Quarterly report pursuant to sections 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 9 Months Ended
Jun. 30, 2012
Stockholders' Equity [Abstract]  
Stockholders' Equity

Note 8. Stockholders' Equity

Effective November 1, 2008, the Company's Board of Directors authorized the repurchase of up to 350,000 shares of the Company's common stock through November 1, 2013 for the purpose of funding restricted stock grants under its 2008 Equity Incentive Plan (the "2008 Plan"), which was approved by shareholders on February 20, 2009. In accordance with the 2008 Plan, the Company may purchase an additional 260,728 shares.

The following table provides information relating to purchases of the Company's common stock on the open market in accordance with the 2008 Plan for the nine months ended June 30, 2012:

(dollars in thousands)          
 

Shares

    

Cost

  
Balance September 30, 2011 34,593     $ 862  
Purchases 12,026     288  
Issuances (18,923 )   (490 )
Balance June 30, 2012 27,696     $ 660  

 

For the nine months ended June 30, 2012, the Company issued 18,923 shares to Directors under the 2008 Plan at a weighted average fair value of $25.91 per share that vested immediately. Stock-based compensation expense recognized in the Condensed Consolidated Statement of Operations in general and administrative expense was $124,000 and $370,000 for the three and nine months ended June 30, 2012 and $115,000 and $339,000 for the three and nine months ended June 30, 2011. There are 284,333 shares eligible for grant under the 2008 Plan. There are 174,563 nonvested restricted shares awarded at June 30, 2012.