Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.5.0.2
Stockholders' Equity
 9 Months Ended
Jun. 30, 2016
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 (paid in restricted stock). Stock-based compensation expense for the Board of Director fees and Named Executive Officers was approximately and $214,000 and $635,000 for the three and nine months ended June 30, 2016, respectively, and $176,200 and $585,000 for the three and nine months ended June 30, 2015, respectively. Stock-based compensation expense is recognized in 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 "2015 Authorization"). 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. For the nine months ended June 30, 2016, the Company had purchased the 78,446 shares it had remaining under the 2015 Authorization.

The following table illustrates the Company’s treasury stock purchases and issuances for the nine months ended June 30, 2016:

(in thousands, except share amounts)
 
 
 
 
Shares
 
Cost
Balance as of September 30, 2015
90,565

 
$
3,962

Purchased
78,446

 
3,141

Issued to Directors
(29,071
)
 
(766
)
Issued to former Silver Nip Citrus equity holders
(32,923
)
 
(1,483
)
 
 
 
 
Balance as of June 30, 2016
107,017

 
$
4,854


In fiscal year 2016, the Board of Directors authorized the repurchase of up to 50,000 shares of the Company’s common stock beginning February 18, 2016 and continuing through February 17, 2017 (the "2016 Authorization"). The stock repurchases will be made through open market transactions at times and in such amounts as the Company’s broker determine subject to the provisions of SEC Rule 10b-18. The Company also adopted a Rule 10b5-1 share repurchase plan under the Securities Exchange Act of 1934 (the “Plan”) in connection with its share repurchase authorization. The Plan allows the Company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. For the nine months ended June 30, 2016, the Company did not purchase any shares in accordance with the 2016 Authorization and has available to purchase 50,000 shares in accordance with the 2016 Authorization.