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Equity and Stock-Based Compensation (Tables) | 12 Months Ended
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Sep. 30, 2024
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 |  |  | — |  |  | — |  |  | — |  |  | — |  | Expired | 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, 2024 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 |  |  |  | 22,871 |  |  |  | 851,250 |  |  |  | 24,897 |  |  | Mar. 2032
2007 Plan |  |  | 3,000,000 |  |  |  | — |  |  |  | 151,766 |  |  |  | — |  |  | Mar. 2024
Non-Employee Directors Stock Option Plan |  |  | 500,000 |  |  |  | — |  |  |  | 84,000 |  |  |  | — |  |  | Mar. 2024
|  |  |  |  |  | 22,871 |  |  |  | 1,087,016 |  |  |  | 24,897 |  |  |
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,
|  | 2024 |  | 2023 |  | 2022
Risk free interest rate |  | 4% |  | 4% |  | 2%
Expected life |  | 5 years |  | 5 years |  | 5 years
Dividend rate |  | 0% |  | 0% |  | 0%
Volatility |  | 60% |  | 56% |  | 57%
Summary of Stock Option Activity | The following table summarizes our stock option activity:
|  | Years Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of period |  |  | 672,924 |  |  | $ | 8.76 |  |  |  | 589,341 |  |  | $ | 8.06 |  |  |  | 608,269 |  |  | $ | 6.48 |
Granted |  |  | 620,500 |  |  | $ | 5.66 |  |  |  | 322,500 |  |  | $ | 9.04 |  |  |  | 135,500 |  |  | $ | 12.80 |
Exercised |  |  | (15,000 | ) |  | $ | 5.67 |  |  |  | (168,318 | ) |  | $ | 6.01 |  |  |  | (124,475 | ) |  | $ | 5.78 |
Forfeited/expired |  |  | (191,408 | ) |  | $ | 9.12 |  |  |  | (70,599 | ) |  | $ | 10.73 |  |  |  | (29,953 | ) |  | $ | 6.92 |
Outstanding at end of period |  |  | 1,087,016 |  |  | $ | 6.97 |  |  |  | 672,924 |  |  | $ | 8.76 |  |  |  | 589,341 |  |  | $ | 8.06 |
Exercisable at end of period |  |  | 532,185 |  |  | $ | 7.64 |  |  |  | 374,728 |  |  | $ | 8.25 |  |  |  | 358,343 |  |  | $ | 6.92 |
Weighted average grant-date fair value of options granted during the period |  | $ | 2.50 |  |  |  |  |  | $ | 4.73 |  |  |  |  |  | $ | 6.39 |  |  |  |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes information for stock options outstanding and exercisable as of September 30, 2024:
|  | 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 |
$4.32-$4.70 |  |  | 8,000 |  |  |  | 9.41 |  |  | $ | 4.51 |  |  |  | — |  |  | $ | — |
$4.73-$4.73 |  |  | 109,500 |  |  |  | 9.45 |  |  | $ | 4.73 |  |  |  | — |  |  | $ | — |
$4.77-$5.52 |  |  | 118,233 |  |  |  | 4.62 |  |  | $ | 5.15 |  |  |  | 88,233 |  |  | $ | 5.08 |
$5.67-$5.91 |  |  | 93,541 |  |  |  | 5.88 |  |  | $ | 5.76 |  |  |  | 63,541 |  |  | $ | 5.69 |
$6.00-$6.00 |  |  | 400,000 |  |  |  | 4.42 |  |  | $ | 6.00 |  |  |  | 133,334 |  |  | $ | 6.00 |
$6.58-$8.82 |  |  | 81,750 |  |  |  | 6.87 |  |  | $ | 8.21 |  |  |  | 52,250 |  |  | $ | 8.06 |
$9.00-$9.00 |  |  | 150,000 |  |  |  | 8.87 |  |  | $ | 9.00 |  |  |  | 100,001 |  |  | $ | 9.00 |
$9.27-$10.22 |  |  | 76,000 |  |  |  | 7.26 |  |  | $ | 9.61 |  |  |  | 50,167 |  |  | $ | 9.78 |
$11.51-$11.51 |  |  | 12,000 |  |  |  | 6.48 |  |  | $ | 11.51 |  |  |  | 12,000 |  |  | $ | 11.51 |
$15.43-$15.43 |  |  | 37,992 |  |  |  | 5.90 |  |  | $ | 15.43 |  |  |  | 32,659 |  |  | $ | 15.43 |
$4.32-$15.43 |  |  | 1,087,016 |  |  |  | 6.18 |  |  | $ | 6.97 |  |  |  | 532,185 |  |  | $ | 7.64 |
Summary of RSU activity | The following table summarizes our RSU activity during the year ended September 30, 2024:
|  | Number |  |  | Weighted Average Grant Date Fair Value |  |  | Fair Value |  |
Nonvested at beginning of year |  |  | 75,977 |  |  | $ | 9.15 |  |  |  |  |
Granted |  |  | 24,897 |  |  |  | 4.82 |  |  |  | 120,004 |  |
Vested, including shares withheld to cover taxes |  |  | (75,977 | ) |  |  | 9.15 |  |  |  | 695,022 |  | (1)
Forfeited |  |  | — |  |  |  | — |  |  |  |  |
Nonvested at end of period |  |  | 24,897 |  |  | $ | 4.82 |  |  | $ | 144,403 |  | (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 $5.80 as of September 30, 2024, 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.

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