Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

Stock-Based Compensation

12 Months Ended

Sep. 30, 2021

Note 14: Stock-Based Compensation

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. 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 years ended September 30, 2021 and 2020:


	Number of Options			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		$	15.76		2.71	$	—
Exercisable at September 30, 2020		95,001		$	15.50		1.55	$	—

Outstanding at September 30, 2020		119,168		$	15.76		2.71	$	—
Granted		7,500			40.92
Exercised		(28,668	)		11.25
Forfeited		(10,500	)		20.56
Outstanding at September 30, 2021		87,500		$	18.81		1.78	$	1,626
Exercisable at September 30, 2021		78,500		$	16.29		1.72	$	1,626

The Company recognized compensation expense of approximately $489,000 and $86,000 during the years ended September 30, 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. No forfeitures are estimated. During the year ended September 30, 2021, 2,500 stock options were granted. No options were granted during the year ended September 30, 2020.

At September 30, 2021 the Company had approximately $38,000 of unrecognized compensation expense associated with stock option awards.

The exercise price for stock options outstanding and exercisable at September 30, 2021 is as follows:


Outstanding				Exercisable
Number of		Exercise		Number of		Exercise
Options		Price		Options		Price
	25,000	$	10.00		25,000	$	10.00
	6,250		12.50		6,250		12.50
	6,250		15.00		6,250		15.00
	25,000		15.18		25,000		15.18
	4,000		23.41		4,000		23.41
	4,000		27.60		4,000		27.60
	4,000		31.74		4,000		31.74
	4,000		36.50		4,000		36.50
	5,000		40.00		—		—
	4,000		41.98		—		—
	87,500				78,500

The following table summarizes information about the Company’s non-vested shares as of September 30, 2021:


				Average
	Number of			Grant-Date
Non-vested Options	Options			Fair Value
Non-vested at September 30, 2020		24,167		$	33.10
Granted		7,500		$	20.93
Forfeited/Cancelled		(10,500	)	$	13.09
Vested		(12,167	)	$	15.40
Non-vested at September 30, 2021		9,000		$	17.57