Quarterly report pursuant to Section 13 or 15(d)

Equity and Stock-Based Compensation

v3.22.1
Equity and Stock-Based Compensation
6 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Equity and Stock-Based Compensation

8. Equity and Stock-Based Compensation

 

Stock-based compensation expense was immaterial in all periods presented. Stock-based compensation expense is included in selling, general and administrative expenses.

 

The following table summarizes our stock option activity during the six months ended March 31, 2022:

 

 

 

Options

 

 

Weighted
Average
Exercise Price

 

Outstanding at beginning of period

 

 

608,269

 

 

$

6.48

 

Granted

 

 

105,500

 

 

 

14.24

 

Exercised

 

 

(17,371

)

 

 

5.69

 

Forfeited

 

 

(18,953

)

 

 

6.56

 

Outstanding at end of period

 

 

677,445

 

 

$

7.71

 

Exercisable at end of period

 

 

472,697

 

 

$

6.69

 

Weighted average fair value of options granted
   during the period

 

$

7.07

 

 

 

 

 

The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:

 

 

 

Six Months Ended March 31, 2022

 

Risk free interest rate

 

 

1

%

Expected life

 

5 years

 

Dividend rate

 

 

%

Volatility

 

 

57

%

 

2022 Stock Repurchase Plan

 

On February 10, 2022, our Board of Directors (“the Board”) approved a new stock repurchase program, pursuant to which we may repurchase up to $5 million of our outstanding Common Stock over a one-year period, commencing on February 16, 2022. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on our stock price and other market conditions. We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. During the quarter ended March 31, 2022, we repurchased 143,430 shares of our Common Stock on the open market at a total cost of approximately $1.4 million (an average price of $9.78 per share). All repurchased shares have been retired.

 

2021 Stock Repurchase Plan

 

On February 9, 2021, the Board approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding Common Stock over a one-year period, commencing on February 16, 2021. Repurchases under the program were to be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we had no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased was subject to management’s discretion and depended on our stock price and other market conditions. We could have, in the sole discretion of the Board, terminated the repurchase program at any time while it was in effect. Repurchased shares were to be retired or kept in treasury for further issuance. During the quarter ended December 31, 2021, we repurchased 291,383 shares of our Common Stock on the open market at a total cost of approximately $2.7 million (an average price of $9.31 per share). All repurchased shares have been retired. The term of this repurchase program expired during the quarter ended March 31, 2022.