Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.21.1
Stock-Based Compensation
6 Months Ended
Mar. 31, 2021
Share Based Compensation [Abstract]  
Stock-Based Compensation

Note 8:

Stock-Based Compensation

Our 2014 Omnibus Equity Incentive Plan (the “2014 Plan”) authorizes the issuance of distribution equivalent rights, incentive stock options, non-qualified stock options, performance stock, performance units, restricted ordinary shares, restricted stock units, stock appreciation rights, tandem stock appreciation rights and unrestricted ordinary shares to our directors, officer, employees, consultants and advisors. The Company has reserved up to 300,000 shares of common stock for issuance under the 2014 Plan. 

From time to time, the Company grants stock options 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.

The following table summarizes stock option activity for the twelve months ended September 30, 2020 and the six months ended March 31, 2021:

 

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual Life

 

 

Intrinsic

Value

 

Outstanding at September 30, 2019

 

 

200,418

 

 

$

16.37

 

 

 

2.40

 

 

$

27

 

Forfeited

 

 

(81,250

)

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2020

 

 

119,168

 

 

$

19.07

 

 

 

2.71

 

 

$

 

Exercisable at September 30, 2020

 

 

95,001

 

 

$

15.50

 

 

 

1.55

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2020

 

 

119,168

 

 

$

19.07

 

 

 

2.71

 

 

$

 

Granted

 

 

1,250

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2021

 

 

120,418

 

 

$

19.12

 

 

 

2.87

 

 

$

564

 

Exercisable at March 31, 2021

 

 

107,168

 

 

$

16.71

 

 

 

2.19

 

 

$

564

 

 

The Company recognized compensation expense of $270 and $19 during the three months ended March 31, 2021 and 2020, respectively, and $287 and $48 during the six months ended March 31, 2021 and 2020, 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 and the revaluation for existing options whereby the expiration date was extended.

At March 31, 2021, the Company had $55 of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the Company expects to recognize as compensation expense through December 2021.

The exercise price for stock options outstanding and exercisable outstanding at March 31, 2021 is as follows:  

 

Outstanding

 

 

Exercisable

 

Number of Options

 

 

Exercise Price ($)

 

 

Number of Options

 

 

Exercise Price ($)

 

 

25,000

 

 

 

10.00

 

 

 

25,000

 

 

 

10.00

 

 

16,668

 

 

 

10.86

 

 

 

16,668

 

 

 

10.86

 

 

6,250

 

 

 

12.50

 

 

 

6,250

 

 

 

12.50

 

 

6,250

 

 

 

15.00

 

 

 

6,250

 

 

 

15.00

 

 

25,000

 

 

 

15.18

 

 

 

25,000

 

 

 

15.18

 

 

8,000

 

 

 

23.41

 

 

 

8,000

 

 

 

23.41

 

 

1,250

 

 

 

23.89

 

 

 

 

 

 

 

 

8,000

 

 

 

27.60

 

 

 

8,000

 

 

 

27.60

 

 

8,000

 

 

 

31.74

 

 

 

8,000

 

 

 

31.74

 

 

8,000

 

 

 

36.50

 

 

 

4,000

 

 

 

36.50

 

 

8,000

 

 

 

41.98

 

 

 

 

 

 

 

 

120,418

 

 

 

 

 

 

 

107,168

 

 

 

 

 

 

The following table summarizes information about the Company’s non-vested shares outstanding as of March 31, 2021:

 

Non-vested Shares

 

Number of

Shares

 

 

Average

Grant-Date

Fair Value

 

Non-vested at September 30, 2020

 

 

24,167

 

 

$

33.10

 

Granted

 

 

1,250

 

 

$

23.89

 

Vested

 

 

(12,167

)

 

$

26.15

 

Non-vested at March 31, 2021

 

 

13,250

 

 

$

38.62

 

 

The following table depicts the Black-Scholes model valuation assumptions for the stock options granted during the six months ended March 31, 2021.  There were no stock option grants during the six months ended March 31, 2020.  

 

Risk-free interest rate

 

1.15%

 

Expected life of the options

 

6 years

 

Expected volatility

 

99%

 

Expected dividend yield

 

0%