Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

v3.24.4
Stock-Based Compensation
 12 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [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, 2024 and 2023:
Number of
Options 		Weighted
Average
Exercise
Price		 Weighted
Average
Remaining
Contractual
Life		 Intrinsic
Value
Outstanding at September 30, 2022 87,500 $ 18.81  1.78 $ 1,626 
Granted 17,500 35.00   
Exercised (31,250) 14.64   
Forfeited (20,000) 32.25   
Outstanding at September 30, 2023 53,750 $ 21.51  1.54 $ 540 
Exercisable at September 30, 2023 53,750 $ 21.51  1.54 $ 540 
   
Outstanding at September 30, 2023 53,750 $ 21.51  1.54 $ 540 
Granted 17,500 40.00   
Exercised (6,250) 15.00   
Forfeited (5,000) 40.00   
Outstanding at September 30, 2024 60,000 $ 26.04  1.29 $ 130 
Exercisable at September 30, 2024 60,000 $ 26.04  1.29 $ 130 
The Company recognized compensation expense of approximately $325,000 and $446,000 during the years ended September 30, 2024 and 2023, 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 years ended September 30, 2024 and 2023, 17,500 and 17,500 stock options were granted, respectively.
At September 30, 2024 the Company had no unrecognized compensation expense associated with stock option awards.
The exercise price for stock options outstanding and exercisable at September 30, 2024 is as follows:
Outstanding Exercisable
Number of
Options
Exercise
Price
Number of
Options
Exercise
Price
25,000 $ 10.00  25,000 $ 10.00 
17,500 35.00  17,500 35.00 
17,500 40.00  17,500 40.00 
60,000   60,000
At September 30, 2024 and 2023, the Company had no non-vested stock option awards.