Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.6.0.2
Stockholders' Equity
 3 Months Ended
Dec. 31, 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 $440,000 and $210,000 for the three months ended December 31, 2016 and 2015, respectively. Stock-based compensation expense is recognized in general and administrative expenses in the Condensed Consolidated Statements of Operations.

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 three months ended December 31, 2016, the Company did not purchase any shares it had remaining under the 2015 Authorization.

The following table illustrates the Company’s treasury stock issuances for the three months ended December 31, 2016:

(in thousands, except share amounts)
 
 
 
 
Shares
 
Cost
Balance as of September 30, 2016
100,610

 
$
4,585

Issued to Directors
(9,212
)
 
(386
)
 
 
 
 
Balance as of December 31, 2016
91,398

 
$
4,199


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 three months ended December 31, 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.