Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

v3.20.4
Stock-Based Compensation
12 Months Ended
Sep. 30, 2020
Share Based Compensation [Abstract]  
Stock-Based Compensation

Note 11:       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, net of estimated forfeitures. 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, 2020 and 2019:

 

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life

 

 

Intrinsic

Value

 

Outstanding at September 30, 2018

 

 

231,668

 

 

$

14.84

 

 

 

3.04

 

 

$

163

 

Forfeited

 

 

(31,250

)

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2019

 

 

200,418

 

 

$

16.37

 

 

 

2.40

 

 

$

27

 

Exercisable at September 30, 2019

 

 

168,084

 

 

$

13.92

 

 

 

1.44

 

 

$

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

 

 

The Company recognized compensation expense of $86 and $142 during the years ended September 30, 2020 and 2019, 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. No forfeitures are estimated.

At September 30, 2020 the Company had $59, of unrecognized compensation expense (net of estimated forfeitures) associated with stock option awards which the Company expects will be recognized through October of 2022.

The exercise price for stock options outstanding and exercisable at September 30, 2020 is as follows:

 

Outstanding

 

 

Exercisable

 

Number of

 

 

Exercise

 

 

Number of

 

 

Exercise

 

Options

 

 

Price

 

 

Options

 

 

Price

 

 

25,000

 

 

$

10.00

 

 

 

25,000

 

 

$

10.00

 

 

16,668

 

 

 

10.86

 

 

 

12,501

 

 

 

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

 

 

8,000

 

 

 

27.60

 

 

 

8,000

 

 

 

27.60

 

 

8,000

 

 

 

31.74

 

 

 

4,000

 

 

 

31.74

 

 

8,000

 

 

 

36.50

 

 

 

 

 

 

 

 

8,000

 

 

 

41.98

 

 

 

 

 

 

 

 

119,168

 

 

 

 

 

 

 

95,001

 

 

 

 

 

 

The following table summarizes information about the Company’s non-vested shares as of September 30, 2020:

 

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant-Date

 

Non-vested Shares

 

Shares

 

 

Fair Value

 

Non-vested at September 30, 2019

 

 

36,334

 

 

$

26.76

 

Vested

 

 

(12,167

)

 

$

23.23

 

Non-vested at September 30, 2020

 

 

24,167

 

 

$

33.10

 

 

No stock options were granted during the years ended September 30, 2020 and 2019.