Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 3 Months Ended
Dec. 31, 2014
Stockholders' Equity [Abstract]  
Stockholders' Equity

Note 9. 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 2013 for the purpose of funding awards under its 2008 Incentive Equity Plan. In September 2013, the Board of Directors authorized the repurchase of up to 105,000 shares of the Company's common stock beginning in November 2013 and continuing through April 2018. The stock repurchases began in November 2008 and were made on a quarterly basis through open market transactions at times and in such amounts as the Company's broker determined subject to the provisions of SEC Rule 10b-18. The following table illustrates the Company's treasury stock purchases and issuances for the three months ended December 31, 2014:


 

(in thousands, except share amounts) Shares       Cost  
Balance at September 30, 2014 15,766     $ 650  
Purchased -       -  
Issued to Directors and Named Executive Officers    (5,398 )     (223 )
 
Balance at December 31, 2014    10,368     $ 427  

 

Stock-based compensation expense recognized in the Condensed Consolidated Statements of Comprehensive Income in general and administrative expenses was $254,000 and $525,000 for the three months ended December 31, 2014 and 2013, respectively. Stock-based compensation is recorded for Board of Directors fees paid in treasury stock and the Long Term Incentive Compensation Plan restricted common stock awards.