12. Stock-Based Compensation (Tables)
|
6 Months Ended |
Mar. 31, 2019 |
|---|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
| Stock option activity |
The following table summarizes stock option activity for the twelve
months ended September 30, 2018 and the six months ended March 31, 2019:
| |
|
|
|
|
|
Weighted |
|
|
Weighted |
|
|
|
|
| |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
| |
|
|
Number of |
|
|
Exercise |
|
|
Remaining |
|
|
|
|
| |
|
|
Shares |
|
|
Price |
|
|
Contractual Life |
|
|
Intrinsic Value |
|
| |
Outstanding at September 30, 2017 |
|
|
|
211,668 |
|
|
$ |
13.19 |
|
|
|
3.47 |
|
|
$ |
454,417 |
|
| |
Granted |
|
|
|
20,000 |
|
|
|
32.24 |
|
|
|
9.02 |
|
|
|
|
|
| |
Exercised |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Forfeited |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Outstanding at September 30, 2018 |
|
|
|
231,668 |
|
|
$ |
14.84 |
|
|
|
3.04 |
|
|
$ |
162,500 |
|
| |
Exercisable at September 30, 2018 |
|
|
|
190,639 |
|
|
$ |
11.89 |
|
|
|
2.08 |
|
|
$ |
162,500 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Outstanding at September 30, 2018 |
|
|
|
231,668 |
|
|
$ |
14.84 |
|
|
|
3.04 |
|
|
$ |
162,500 |
|
| |
Granted |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Exercised |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Forfeited |
|
|
|
(25,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Outstanding at March 31, 2019 |
|
|
|
206,668 |
|
|
$ |
16.03 |
|
|
|
2.87 |
|
|
$ |
25,000 |
|
| |
Exercisable at March 31, 2019 |
|
|
|
176,070 |
|
|
$ |
13.29 |
|
|
|
1.82 |
|
|
$ |
25,000 |
|
|
| Stock option exercise price |
The exercise price for stock options outstanding
and exercisable outstanding at March 31, 2019 is as follows:
| Outstanding |
|
Exercisable |
|
| Number of |
|
Exercise |
|
Number of |
|
Exercise |
|
| Options |
|
Price |
|
Options |
|
Price |
|
| |
6,250 |
|
$ |
5.00 |
|
|
6,250 |
|
$ |
5.00 |
|
| |
25,000 |
|
|
7.50 |
|
|
25,000 |
|
|
7.50 |
|
| |
31,250 |
|
|
10.00 |
|
|
31,250 |
|
|
10.00 |
|
| |
4,167 |
|
|
10.86 |
|
|
4,167 |
|
|
10.86 |
|
| |
4,167 |
|
|
10.86 |
|
|
4,167 |
|
|
10.86 |
|
| |
4,167 |
|
|
10.86 |
|
|
1,736 |
|
|
10.86 |
|
| |
4,167 |
|
|
10.86 |
|
|
|
|
|
|
|
| |
6,250 |
|
|
12.50 |
|
|
6,250 |
|
|
12.50 |
|
| |
6,250 |
|
|
15.00 |
|
|
6,250 |
|
|
15.00 |
|
| |
75,000 |
|
|
15.18 |
|
|
75,000 |
|
|
15.18 |
|
| |
8,000 |
|
|
23.41 |
|
|
8,000 |
|
|
23.41 |
|
| |
8,000 |
|
|
27.60 |
|
|
8,000 |
|
|
27.60 |
|
| |
8,000 |
|
|
31.74 |
|
|
|
|
|
|
|
| |
8,000 |
|
|
36.50 |
|
|
|
|
|
|
|
| |
8,000 |
|
|
41.98 |
|
|
|
|
|
|
|
| |
206,668 |
|
|
|
|
|
176,070 |
|
|
|
|
|
| Non-vested share activity |
The following table summarizes information
about the Company’s non-vested shares outstanding as of March 31, 2019 and September 30, 2018:
| |
|
|
|
|
|
Average |
|
| |
|
|
Number of |
|
|
Grant-Date |
|
| Non-vested Shares |
|
|
Shares |
|
|
Fair Value |
|
| |
Non-vested at September 30, 2017 |
|
|
|
36,668 |
|
|
$ |
17.70 |
|
| |
Granted |
|
|
|
20,000 |
|
|
$ |
10.14 |
|
| |
Vested |
|
|
|
(15,639 |
) |
|
$ |
15.72 |
|
| |
Non-vested at September 30, 2018 |
|
|
|
41,029 |
|
|
$ |
12.88 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Non-vested at September 30, 2018 |
|
|
|
41,029 |
|
|
$ |
12.88 |
|
| |
Granted |
|
|
|
– |
|
|
$ |
– |
|
| |
Vested |
|
|
|
(10,431 |
) |
|
$ |
14.21 |
|
| |
Non-vested at March 31, 2019 |
|
|
|
30,598 |
|
|
$ |
14.14 |
|
|
| Assumptions used |
The assumptions used in calculating the fair
value of stock options granted in fiscal 2018 use the Black-Scholes option pricing model for options granted were as follows:
| Risk-free interest rate |
1.25% |
| Expected life of the options |
5 and 10 years |
| Expected volatiility |
107% |
| Expected dividend yield |
0% |
|