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Stock-Based Compensation | 12 Months Ended
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Sep. 30, 2019
Share Based Compensation [Abstract] |
Stock-Based Compensation | Note 10: Stock-Based Compensation From time to time, the Company grants stock options and restricted stock awards to directors, officers and employees. These awards are valued at the grant date by determining the fair value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the requisite service period. Stock Options The following table summarizes stock option activity for the years ended September 30, 2019 and 2018:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Intrinsic Value |
Outstanding at September 30, 2017 |  |  | 211,668 |  |  | $ | 13.19 |  |  |  | 3.47 |  |  | $ | 454,117 |
Granted |  |  | 20,000 |  |  |  | 32.24 |  |  |  | 9.02 |  |  |  |  |
Outstanding at September 30, 2018 |  |  | 231,668 |  |  | $ | 14.84 |  |  |  | 3.04 |  |  | $ | 162,500 |
Exercisable at September 30, 2018 |  |  | 175,000 |  |  | $ | 11.89 |  |  |  | 2.08 |  |  | $ | 162,500 |
Outstanding at September 30, 2018 |  |  | 231,668 |  |  | $ | 14.84 |  |  |  | 3.04 |  |  | $ | 162,500 |
Forfeited |  |  | (31,250 | ) |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2019 |  |  | 200,418 |  |  | $ | 16.05 |  |  |  | 2.40 |  |  | $ | 26,750 |
Exercisable at September 30, 2019 |  |  | 168,084 |  |  | $ | 13.92 |  |  |  | 1.44 |  |  | $ | 26,750 |
The Company recognized compensation expense of $142 and $227 during the years ended September 30, 2019 and 2018, respectively, related to stock option awards granted to certain employees and officers based on the grant date fair value of the awards, net of estimated forfeitures. No forfeitures are estimated. At September 30, 2019 the Company had $145, of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the Company expects will be recognized through December of 2021. The exercise price for stock options outstanding and exercisable at September 30, 2019 is as follows:
Outstanding |  |  | Exercisable |
Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |
Options |  |  | Price |  |  | Options |  |  | Price |
| 25,000 |  |  |  | 7.50 |  |  |  | 25,000 |  |  |  | 7.50 |
| 31,250 |  |  |  | 10.00 |  |  |  | 31,250 |  |  |  | 10.00 |
| 16,668 |  |  |  | 10.86 |  |  |  | 8,334 |  |  |  | 10.86 |
| 6,250 |  |  |  | 12.50 |  |  |  | 6,250 |  |  |  | 12.50 |
| 6,250 |  |  |  | 15.00 |  |  |  | 6,250 |  |  |  | 15.00 |
| 75,000 |  |  |  | 15.18 |  |  |  | 75,000 |  |  |  | 15.18 |
| 8,000 |  |  |  | 23.41 |  |  |  | 8,000 |  |  |  | 23.41 |
| 8,000 |  |  |  | 27.60 |  |  |  | 8,000 |  |  |  | 27.60 |
| 8,000 |  |  |  | 31.74 |  |  |  | — |  |  |  | — |
| 8,000 |  |  |  | 36.50 |  |  |  | — |  |  |  | — |
| 8,000 |  |  |  | 41.98 |  |  |  | — |  |  |  | — |
| 200,418 |  |  |  |  |  |  |  | 168,084 |  |  |  |  |
The following table summarizes information about the Company’s non-vested shares as of September 30, 2019:
|  |  |  |  |  | Average |
|  | Number of |  |  | Grant-Date |
Non-vested Shares |  | Shares |  |  | Fair Value |
Non-vested at September 30, 2018 |  |  | 48,501 |  |  | $ | 25.53 |
Vested |  |  | (12,167 | ) |  | $ | 21.87 |
Non-vested at September 30, 2019 |  |  | 36,334 |  |  | $ | 26.76 |
No stock options were granted during the year ended September 30, 2019. For stock options granted during September 30, 2018 where the exercise price equaled the stock price at the date of the grant, the weighted-average fair value of such options was $10.14, and the weighted-average exercise price of such options was $32.24. The assumptions used in calculating the fair value of stock options granted use the Black-Scholes option pricing model for options granted during September 30, 2018 are as follows:
Risk-free interest rate |  | 1.25% |
Expected life of the options |  | 5 and 10 years |
Expected volatility |  | 107% |
Expected dividend yield |  | 0% |

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