Annual report pursuant to Section 13 and 15(d)

Common Stock and Options (Tables)

v3.20.2
Common Stock and Options (Tables)
 12 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Summary of status of nonvested shares and stock option activity

The following table represents a summary of the status of the Company’s nonvested shares:

 

Nonvested Shares

 

Shares

 

 

Weighted-

Average

Grant Date

Fair Value

 

Nonvested Shares at September 30, 2017

 

 

5,334

 

 

$

49.39

 

Granted during fiscal year 2018

 

 

5,000

 

 

 

31.95

 

Vested during fiscal year 2018

 

 

(3,001

)

 

 

39.70

 

Forfeited during fiscal year 2018

 

 

—

 

 

 

—

 

Nonvested Shares at September 30, 2018

 

 

7,333

 

 

 

41.46

 

Granted during fiscal year 2019

 

 

—

 

 

 

—

 

Vested during fiscal year 2019

 

 

(1,667

)

 

 

31.95

 

Forfeited during fiscal year 2019

 

 

—

 

 

 

—

 

Nonvested Shares at September 30, 2019

 

 

5,666

 

 

 

44.26

 

Granted during fiscal year 2020

 

 

—

 

 

 

—

 

Vested during fiscal year 2020

 

 

(5,666

)

 

 

44.26

 

Forfeited during fiscal year 2020

 

 

—

 

 

 

—

 

Nonvested Shares at September 30, 2020

 

 

—

 

 

$

—

 

The following table represents a summary of the Company’s stock option activity:

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term

(years)

 

 

Aggregate

Intrinsic

Value

 

Balance - September 30, 2018

 

 

675,000

 

 

$

30.02

 

 

2.22

 

 

 

—

 

Granted during fiscal year 2019

 

 

10,000

 

 

 

33.34

 

 

2.25

 

 

 

—

 

Forfeitures/expired during fiscal year 2019

 

 

(457,500

)

 

 

29.37

 

 

1.78

 

 

 

—

 

Exercised during fiscal year 2019

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance - September 30, 2019

 

 

227,500

 

 

 

31.46

 

 

 

1.22

 

 

 

—

 

Granted during fiscal year 2020

 

 

118,000

 

 

 

33.96

 

 

2.25

 

 

 

—

 

Forfeitures/expired during fiscal year 2020

 

 

(52,500

)

 

 

33.60

 

 

 

—

 

 

 

—

 

Exercised during fiscal year 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance - September 30, 2020

 

 

293,000

 

 

 

32.09

 

 

 

1.79

 

 

 

—

 
Schedule of stock options using valuation assumptions The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from different timeframes for the various market conditions being met.

 

2020 Option Grant

 

Expected Volatility

 

 

26.0

%

Expected Term (in years)

 

 

3.61

 

Risk Free Rate

 

 

1.60

%

The weighted-average grant-date fair value of the 2020 Option Grant was $3.20.

2019 Modified Option Grant

 

Expected Volatility

 

 

25.0

%

Expected Term (in years)

 

1.50

 

Risk Free Rate

 

 

2.52

%

 

The weighted-average grant-date fair value of the 2019 Modified Option Grant was $1.40.

2019 Option Grants

 

Expected Volatility

 

 

30.0

%

Expected Term (in years)

 

4.09

 

Risk Free Rate

 

 

2.95

%

 

The weighted-average grant-date fair value of the 2019 Option Grants was $7.10.

2018 Option Grants

 

Expected Volatility

 

 

30.0

%

Expected Term (in years)

 

3.32

 

Risk Free Rate

 

 

2.80

%

 

The weighted-average grant-date fair value of the 2018 Option Grants was $7.40.