From time to time, the Company grants stock options and restricted stock awards to directors, officers and employees. These awards are valued at the grant date by determining the fair value of the instruments, net of estimated forfeitures. The value of each award is amortized on a straight-line basis over the requisite service period.

Stock Options

The following table summarizes stock option activity for the six months ended March 31, 2018:

The Company recognized compensation expense of $60,829 and $68,084 during the three months ended March 31, 2018 and 2017, respectively. The Company recognized compensation expense of $140,185 and $69,520 during the six months ended March 31, 2018 and 2017, respectively, related to stock option awards granted to certain employees and officers based on the grant date fair value of the awards, net of estimated forfeitures.

At March 31, 2018, the Company has $385,179 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the company expects to recognize as compensation expense through October of 2022.

The exercise price for stock options outstanding and exercisable outstanding at March 31, 2018 is as follows:

The following table summarizes information about the Company’s non-vested shares outstanding as of March 31, 2018:

Options were granted during fiscal 2017 and 2016, where the exercise price was less than the common stock price at the date of  grant or where the exercise price was greater than the common stock price at the date of grant. There have been no options granted in fiscal 2018 to date. The assumptions used in calculating the fair value of stock options granted use the Black-Scholes option pricing model for options granted were as follows: