Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

v3.21.4
Stock-Based Compensation
12 Months Ended
Sep. 30, 2021
Share Based Compensation [Abstract]  
Stock-Based Compensation

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