Annual report pursuant to Section 13 and 15(d)

Treasury Stock

v3.10.0.1
Treasury Stock
 12 Months Ended
Sep. 30, 2018
Stockholders' Equity Note [Abstract]  
Treasury Stock
Treasury Stock
 
In fiscal year 2017, the Board of Directors authorized the repurchase of up to $7,000,000 of the Company’s common stock in two separate authorizations (collectively, the "2017 Authorization"). In March 2017, the Board of Directors authorized the repurchase of up to $5,000,000 of the Company’s common stock beginning March 9, 2017, and continuing through March 9, 2019. In May 2017, the Board of Directors authorized the repurchase of up to an additional $2,000,000 of the Company’s common stock beginning May 24, 2017, and continuing through May 24, 2019. The stock repurchases made under this repurchase 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.

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. In fiscal year 2016, the Board of Directors authorized the repurchase of up to 50,000 shares of the Company’s outstanding common stock beginning February 18, 2016 and continuing through February 17, 2017 (the "2016 Authorization"). 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.

During fiscal year 2018, the Company purchased 72,266 shares at a cost of $2,214,756 under the 2017 Authorization. As of June 29, 2018, the Company suspended its stock repurchase activity; however, if the Company chooses to resume repurchasing stock it has $1,676,443 available to repurchase stock under the 2017 Authorization.

The following table illustrates the Company’s treasury stock purchases for the fiscal years ended September 30, 2018, 2017 and 2016:

(in thousands, except share amounts)
Total Number of
Shares Purchased
 
Average Price
Paid Per Share
 
Total Shares Purchased as Part of Publicly Announced Plan or Program
 
Total Dollar Value of Shares Purchased
Fiscal Year Ended September 30,:
 

 
 

 
 

 
 
2018
72,266

 
$
30.65

 
722,406

 
$
2,215

2017
104,145

 
$
29.42

 
650,140

 
$
3,064

2016
78,446

 
$
40.04

 
545,995

 
$
3,141




The following table outlines the Company’s treasury stock transactions during the past three fiscal years:

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

 
$
3,962

Purchased
78,446

 
3,141

Issued to Employees and Directors
(35,478
)
 
(1,035
)
Issued to former Silver Nip Citrus equity holders
(32,923
)
 
(1,483
)
 
 
 
 
Balance at September 30, 2016
100,610

 
4,585

Purchased
104,145

 
3,064

Issued to Employees and Directors
(27,440
)
 
(1,147
)
 
 
 
 
Balance at September 30, 2017
177,315

 
6,502

Purchased
72,266

 
2,215

Issued to Employees and Directors
(33,393
)
 
(1,181
)
 
 
 
 
Balance at September 30, 2018
216,188

 
$
7,536