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 |
|
|