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Stock Option Plan And Other Share-Based Compensation
 9 Months Ended
Jul. 31, 2012
Stock Option Plan And Other Share-Based Compensation [Abstract]  
Stock Option Plan And Other Share-Based Compensation

(2) Stock Option Plan and Other Share-Based Compensation

As of July 31, 2012, there were approximately 125,000 and 14,000 remaining shares available for grant under the Optical Cable Corporation 2011 Stock Incentive Plan and the Optical Cable Corporation 2005 Stock Incentive Plan, respectively.

Share-based compensation expense for employees and Non-employee Directors recognized in the condensed consolidated statements of income for the three months and nine months ended July 31, 2012 was $378,530 and $1,062,003, respectively, and for the three months and nine months ended July 31, 2011 was $171,492 and $644,197, respectively, and was entirely related to expense recognized in connection with the vesting of restricted stock awards.

Stock Option Awards

Prior to July 2002, employees and outside contractors were issued options to purchase common stock. Additionally, during 2002, non-employee members of the Company's Board of Directors were granted options to purchase shares of the Company's common stock. The exercise price equaled the market price of the Company's common stock on the date of grant. As of July 31, 2012, all unexercised option contracts issued by the Company have expired.

Stock option activity during the nine months ended July 31, 2012 is as follows:

          Weighted-
          average
        Weighted- remaining
  Number of     average contractual
  options     exercise price term (in years)
Outstanding and exercisable at October 31, 2011 131,388   $ 7.11 0.34
Forfeited (131,388 )   7.11 —
Outstanding and exercisable at July 31, 2012 —   $ — —

 

Restricted Stock Awards

The Company has granted, and anticipates granting from time to time, restricted stock awards subject to approval by the Compensation Committee of the Board of Directors.

In total, restricted stock award activity during the nine months ended July 31, 2012 consisted of restricted share grants totaling 444,157 shares (including grants to employees and to non-employee members of the Board of Directors), and 45,818 restricted shares withheld for taxes in connection with the vesting of restricted shares.

As of July 31, 2012, the maximum amount of compensation cost related to unvested equity-based compensation awards in the form of service-based and operational performance-based shares that the Company will have to recognize over a 3.4 year weighted-average period is approximately $2.0 million.