Quarterly report pursuant to Section 13 or 15(d)

Equity and Stock-Based Compensation (Tables)

v3.23.2
Equity and Stock-Based Compensation (Tables)
9 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

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

 

 

 

 

Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model

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

%

Schedule of Restricted Shares Activity

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