Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation

v3.23.3
Stock-based Compensation
 12 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Stock-based Compensation Stock-based Compensation
Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”), which provides for up to 1,250 thousand common shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to stockholder value, with approximately 1,145 thousand remaining available for issuance under the 2015 Plan. The 2015 Plan was approved by the Company’s stockholders in February 2015. The Company’s 2015 Plan provides for grants to executives in various forms including restricted shares of the Company’s common stock and stock options. Awards are discretionary and are determined by the
Compensation Committee of the Board of Directors. Awards vest based upon service conditions. Non-vested restricted shares generally vest over requisite service periods of one to six years from the date of grant.
The Company recognizes stock-based compensation expense for (i) Board of Directors fees (generally paid in treasury stock); and (ii) other awards under the 2015 Plan (paid in restricted stock and stock options). Stock-based compensation expense is recognized in general and administrative expenses in the Consolidated Statements of Operations.
Stock Compensation – Board of Directors
The Board of Directors can either elect to receive stock compensation or cash for their fees for services provided. Stock-based compensation expense relating to the Board of Directors fees was $588 thousand, $661 thousand and $844 thousand for the years ended September 30, 2023, 2022 and 2021, respectively.
Restricted Stock Awards (“RSAs”)
The following table represents a summary of the status of the Company’s RSAs:
Restricted Stock Awards Shares Weighted-
Average
Grant Date
Fair Value
Outstanding at September 30, 2022 28,546 $ 37.82 
Granted during year 2023 (a)
50 32.30 
Vested during year 2023 (b)
(11,037) 37.82 
Forfeited during year 2023 (19) 32.30 
Outstanding and expected to vest at 2023 (c)
17,540 $ 37.82 
a.The weighted average fair value of RSAs granted in year 2023 and 2022 was $32.30 and $37.82, respectively.
b.The total fair value of all RSAs vested in year 2023 and 2022 was $417 thousand and $214 thousand, respectively.
c.The weighted average remaining contractual term is 1.8 years and the aggregate intrinsic value of RSAs expected to vest is $438 thousand.
Stock compensation expense related to the RSAs totaled $329 thousand, $459 thousand and $144 thousand for the years ended September 30, 2023, 2022 and 2021, respectively. There was $376 thousand of total unrecognized stock compensation costs related to RSAs at September 30, 2023.
Stock Options
All outstanding stock options are fully vested at September 30, 2023.
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
Outstanding – September 30, 2022 (a)
126,500 $ 33.78  0 —
Exercised during year 2023 — —  0 —
Forfeitures/expired during year 2023 (88,500) 33.96  0 —
Outstanding – September 30, 2023 38,000 $ 33.75  3.3 —
a.Includes 29,500 options which would vest if the price of the Company’s common stock during a consecutive 20-trading day period exceeds $40; 29,500 options which would vest if the price of the Company’s common stock during a consecutive 20-trading day period exceeds $45; and 29,500 options which would vest if the price of the Company’s common stock during a consecutive 20-trading day period exceeds $50.
Stock compensation expense related to the options totaled $18 thousand, $115 thousand and $242 thousand for the years ended September 30, 2023, 2022 and 2021, respectively.
Forfeitures of RSAs and stock options were recognized as incurred.
At September 30, 2023 and September 30, 2022, there was $0 and $18 thousand, respectively, of total unrecognized stock compensation costs related to unvested share-based compensation for the option grants.
Total stock-based compensation expense for the years ended September 30, 2023, 2022 and 2021, which was recognized in general and administrative expense, was $935 thousand, $1,235 thousand and $1,230 thousand, respectively.