Quarterly report [Sections 13 or 15(d)]

Stock-based Compensation

v3.25.4
Stock-based Compensation
 3 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stock-based Compensation
Note 12. Stock-based Compensation
Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”) which provides for up to 1,250,000 common shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to stockholder value. The 2015 Plan was approved by the Company’s stockholders in February 2015. An amendment and restatement of the 2015 Plan was approved by the board of directors on December 17, 2024 and by shareholders on February 28, 2025 at the Company Annual Shareholders Meeting (the “Amended and Restated 2015 Plan”). The Amended and Restated 2015 Plan provides for grants to eligible participants in various forms including restricted shares of the Company’s common stock, restricted stock units and stock options. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service and/or performance conditions.
The Company recognizes stock-based compensation expense for (i) Board of Directors fees (generally paid in treasury stock), and (ii) other awards under the Amended and Restated 2015 Plan (paid in restricted stock, stock options or Market-based Restricted Stock Units (“MRSUs”)). Stock-based compensation expense is recognized in general and administrative expenses in the Condensed Consolidated Statements of Operations.
Stock Compensation – Board of Directors
The Board of Directors can either elect to receive stock compensation or cash for their fees for services provided. Stock-based compensation expense relating to the Board of Directors fees was $110 and $119 for the three months ended December 31, 2025 and 2024, respectively.
Stock Compensation - Employees
Stock compensation expense related employee awards were $66 and $60 for the three months ended December 31, 2025, and 2024, respectively.
Restricted Stock Awards (“RSAs”)
Restricted Stock Awards Shares Weighted-
Average
Grant Date
Fair Value
Outstanding at October 1, 2025 8,750 $ 37.82 
Vested — — 
Outstanding at December 31, 2025 (a) 8,750 $ 37.82 
a.These awards will vest on January 1, 2026 and the aggregate intrinsic value of RSAs expected to vest is $318.
There was $0 and $24 of total unrecognized stock compensation costs related to unvested RSAs at December 31, 2025 and September 30, 2025, respectively.
Stock Option Grants
Number of
Options		 Weighted
Average
Exercise
Price		 Weighted
Average
Remaining
Contractual
Term
(years)		 Aggregate
Intrinsic
Value
(in thousands)
Vested & Outstanding - October 1, 2025 36,500 $ 33.74 
Exercised (8,000) 33.96 
Forfeitures/expired (1,500) 33.96 
Vested and outstanding - December 31, 2025 27,000 $ 33.74  1.0 —
Market-based Restricted Stock Units
On December 23, 2024, the Company granted MRSUs to one of its executives, which will be eligible to be earned if at any time prior to September 30, 2027, the average 30-day closing per share price of the Company’s Common Stock exceeds the applicable price per share thresholds set forth below:

Price Per Share Threshold
Number of MRSUs Earned
$35 per share
 5,000
$40 per share
 12,500
$45 per share
 20,500

The earned MRSUs will then be subject to time-based vesting on September 30, 2027, subject to continued service through such date. Stock compensation expense will be recognized ratably over the term of the award. As of December 31, 2025, 5,000 MRSUs had been earned.
The assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s MRSUs on the grant date are as follows:

Expected volatility of stock price 33.14  %
Risk-free interest rate 4.26  %
Expected term of awards (years) 2.77
Dividend yield 0.76  %
Grant date stock price $ 26.15 
Market-based Restricted Stock Units Shares Weighted-
Average
Grant Date
Fair Value
Outstanding at October 1, 2025 38,000  $ 12.32 
Outstanding at December 31, 2025 (a) 38,000 $ 12.32 
a.The weighted average remaining contractual term is 1.8 years and the aggregate intrinsic value of MRSUs expected to vest is $1,382.
As of December 31, 2025 and September 30, 2025, total unrecognized stock compensation costs for MRSUs was $296 and $338, respectively.
Forfeitures of RSAs, stock options and MRSUs are recognized as incurred.
Total stock-based compensation expense for the three months ended December 31, 2025 and 2024, was $176, and $179, respectively, which was recognized in general and administrative expense.