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STOCK-BASED COMPENSATION | 9 Months Ended
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Jun. 30, 2020
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | 2. STOCK-BASED COMPENSATION The Company’s 2008 Stock Option Plan (the “Plan”) was 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 fiscal year ended September 30, 2019. In March 2018 our shareholders approved the amendment and restatement of the Plan in the form of the Amended and Restated 2018 Equity Incentive Plan and in March 2020 our shareholders approved a further amendment to increase the number of shares issuable under the amended and restated plan by 700 and to make corresponding changes to the number of shares issuable as incentive options and as restricted stock or pursuant to restricted stock units (as amended, the "Equity Plan"). The Company currently grants equity awards from the Equity Plan. The purpose of the Equity Plan is to promote our long-term interests by providing a means of attracting and retaining officers, directors and key employees. 773,556 common shares remained available for grant under the Equity Plan as of June 30, 2020. All options granted under the Plan and the Equity Plan had an exercise price equal to the fair 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. Stock based compensation expense for the three and nine months ended June 30, 2020 was $176 and $380, respectively. Stock based compensation expense for the three and nine months ended June 30, 2019 was $71 and $196, respectively. A summary of our stock option activity for the nine months ended June 30, 2020 is as follows (in thousands except for share prices):
|  |  |  | Weighted- |  | Weighted-
|  |  |  | Average |  | Average
|  | Options |  | Exercise |  | Grant Date
|  | (shares) |  | Price |  | Fair Value
Outstanding - October 1, 2019 |  | 776 |  | $ | 1.61 |  | $ | 1.22
Exercised |  | (118) |  | $ | 1.60 |  | $ | 1.26
Granted |  | 138 |  | $ | 4.51 |  | $ | 3.07
Forfeited |  | (45) |  | $ | 1.62 |  | $ | 1.23
Outstanding - June 30, 2020 |  | 751 |  | $ | 2.14 |  | $ | 1.55
Exercisable at June 30, 2020 |  | 314 |  |  |  |  |  |
The weighted-average assumptions used to compute the fair value of the options granted in the nine months ended June 30, 2020 were as follows:
Risk-free interest rate |  | 1.10 | %
Dividend yield |  | 0.00 | %
Volatility of the expected market price of the Company's common shares |  | 70.8% - 73.7 | %
Expected life of the options (years) |  | 8.0 |
As of June 30, 2020, our total unrecognized compensation cost related to non-vested stock options was $593 and is expected to be recognized over a weighted-average service period of 1.16 years. During the nine months ended June 30, 2020, we granted a total of 121 restricted shares to members of the Company's leadership team. A summary of our restricted share activity for the nine months ended June 30, 2020 is as follows:
|  | Restricted
|  | Shares
Outstanding – October 1, 2019 |  | 20
Granted |  | 121
Forfeited |  | (18)
Outstanding – June 30, 2020 |  | 123
As of June 30, 2020, our total unrecognized compensation cost related to non-vested restricted shares was $347 and is expected to be recognized over a weighted-average service period of 1.46 years.

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