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Equity and Stock-Based Compensation | 6 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Equity and Stock-Based Compensation | 8. Equity and Stock-Based Compensation Stock-based compensation expense was $0.2 million and $0.1 million in the three months ended March 31, 2023 and 2022, respectively, and $0.3 million and $0.2 million in the six months ended March 31, 2023 and 2022, respectively. Stock-based compensation expense is included in selling, general and administrative expenses. The following table summarizes our stock option activity during the six months ended March 31, 2023:
|  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of period |  |  | 589,341 |  |  | $ | 8.06 |
Granted |  |  | 111,500 |  |  |  | 9.27 |
Exercised |  |  | (21,675 | ) |  |  | 5.01 |
Forfeited |  |  | (23,000 | ) |  |  | 10.81 |
Outstanding at end of period |  |  | 656,166 |  |  | $ | 8.27 |
Exercisable at end of period |  |  | 451,421 |  |  | $ | 7.52 |
Weighted average fair value of options granted during the period |  | $ | 4.81 |  |  |  |
The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:
|  | Six Months Ended March 31, 2023 |  |  | Six Months Ended March 31, 2022 |
Risk free interest rate |  |  | 4 | % |  |  | 1 | %
Expected term |  | 5 years |  |  | 5 years |
Dividend rate |  |  | — | % |  |  | — | %
Volatility |  |  | 56 | % |  |  | 57 | %
The following table summarizes our RSU activity during the six months ended March 31, 2023:
|  | Number |  |  | Weighted Average Grant Date Fair Value |
Nonvested at beginning of year |  |  | — |  |  | $ | — |
Granted |  |  | 23,421 |  |  |  | 9.56 |
Released |  |  | (3,000 | ) |  |  | 9.61 |
Forfeited |  |  | — |  |  |  | — |
Nonvested at end of period |  |  | 20,421 |  |  | $ | 9.55 |
2023 Stock Repurchase Plan On February 7, 2023, our Board of Directors (the “Board”) approved a stock repurchase program, pursuant to which we may repurchase up to $5 million of our outstanding Common Stock over a one-year period, commencing on February 10, 2023. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the Securities and Exchange Commission; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on our stock price and other market conditions. We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. There were no repurchases during the quarter ended March 31, 2023. 2022 Stock Repurchase Plan On February 10, 2022, the Board approved a new stock repurchase program, pursuant to which we may repurchase up to $5 million of our outstanding Common Stock over a one-year period, commencing on February 16, 2022. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on our stock price and other market conditions. We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. During the quarter ended March 31, 2022, we repurchased 143,430 shares of our Common Stock on the open market at a total cost of approximately $1.4 million (an average price of $9.78 per share). All repurchased shares have been retired. The term of this repurchase program expired during the quarter ended March 31, 2023.

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