options outstanding and exercisable as of September 30, 2023:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Number Outstanding |  |  | Remaining Contractual Life (in years) |  |  | Weighted Average Exercise Price Per Share |  |  | Number Exercisable |  |  | Weighted Average Exercise Price Per Share |
$4.77-$5.26 |  |  | 71,183 |  |  |  | 5.07 |  |  | $ | 4.98 |  |  |  | 69,517 |  |  | $ | 4.97 |
$5.40-$5.52 |  |  | 17,550 |  |  |  | 4.18 |  |  | $ | 5.48 |  |  |  | 17,550 |  |  | $ | 5.48 |
$5.67-$5.67 |  |  | 71,791 |  |  |  | 7.13 |  |  | $ | 5.67 |  |  |  | 55,958 |  |  | $ | 5.67 |
$5.75-$8.82 |  |  | 111,250 |  |  |  | 7.54 |  |  | $ | 7.92 |  |  |  | 43,959 |  |  | $ | 7.01 |
$8.93-$8.93 |  |  | 5,000 |  |  |  | 9.66 |  |  | $ | 8.93 |  |  |  | — |  |  | $ | — |
$9.00-$9.00 |  |  | 150,000 |  |  |  | 9.87 |  |  | $ | 9.00 |  |  |  | 50,000 |  |  | $ | 9.00 |
$9.27-$9.27 |  |  | 90,500 |  |  |  | 9.17 |  |  | $ | 9.27 |  |  |  | 12,000 |  |  | $ | 9.27 |
$9.98-$10.22 |  |  | 80,000 |  |  |  | 3.28 |  |  | $ | 10.03 |  |  |  | 80,000 |  |  | $ | 10.03 |
$11.51-$11.51 |  |  | 12,000 |  |  |  | 7.48 |  |  | $ | 11.51 |  |  |  | 12,000 |  |  | $ | 11.51 |
$15.43-$15.43 |  |  | 63,650 |  |  |  | 8.07 |  |  | $ | 15.43 |  |  |  | 33,744 |  |  | $ | 15.43 |
$4.77-$15.43 |  |  | 672,924 |  |  |  | 7.44 |  |  | $ | 8.76 |  |  |  | 374,728 |  |  | $ | 8.25 |
Summary of RSU activity | The following table summarizes our RSU activity during the year ended September 30, 2023:
|  | Number |  |  | Weighted Average Grant Date Fair Value |  |  | Fair Value |  |
Nonvested at beginning of year |  |  | — |  |  | $ | — |  |  | $ | — |  |
Granted |  |  | 78,977 |  |  |  | 9.17 |  |  |  | 723,856 |  |
Vested |  |  | (3,000 | ) |  |  | 9.61 |  |  |  | 28,830 |  | (1)
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |
Nonvested at end of period |  |  | 75,977 |  |  | $ | 9.15 |  |  | $ | 578,945 |  | (2)
(1) The aggregate fair value of vested RSU's represent the total pre-tax fair value, based on the closing stock price on the day of vesting, which would have been received by holders of RSU's had all such holders sold their underlying shares on that date. (2) The aggregate fair value of the nonvested RSU's and represents the total pre-tax fair value, based on our closing stock price of $7.62 as of September 29, 2023, the last trading day of our fiscal year, which would have been received by holders of RSU's had all such holders sold their underlying shares on that date.

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

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-4 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481549/505-30-45-1 + Details
Name: | us-gaap_ScheduleOfTreasuryStockByClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration