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Equity and Stock-Based Compensation | 3 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Equity and Stock-Based Compensation | 9. Equity and Stock-Based Compensation Stock-based compensation expense was $0.3 million and $0.2 million in the three months ended December 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 three months ended December 31, 2023:
|  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of period |  |  | 672,924 |  |  | $ | 8.76 |
Granted |  |  | 6,000 |  |  |  | 6.72 |
Exercised |  |  | (5,000 | ) |  |  | 5.67 |
Forfeited |  |  | (19,075 | ) |  |  | 10.09 |
Outstanding at end of period |  |  | 654,849 |  |  | $ | 8.73 |
Exercisable at end of period |  |  | 428,143 |  |  | $ | 8.53 |
Weighted average fair value of options granted during the period |  | $ | 3.50 |  |  |  |
The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:
|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Risk free interest rate |  |  | 4 | % |  |  | 4 | %
Expected term |  | 5 years |  |  | 5 years |
Dividend rate |  |  | — | % |  |  | — | %
Volatility |  |  | 56 | % |  |  | 56 | %
The following table summarizes our RSU activity during the three months ended December 31, 2023:
|  | Number |  |  | Weighted Average Grant Date Fair Value |
Nonvested at beginning of year |  |  | 75,977 |  |  | $ | 9.15 |
Granted |  |  | — |  |  |  | — |
Released |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested at end of period |  |  | 75,977 |  |  | $ | 9.15 |
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 December 31, 2023.

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