Quarterly report pursuant to Section 13 or 15(d)

Equity and Stock-Based Compensation

v3.23.2
Equity and Stock-Based Compensation
9 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Equity and Stock-Based Compensation

10. Equity and Stock-Based Compensation

 

Stock-based compensation expense was $0.2 million and $0.1 million in the three months ended June 30, 2023 and 2022, respectively, and $0.5 million and $0.4 million in the nine months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense is included in selling, general and administrative expenses.

 

The following table summarizes our stock option activity during the nine months ended June 30, 2023:

 

 

 

Options

 

 

Weighted
Average
Exercise Price

 

Outstanding at beginning of period

 

 

589,341

 

 

$

8.06

 

Granted

 

 

166,500

 

 

 

9.12

 

Exercised

 

 

(58,813

)

 

 

5.38

 

Forfeited

 

 

(43,850

)

 

 

11.10

 

Outstanding at end of period

 

 

653,178

 

 

$

8.37

 

Exercisable at end of period

 

 

412,192

 

 

$

7.55

 

Weighted average fair value of options granted during the period

 

$

4.74

 

 

 

 

 

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

 

 

 

Nine Months Ended June 30, 2023

 

 

Nine Months Ended June 30, 2022

 

Risk free interest rate

 

 

4

%

 

 

2

%

Expected term

 

5 years

 

 

5 years

 

Dividend rate

 

 

%

 

 

%

Volatility

 

 

56

%

 

 

57

%

 

The following table summarizes our RSU activity during the nine months ended June 30, 2023:

 

 

 

Number

 

 

Weighted
Average
Grant Date
Fair Value

 

Nonvested at beginning of year

 

 

 

 

$

 

Granted

 

 

23,421

 

 

 

9.56

 

Released

 

 

(3,000

)

 

 

9.61

 

Forfeited

 

 

 

 

 

 

Nonvested at end of period

 

 

20,421

 

 

$

9.55

 

 

 

2023 Stock Repurchase Plan

 

On February 7, 2023, our Board of Directors (the “Board”) approved a 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 10, 2023. 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 Securities and Exchange Commission; 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. There were no repurchases during the quarter ended June 30, 2023.

 

2022 Stock Repurchase Plan

 

On February 10, 2022, 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. The term of this repurchase program expired during the quarter ended March 31, 2023.