Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 6 Months Ended
Mar. 31, 2015
Stockholders' Equity [Abstract]  
Stockholders' Equity

Note 9. Stockholders' Equity

 

Effective January 27, 2015, the Company's Board of Directors adopted the Stock Incentive Plan of 2015 (the “2015 Plan”) which provides for up to an additional 1,250,000 shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to shareholders value. The 2015 Plan was approved by shareholders on February 25, 2015.

 

The adoption of the 2015 Plan superseded the 2013 Incentive Equity Plan (“2013 Plan”), which had been in place since April 2013.

 

There are no awards outstanding under the 2015 Plan or the 2013 Plan at March 31, 2015 or September 30, 2014.

 

In March 2015, the Board of Directors authorized the repurchase of up to 20,000 shares of the Company's common stock beginning March 25, 2015 and continuing through March 25, 2016. The stock repurchases were made 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. All repurchases were made on or subsequent to March 25, 2015. The following table illustrates the Company's treasury stock purchases and issuances for the six months ended March 31, 2015:

 


(in thousands, except share amounts) Shares       Cost  
               
Balance at September 30, 2014 15,766     $ 650
Purchased 9,907       512
Issued to Directors and Named Executive Officers    (9,483 )     (391 )
 
Balance at March 31, 2015   16,190     $ 771  

 

Stock-based compensation expense recognized in the Condensed Combined Consolidated Statements of Comprehensive Income in general and administrative expenses was $254,000 and $509,000 for the three and six months ended March 31, 2015, respectively, and $204,000 and $705,000 for the three and six months ended March 31, 2014, 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.