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STOCK-BASED COMPENSATION | 3 Months Ended
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Dec. 31, 2014
STOCK-BASED COMPENSATION [Abstract] |
STOCK-BASED COMPENSATON |
| 2. | STOCK-BASED COMPENSATION
The 2008 Stock Option Plan (“the Plan”) is used to promote our long-term interests by providing a means of attracting and retaining officers, directors and key employees and aligning their interests with those of our shareholders. The Plan is described more fully in Note 9 in the Notes to the Consolidated Financial Statements in our Form 10-K for the year ended September 30, 2014. All options granted under the Plan had an exercise price equal to the market value of the underlying common shares on the date of grant. We expense the estimated fair value of stock options over the vesting periods of the grants. We recognize expense for awards subject to graded vesting using the straight-line attribution method, reduced for estimated forfeitures. Forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates and an adjustment is recognized at that time. The Compensation Committee may also issue non-qualified stock option grants with vesting periods different from the 2008 Plan. As of December 31, 2014, there are 155 shares underlying options outstanding that were granted outside of the Plan. The assumptions used are detailed in Note 9 to the Consolidated Financial Statements in our Form 10-K for the year ended September 30, 2014. Stock based compensation expense for the three months ended December 31, 2014 and 2013 was $29 and $47, respectively. A summary of our stock option activity for the three months ended December 31, 2014 is as follows (in thousands except for share prices):
|  | Options (shares) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Grant Date Fair Value |
Outstanding - October 1, 2014 |  |  | 426 |  |  | $ | 1.83 |  |  | $ | 1.41 |
Exercised |  |  | (1 | ) |  |  | 1.40 |  |  |  | 1.15 |
Granted |  |  | 25 |  |  |  | 2.53 |  |  |  | 2.11 |
Expired |  |  | (11 | ) |  |  | 5.00 |  |  |  | 3.54 |
Forfeit |  |  | (12 | ) |  |  | 4.08 |  |  |  | 2.71 |
Outstanding - December 31, 2014 |  |  | 427 |  |  | $ | 1.72 |  |  | $ | 1.36 |
During the three months ended December 31, 2014, we granted options for 25 common shares under the Plan. The fair value of the option grants are estimated on the date of the grant. The weighted-average assumptions used to compute the fair value of these options were as follows:
Risk-free interest rate |  |  | 2.31 | %
Dividend yield |  |  | 0.00 | %
Expected volatility |  |  | 94.39 | %
Expected life of the options (years) |  |  | 8.0 |
Forfeitures |  |  | 3.00 | %

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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