Annual report pursuant to Section 13 and 15(d)

Equity and Stock-Based Compensation (Tables)

v3.22.2.2
Equity and Stock-Based Compensation (Tables)
12 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Repurchase Plans

The following table summarizes information related to our stock repurchase plans, in thousands, except share and per share amounts:

 

Name of Stock Repurchase Plan

Date Approved by Board

Plan Term

Amount Authorized ($)

 

Amount Used for Repurchases ($)

 

Average Price Paid per Share ($)

 

Shares Repurchased (#)

 

Amount Available for Repurchases ($)

 

Plan Status

Fiscal Year of Repurchases

 

2022 Stock Repurchase Plan

2/10/2022

1 year

 

5,000

 

 

1,400

 

9.78

 

 

143,430

 

 

3,600

 

Open

 

2022

 

2021 Stock Repurchase Plan

2/9/2021

1 year

 

4,000

 

 

2,700

 

9.31

 

 

291,383

 

 

 

Expired

 

2022

 

2020 Stock Repurchase Plan

2/4/2020

1 year

 

4,000

 

 

2,000

 

5.46

 

 

366,000

 

 

 

Expired

 

2020

 

2019 Stock Repurchase Plan

11/29/2018

1 year

 

4,000

 

 

 

 

 

 

 

 

 

Expired

NA

 

Summary of Equity Compensation Plans

Equity compensation plans as of September 30, 2022 are summarized in the table below:

 

Name of Plan

 

Shares
Authorized

 

 

Shares
Available for Grant

 

 

Options
Outstanding

 

 

Plan
Expiration

2022 Plan

 

 

1,000,000

 

 

 

946,000

 

 

 

54,000

 

 

Mar. 2032

2007 Plan

 

 

3,000,000

 

 

 

 

 

 

397,341

 

 

Mar. 2024

Non-Employee Directors Stock Option Plan

 

 

500,000

 

 

 

 

 

 

138,000

 

 

Mar. 2024

 

 

 

 

 

 

946,000

 

 

 

589,341

 

 

 

Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model We estimated the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions:

 

 

 

Years Ended September 30,

 

 

2022

 

2021

 

2020

Risk free interest rate

 

2%

 

1%

 

1%

Expected life

 

5 years

 

6 years

 

6 years

Dividend rate

 

0%

 

0%

 

0%

Volatility

 

57%

 

58%

 

58%

Summary of Stock Option Activity

The following table summarizes our stock option activity during 2022, 2021 and 2020:

 

 

 

Years Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

Outstanding at beginning of period

 

 

608,269

 

 

$

6.48

 

 

 

696,665

 

 

$

7.00

 

 

 

1,068,665

 

 

$

7.04

 

Granted

 

 

135,500

 

 

$

12.80

 

 

 

204,000

 

 

$

6.25

 

 

 

32,500

 

 

$

5.34

 

Exercised

 

 

(124,475

)

 

$

5.78

 

 

 

(241,320

)

 

$

6.40

 

 

 

(160,375

)

 

$

5.47

 

Forfeited/expired

 

 

(29,953

)

 

$

6.92

 

 

 

(51,076

)

 

$

13.01

 

 

 

(244,125

)

 

$

7.94

 

Outstanding at end of period

 

 

589,341

 

 

$

8.06

 

 

 

608,269

 

 

$

6.48

 

 

 

696,665

 

 

$

7.00

 

Exercisable at end of period

 

 

358,343

 

 

$

6.92

 

 

 

403,853

 

 

$

6.87

 

 

 

611,542

 

 

$

7.19

 

Weighted average grant-date
   fair value of options granted
   during the period

 

$

6.39

 

 

 

 

 

$

3.33

 

 

 

 

 

$

2.89

 

 

 

 

Summary of Stock Options Outstanding and Exercisable

The following table summarizes information for stock options outstanding and exercisable as of September 30, 2022:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise Prices

 

Number
Outstanding

 

 

Remaining
Contractual
Life
(in years)

 

 

Weighted
Average
Exercise
Price Per
Share

 

 

Number
Exercisable

 

 

Weighted
Average
Exercise
Price Per
Share

 

$2.95-$4.90

 

 

62,000

 

 

 

5.72

 

 

$

4.64

 

 

 

62,000

 

 

$

4.64

 

$5.07-$5.52

 

 

86,883

 

 

 

5.80

 

 

$

5.38

 

 

 

66,717

 

 

$

5.39

 

$5.67-$5.67

 

 

113,958

 

 

 

8.13

 

 

$

5.67

 

 

 

38,626

 

 

$

5.67

 

$5.75-$7.01

 

 

77,000

 

 

 

2.20

 

 

$

6.70

 

 

 

77,000

 

 

$

6.70

 

$7.40-$9.98

 

 

114,000

 

 

 

4.98

 

 

$

8.75

 

 

 

84,000

 

 

$

9.12

 

$9.99-$9.99

 

 

6,000

 

 

 

8.87

 

 

$

9.99

 

 

 

6,000

 

 

$

9.99

 

$10.22-$10.22

 

 

24,000

 

 

 

9.42

 

 

$

10.22

 

 

 

 

 

 

 

$10.71-$10.71

 

 

6,000

 

 

 

2.52

 

 

$

10.71

 

 

 

6,000

 

 

$

10.71

 

$11.51-$11.51

 

 

18,000

 

 

 

8.48

 

 

$

11.51

 

 

 

18,000

 

 

$

11.51

 

$15.43-$15.43

 

 

81,500

 

 

 

9.13

 

 

$

15.43

 

 

 

 

 

 

 

$2.95-$15.43

 

 

589,341

 

 

 

6.30

 

 

$

8.06

 

 

 

358,343

 

 

$

6.92