Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.3.1.900
Stockholders' Equity
 3 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Stockholders' Equity
Stockholders' Equity
The Company recognizes stock-based compensation expense for (i) Board of Directors fees (paid in treasury stock) and (ii) the Stock Incentive Plan of 2015 (via restricted stock). Stock-based compensation expense for the Board of Director fees and Named Executive Officers was approximately $245,000 and $254,000 for the three months ended December 31, 2015 and 2014, respectively. Stock compensation expense is recognized in corporate, general and administrative expenses in the Condensed Combined Consolidated Statements of Operations and Comprehensive Income.
In fiscal year 2015, the Board of Directors authorized the repurchase of up to 170,000 shares of the Company’s common stock beginning March 25, 2015 and continuing through December 31, 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. The following table illustrates the Company’s treasury stock purchases and issuances for the three months ended December 31, 2015:
(in thousands, except share amounts)
 
 
 
 
Shares
 
Cost
 
 
 
 
Balance as of September 30, 2015
90,565

 
$
3,962

Purchased
64,136

 
2,602

Issued to Directors
(15,703
)
 
(809
)
 
 
 
 
Balance as of December 31, 2015
138,998

 
$
5,755