XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.23.3

Stock Based Incentive Compensation | 12 Months Ended
--- | ---
Sep. 30, 2023
Employee Stock Purchase Plan |
Stock Based Incentive Compensation | 14. Stock Based Incentive Compensation In 2015, the Company adopted the 2015 Stock Incentive Plan (the "2015 Plan") and authorized 300,000 shares of common stock to be reserved for issuance pursuant to the 2015 Plan. During fiscal year 2019 an additional 300,000 shares of common stock were authorized to be reserved for issuance pursuant to the 2015 Plan. During fiscal year 2022 an additional 400,000 shares of common stock were authorized to be reserved for issuance pursuant to the 2015 Plan. As of September 30, 2023, there were 245,404 shares available to be granted under the 2015 Plan. Under the 2015 Plan, incentive and non-qualified stock options and restricted stock awards may be granted to officers, key employees and other persons providing services to the Company. The 2015 Plan has a ten-year life. Awards issued under the 2015 Plan are not affected by termination of the plan. The Company had no awarded stock options outstanding as of September 30, 2023 nor did it issue any for the two years ended September 30, 2023. The Company issues restricted stock awards at their fair value on the date of grant. Vesting of restricted stock awards granted pursuant to the 2015 Plan is determined by the Company’s compensation committee. In fiscal years 2019 through 2023, the Company granted certain officers including its Chief Executive Officer and non-employee directors, and key employees shares of nonvested common stock. The vesting period for the officers’ and the Chief Executive Officer’s restricted stock awards is four years. The vesting for non-employee directors’ restricted stock awards is one year. The vesting period for the key employees’ restricted stock awards is typically four years or immediately. We measure and recognize compensation expense for all stock-based payment awards made to employees and directors including employee stock options and awards of nonvested stock based on estimated fair values, as described in Note 1 Summary of Significant Accounting Policies. Stock-based compensation expense incurred and recognized for the years ended September 30, 2023 and 2022 related to nonvested stock granted to employees and non-employee directors under the Company’s stock incentive and employee stock purchase plans totaled approximately $1.1 million and $1.0 million, respectively. The classification of the cost of stock-based compensation, in the consolidated statements of operations, is consistent with the nature of the services being rendered in exchange for the share-based payment. The following table summarizes stock-based compensation expense in the Company’s consolidated statements of operations:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022
​ | ​ | (Amounts in thousands)
Cost of sales | ​ | $ | 2 | ​ | $ | —
Engineering and development | ​ |  | 107 | ​ |  | 56
Selling, general and administrative | ​ |  | 1,018 | ​ |  | 923
Total | ​ | $ | 1,127 | ​ | $ | 979
​ For the year ended September 30, 2023, the Company granted 71,172 nonvested shares to certain key employees, 52,000 nonvested shares to certain officers including 35,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares to its non-employee directors. For the year ended September 30, 2022, the Company granted 80,246 nonvested shares to certain key employees, 52,000 nonvested shares to certain officers including 38,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares to its non-employee directors. The Company measures the fair value of nonvested stock awards based upon the market price of its common stock as of the date of grant. All equity compensation awards granted for the years ended September 30, 2023 and September 30, 2022 were restricted stock awards. As stock-based compensation expense recognized in the consolidated statements of operations is based on awards ultimately expected to vest, expense for grants have been reduced for estimated forfeitures. The forfeiture rates for the years ended September 30, 2023 and 2022 were based on actual forfeitures. No cash was used to settle equity instruments granted under share-base payment arrangements in any of the years in the two-year period ended September 30, 2023. The following tables provide summary data of stock option award activity:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Number | ​ | exercise | ​ | Contractual | ​ | Value
​ |  | of Options |  | price |  | Term |  | (in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at September 30, 2021 |  | 500 | ​ | $ | 3.43 |  | — |  | ​ | —
Granted |  | — | ​ |  | — |  | — |  | ​ | —
Expired |  | (500) | ​ | ​ | 3.43 |  | — |  | ​ | —
Forfeited |  | — | ​ |  | — |  | — |  | ​ | —
Exercised |  | — | ​ |  | — |  | — |  | ​ | —
Outstanding at September 30, 2022 |  | — | ​ | $ | — |  | — |  | ​ | —
Granted |  | — | ​ |  | — |  | — |  | ​ | —
Expired |  | — | ​ | ​ | — |  | — |  | ​ | —
Forfeited |  | — | ​ |  | — |  | — |  | ​ | —
Exercised |  | — | ​ |  | — |  | — | ​ | ​ | —
Outstanding at September 30, 2023 |  | — | ​ | $ | — |  | — | ​ | ​ | —
​ The following table provides summary data of nonvested stock award activity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Grant Date | ​ | Remaining | ​ | Intrinsic
​ | ​ | ​ | ​ | Fair | ​ | Contractual | ​ | Value
​ |  | Shares |  | Value |  | Term |  | (in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonvested shares outstanding at September 30, 2021 |  | 197,063 | ​ | $ | 10.28 |  | 2.15 Years | ​ | $ | 1,760
Activity in fiscal year 2022: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Granted |  | 152,246 | ​ | $ | 8.53 |  | — | ​ |  | —
Vested |  | (87,957) | ​ | $ | 10.57 |  | — | ​ |  | —
Forfeited |  | (1,564) | ​ | $ | 13.24 |  | — | ​ |  | —
Nonvested shares outstanding at September 30, 2022 |  | 259,788 | ​ | $ | 9.14 |  | 2.38 Years | ​ | $ | 1,868
Activity in fiscal year 2023: |  |  | ​ |  |  |  |  | ​ |  |
Granted |  | 143,172 | ​ | $ | 10.09 |  | — | ​ |  | —
Vested |  | (107,885) | ​ | $ | 9.36 |  | — | ​ |  | —
Nonvested shares outstanding at September 30, 2023 |  | 295,075 | ​ | $ | 9.53 |  | 2.33 Years | ​ | $ | 5,164
​ As of September 30, 2023, there was $2.0 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements (including nonvested stock awards) granted under the Company’s stock incentive plans. This cost is expected to be expensed over a weighted average period of approximately 2.57 years. The total fair value of shares vested during the years ended September 30, 2023 and 2022 was $1.0 million and $0.9 million, respectively.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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