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Stock Incentive Plans and Other Share-Based Compensation
 9 Months Ended
Jul. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Incentive Plans and Other Share-Based Compensation
Stock Incentive Plans and Other Share-Based Compensation
On March 26, 2013, the Company's shareholders approved the Optical Cable Corporation Amended and Restated 2011 Stock Incentive Plan (“Amended 2011 Plan”) that was recommended for approval by the Company's Board of Directors. The Amended 2011 Plan reserves an additional 500,000 common shares of the Company for issuance under the Amended 2011 Plan and succeeds and replaces the Optical Cable Corporation 2005 Stock Incentive Plan (the “2005 Plan”). As of July 31, 2013, there were approximately 386,000 remaining shares available for grant under the Optical Cable Corporation Amended 2011 Plan.
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, 2013 was $170,971 and $802,643, respectively, and for the three months and nine months ended July 31, 2012 was $378,530 and $1,062,003, respectively, and was entirely related to expense recognized in connection with the vesting of restricted stock awards.
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.
During the three months ended July 31, 2013, restricted stock awards under the Amended 2011 Plan totaling 342,035 shares were approved by the Compensation Committee of the Board of Directors of the Company. Of the restricted stock awards granted, 171,025 are service-based shares which vest quarterly over approximately four years with the first vesting date occurring on July 31, 2013; and 171,010 shares are operational performance-based shares vesting over approximately six years beginning on January 31, 2015 based on the achievement of certain quantitative operational performance goals.
In total, restricted stock award activity during the nine months ended July 31, 2013 consisted of restricted share grants totaling 378,667 shares (including grants to employees and to non-employee members of the Board of Directors), and 80,906 restricted shares withheld for taxes in connection with the vesting of restricted shares.
As of July 31, 2013, 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 3.6 year weighted-average period is approximately $2.4 million.