Equity and Stock-Based Compensation (Tables)
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12 Months Ended |
Sep. 30, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Repurchase Plans |
The following table summarizes information related to our stock repurchase plans, in thousands, except share and per share amounts:
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Name of Stock Repurchase Plan |
Date Approved by Board |
Plan Term |
Amount Authorized ($) |
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Amount Used for Repurchases ($) |
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Average Price Paid per Share ($) |
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Shares Repurchased (#) |
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Amount Available for Repurchases ($) |
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Plan Status |
Fiscal Year of Repurchases |
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2022 Stock Repurchase Plan |
2/10/2022 |
1 year |
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5,000 |
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1,400 |
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9.78 |
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143,430 |
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3,600 |
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Open |
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2022 |
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2021 Stock Repurchase Plan |
2/9/2021 |
1 year |
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4,000 |
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2,700 |
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9.31 |
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291,383 |
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— |
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Expired |
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2022 |
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2020 Stock Repurchase Plan |
2/4/2020 |
1 year |
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4,000 |
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2,000 |
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5.46 |
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366,000 |
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— |
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Expired |
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2020 |
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2019 Stock Repurchase Plan |
11/29/2018 |
1 year |
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4,000 |
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— |
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— |
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— |
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— |
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Expired |
NA |
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| Summary of Equity Compensation Plans |
Equity compensation plans as of September 30, 2022 are summarized in the table below:
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Name of Plan |
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Shares
Authorized |
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Shares
Available for Grant |
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Options
Outstanding |
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Plan
Expiration |
2022 Plan |
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1,000,000 |
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946,000 |
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54,000 |
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Mar. 2032 |
2007 Plan |
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3,000,000 |
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— |
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397,341 |
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Mar. 2024 |
Non-Employee Directors Stock Option Plan |
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500,000 |
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— |
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138,000 |
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Mar. 2024 |
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946,000 |
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589,341 |
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| 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:
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Years Ended September 30, |
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2022 |
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2021 |
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2020 |
Risk free interest rate |
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2% |
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1% |
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1% |
Expected life |
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5 years |
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6 years |
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6 years |
Dividend rate |
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0% |
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0% |
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0% |
Volatility |
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57% |
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58% |
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58% |
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| Summary of Stock Option Activity |
The following table summarizes our stock option activity during 2022, 2021 and 2020:
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Years Ended September 30, |
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2022 |
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2021 |
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2020 |
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Options |
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Weighted
Average
Exercise
Price |
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Options |
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Weighted
Average
Exercise
Price |
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Options |
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Weighted
Average
Exercise
Price |
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Outstanding at beginning of period |
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608,269 |
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$ |
6.48 |
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696,665 |
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$ |
7.00 |
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1,068,665 |
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$ |
7.04 |
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Granted |
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135,500 |
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$ |
12.80 |
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204,000 |
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$ |
6.25 |
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32,500 |
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$ |
5.34 |
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Exercised |
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(124,475 |
) |
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$ |
5.78 |
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(241,320 |
) |
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$ |
6.40 |
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(160,375 |
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$ |
5.47 |
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Forfeited/expired |
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(29,953 |
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$ |
6.92 |
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(51,076 |
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$ |
13.01 |
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(244,125 |
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$ |
7.94 |
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Outstanding at end of period |
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589,341 |
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$ |
8.06 |
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608,269 |
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$ |
6.48 |
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696,665 |
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$ |
7.00 |
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Exercisable at end of period |
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358,343 |
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$ |
6.92 |
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403,853 |
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$ |
6.87 |
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611,542 |
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$ |
7.19 |
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Weighted average grant-date
fair value of options granted
during the period |
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$ |
6.39 |
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$ |
3.33 |
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$ |
2.89 |
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| Summary of Stock Options Outstanding and Exercisable |
The following table summarizes information for stock options outstanding and exercisable as of September 30, 2022:
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Options Outstanding |
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Options Exercisable |
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Range of Exercise Prices |
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Number
Outstanding |
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Remaining
Contractual
Life
(in years) |
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Weighted
Average
Exercise
Price Per
Share |
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Number
Exercisable |
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Weighted
Average
Exercise
Price Per
Share |
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$2.95-$4.90 |
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62,000 |
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5.72 |
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$ |
4.64 |
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62,000 |
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$ |
4.64 |
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$5.07-$5.52 |
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86,883 |
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5.80 |
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$ |
5.38 |
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66,717 |
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$ |
5.39 |
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$5.67-$5.67 |
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113,958 |
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8.13 |
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$ |
5.67 |
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38,626 |
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$ |
5.67 |
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$5.75-$7.01 |
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77,000 |
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2.20 |
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$ |
6.70 |
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77,000 |
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$ |
6.70 |
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$7.40-$9.98 |
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114,000 |
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4.98 |
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$ |
8.75 |
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84,000 |
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$ |
9.12 |
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$9.99-$9.99 |
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6,000 |
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8.87 |
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$ |
9.99 |
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6,000 |
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$ |
9.99 |
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$10.22-$10.22 |
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24,000 |
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9.42 |
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$ |
10.22 |
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— |
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— |
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$10.71-$10.71 |
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6,000 |
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2.52 |
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$ |
10.71 |
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6,000 |
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$ |
10.71 |
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$11.51-$11.51 |
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18,000 |
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8.48 |
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$ |
11.51 |
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18,000 |
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$ |
11.51 |
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$15.43-$15.43 |
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81,500 |
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9.13 |
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$ |
15.43 |
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— |
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— |
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$2.95-$15.43 |
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589,341 |
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6.30 |
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$ |
8.06 |
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358,343 |
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$ |
6.92 |
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