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Stock Based Incentive Compensation | 12 Months Ended
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Sep. 30, 2024
Stock Based Incentive Compensation |
Stock Based Incentive Compensation | 15. Stock Based Incentive Compensation In 2015, the Company adopted the 2015 Stock Incentive Plan (the "2015 Plan") and authorized 600,000 (adjusted for stock split in fiscal year 2024, see Note 1 for details) shares of common stock to be reserved for issuance pursuant to the 2015 Plan. During fiscal year 2019 an additional 600,000 (adjusted for stock split in fiscal year 2024, see Note 1 for details) shares of common stock were authorized to be reserved for issuance pursuant to the 2015 Plan. During fiscal year 2023 an additional 800,000 (number of shares adjusted for stock split which occurred in fiscal year 2024, see Note 1 for details) shares of common stock were authorized to be reserved for issuance pursuant to the 2015 Plan. As of September 30, 2024, there were 192,434 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, 2024 or 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 2020 through 2024, 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 in the case of a sales commission for the ARIA cybersecurity products. We measure and recognize compensation expense for nonvested stock-based payment awards made to employees and directors based on the closing market price of our common stock as quoted on the Nasdaq Global Market on the date of grant over the requisite service period. The Company recognizes stock compensation expense, net of actual forfeitures. Stock-based compensation expense incurred and recognized for the years ended September 30, 2024 and 2023 related to nonvested stock granted to employees and non-employee directors under the Company’s stock incentive and employee stock purchase plans totaled approximately $1.6 million and $1.1 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,
​ |  | 2024 |  | 2023
​ | ​ | (Amounts in thousands)
Cost of sales | ​ | $ | 5 | ​ | $ | 2
Engineering and development | ​ |  | 190 | ​ |  | 107
Selling, general and administrative | ​ |  | 1,384 | ​ |  | 1,017
Total | ​ | $ | 1,579 | ​ | $ | 1,126
​ For the year ended September 30, 2024, the Company granted 161,000 nonvested shares to certain key employees, 104,000 nonvested shares to certain officers including 70,000 shares granted to the Chief Executive Officer, and 40,000 nonvested shares to its non-employee directors. For the year ended September 30, 2023, the Company granted 142,344 nonvested shares to certain key employees, 104,000 nonvested shares to certain officers including 70,000 shares granted to the Chief Executive Officer, and 40,000 nonvested shares to its non-employee directors. These numbers for the fiscal year 2023 were retroactively adjusted for the effects of a two for one stock split effected in the form of a 100% stock dividend (see Note 1 Summary of Significant Accounting Policies). 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, 2024. 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 of September 30, 2022 |  | 519,576 | ​ | $ | 4.57 |  | 2.38 Years | ​ | $ | 1,760
Activity in fiscal year 2023: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
Granted |  | 286,344 | ​ | $ | 5.05 |  | — | ​ |  | —
Vested |  | (215,770) | ​ | $ | 4.68 |  | — | ​ |  | —
Nonvested shares outstanding as of September 30, 2023 |  | 590,150 | ​ | $ | 4.77 |  | 2.33 Years | ​ | $ | 5,164
Activity in fiscal year 2024: |  |  | ​ |  | ​ |  |  | ​ |  |
Granted |  | 305,000 | ​ | $ | 9.75 |  | — | ​ |  | —
Vested |  | (237,175) | ​ | $ | 4.95 |  | — | ​ |  | —
Forfeited |  | (6,625) | ​ | $ | 6.58 |  | — | ​ |  | —
Nonvested shares outstanding as of September 30, 2024 |  | 651,350 | ​ | $ | 7.01 |  | 2.27 Years | ​ | $ | 8,461
​ As of September 30, 2024, there was $3.3 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements (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 2.72 years. The total fair value of shares vested during the years ended September 30, 2024 and 2023 was $1.2 million and $1.0 million, respectively.

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