Quarterly report pursuant to sections 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 3 Months Ended
Dec. 31, 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. The stock repurchases began in November 2008 and can be made on a quarterly basis until November 1, 2013, through open market transactions at times and in such amounts as the Company's broker determines subject to the provisions of SEC Rule 10b-18.

 

The following table provides information relating to purchases of the Company's common shares on the open market pursuant to the 2008 Plan for the three months ended December 31, 2012:

 

           
 

Shares

    

Cost

  
        (dollars in thousands)  
Balance September 30, 2012 23,235   $ 543  
Purchases 38,547     1,411  
Issuances (5,673 )   (138 )
Balance December 31, 2012 56,109   $ 1,816  

 

In accordance with the approved plan, the Company may purchase an additional 221,875 shares.

 

Stock-based compensation expense recognized in the Condensed Consolidated Statement of Operations in general and administrative expense was $141,000 and $113,000 for the three months ended December 31, 2012 and 2011, respectively.