XML 34 R20.htm IDEA: XBRL DOCUMENT
v3.22.2.2

EQUITY-BASED INCENTIVE AWARDS | 12 Months Ended
--- | ---
Sep. 30, 2022
EQUITY-BASED INCENTIVE AWARDS |
EQUITY-BASED INCENTIVE AWARDS | 12. EQUITY-BASED INCENTIVE AWARDS: ​ Omnibus Plans ​ The Company has three equity-based incentive plans, the 2014 Omnibus Incentive Plan, the 2018 Omnibus Incentive Plan, and the 2022 Omnibus Incentive Plan (collectively “the Omnibus Plans”), which provide for equity incentives to employees. Each Omnibus Plan was designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plans together permit the issuance of up to 195,000 shares of the Company’s common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. At September 2022, awards with respect to a total of 111,420 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 83,580 shares may be awarded under the Omnibus Plans. ​ Stock Options ​ No incentive stock options awards were issued during fiscal 2022 or fiscal 2021. Stock options issued by the Company expire ten years from the grant date and include a five year graded vesting schedule. At September 2022, the Company had no stock options outstanding and no stock options which were exercisable. The following is a summary of stock option activity during fiscal 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | Number | ​ | Average
​ | ​ | of | ​ | Exercise
​ | ​ | Shares | ​ | Price
Outstanding at September 2021 |  | 22,250 | ​ | $ | 86.76
Granted |  | — | ​ | ​ | —
Exercised |  | (22,250) | ​ |  | 86.76
Forfeited/Expired |  | — | ​ |  | —
Outstanding at September 2022 |  | — | ​ | $ | —
​ Income from operations before income taxes included compensation expense related to the amortization of the Company’s stock option awards of $0.1 million during both fiscal 2022 and fiscal 2021. At September 2022, there was no unamortized compensation expense related to stock options. ​ The aggregate intrinsic value of stock options outstanding was approximately $1.1 million at September 2021. The aggregate intrinsic value of stock options exercisable was approximately $0.9 million at September 2021. The total intrinsic value of stock options exercised was approximately $2.7 million in fiscal 2022 and approximately $0.9 million in fiscal 2021. The total fair value of stock options vested was approximately $1.4 million during fiscal 2022 and approximately $0.7 million during fiscal 2021. Restricted Stock Units At September 2022, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Restricted Stock Units(1) |  | Restricted Stock Units(2)
Date of award: |  | ​ | October 2019 | ​ | ​ | October 2020
Original number of awards issued: |  | ​ | 14,550 | ​ | ​ | 20,500
Service period: |  | ​ | 36 months | ​ | ​ | 36 months
Estimated fair value of award at grant date: | ​ | $ | 1,007,000 | ​ | $ | 1,415,000
Non-vested awards outstanding at September 30, 2022: | ​ | ​ | 4,851 | ​ | ​ | 13,668
Fair value of non-vested awards at September 30, 2022 of approximately: | ​ | $ | 1,019,000 | ​ | $ | 2,870,000
(1) | 9,699 of the restricted stock units were vested as of September 2022. The remaining 4,851 restricted stock units will vest in October 2022.
(2) | 6,832 of the restricted stock units were vested as of September 2022. 6,834 restricted stock units will vest in October 2022 and 6,834 will vest in October 2023.
There is no direct cost to the recipients of the restricted stock units, except for any applicable taxes. The recipients of the restricted stock units are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The restricted stock units provide that the recipients can elect, at their option, to receive either common stock in the Company, or a cash settlement based upon the closing price of the Company’s shares, at the time of vesting. Based on these award provisions, the compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value based on the liability method under “ASC 718 – Compensation – Stock Compensation”. Income from operations before income taxes included compensation expense related to the amortization of the Company’s restricted stock unit awards of approximately $2.3 million during both fiscal 2022 and fiscal 2021. These amounts were recorded as accrued expenses in the Company’s Consolidated Balance Sheets at both September 2022 and September 2021. The tax benefit related to this compensation expense was approximately $0.6 million in both fiscal 2022 and fiscal 2021. The total intrinsic value of restricted stock units vested during fiscal 2022 and fiscal 2021 was approximately $3.5 million and $2.1 million, respectively. At September 2022, total unamortized compensation expense for these awards based on the grant date fair value price was approximately $1.4 million. This unamortized compensation expense, plus any changes in the fair value of the awards through the settlement date, are expected to be amortized over approximately the next 12 months (the weighted-average period). The following summarizes restricted stock unit activity under the Omnibus Plans during fiscal 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | Weighted
​ | ​ | of | ​ | Average
​ |  | Shares |  | Fair Value
Nonvested restricted stock units at September 2021 |  | 35,220 | ​ | $ | 148.98
Granted |  | — | ​ | ​ | —
Vested |  | (16,701) | ​ | ​ | 139.32
Expired |  | — | ​ | ​ | —
Nonvested restricted stock units at September 2022 |  | 18,519 | ​ | $ | 210.00
​ Restricted Stock Awards ​ At September 2022, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans: ​
​ | ​ | ​ | ​
​ |  | Restricted Stock Awards(1)
Date of award: |  | ​ | October 2021
Original number of awards issued: |  | ​ | 15,100
Service period: |  | ​ | 36 months
Estimated fair value of award at grant date: | ​ | $ | 2,088,934
Non-vested awards outstanding at September 30, 2022: | ​ | ​ | 15,100
Fair value of non-vested awards at September 30, 2022 of approximately: | ​ | $ | 3,171,000
(1) | The 15,100 restricted stock awards will vest in equal amounts in October 2022, October 2023 and October 2024.
There is no direct cost to the recipients of the restricted stock awards, except for any applicable taxes. The restricted stock awards provide that the recipients receive common stock in the Company, subject to certain restrictions until such time as the awards vest. The recipients of the restricted stock awards are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value. ​ The following summarizes restricted stock award activity under the Omnibus Plans during fiscal 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | Weighted
​ | ​ | of | ​ | Average
​ |  | Shares |  | Fair Value
Nonvested restricted stock awards at September 2021 |  | — | ​ | $ | —
Granted |  | 15,100 | ​ | ​ | 138.34
Vested |  | — | ​ | ​ | —
Expired |  | — | ​ | ​ | —
Nonvested restricted stock awards at September 2022 |  | 15,100 | ​ | $ | 210.00
​ Income from operations before income taxes included compensation expense related to the amortization of the Company’s restricted stock awards of approximately $0.7 million during fiscal 2022. At September 2022, total unamortized compensation expense related to restricted stock awards was approximately $1.4 million. This unamortized compensation expense is expected to be amortized over approximately the next 24 months.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + 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