Annual report pursuant to Section 13 and 15(d)

Common Stock and Options (Tables)

v3.19.3
Common Stock and Options (Tables)
 12 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Summary of status of nonvested shares and stock option activity
The following table represents a summary of the Company’s stock option activity:
 
 
 
 
 
Weighted Average
 
 
 
 
 
Weighted
 
Remaining
 
Aggregate
 
Number of
 
Average Exercise
 
Contractual Term
 
Intrinsic
 
Options
 
Price
 
(years)
 
Value
Balance - September 30, 2017
750,000

 
$
27.15

 
2.58

 
—

     Granted during fiscal year 2018
300,000

 
33.60

 
3.25

 
—

     Forfeitures/expired in fiscal year 2018
(375,000
)
 
27.15

 
1.86

 
—

     Exercised during fiscal year 2018
—

 
—

 
—

 
—

Balance - September 30, 2018
675,000

 
30.02

 
2.22

 
—

     Granted during fiscal year 2019
10,000

 
33.34

 
2.25

 
—

     Forfeitures/expired in fiscal year 2019
(457,500
)
 
29.37

 
1.78

 
—

     Exercised during fiscal year 2019
—

 
—

 
—

 
—

Balance - September 30, 2019
227,500

 
$
31.46

 
1.22

 
—


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, 2016
10,267

 
$
49.49

     Granted during fiscal year 2017
—

 
—

     Vested during fiscal year 2017
(4,933
)
 
49.58

     Forfeited during fiscal year 2017
—

 
—

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


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.

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
%

2018 Option Grants
Expected Volatility
30.0
%
Expected Term (in years)
3.32

Risk Free Rate
2.80
%

2016 Option Grants
Expected Volatility
32.2
%
Expected Term (in years)
2.6 - 4.0

Risk Free Rate
2.45
%