Note 13 - Stock Option Plans

3 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stock Option Plans [Text Block]

Note

1

3

-Stock Option Plans

2012

Stock Option and Performance Award Plan

On

February 

7,

2012,

the Company adopted the

2012

Stock Option and Performance Award Plan (the

“2012

Plan”), which was approved by the stockholders of the Company on

March 

21,

2012.

The

2012

Plan provides the Company with flexibility with respect to equity awards by providing for grants of stock awards (i.e. restricted or unrestricted), stock purchase rights and stock appreciation rights, in addition to the granting of stock options.

The Company authorized

2,000,000

shares of Common Stock for issuance under the

2012

Plan. Under the

2012

Plan, the Company has granted options to purchase an aggregate of

540,800

shares, awarded

245,625

shares of restricted stock, and has cancelled

115,268

options, leaving

1,328,843

shares available as of

December 31, 2019.

At

December 31, 2019,

54

of the Company’s employees were able to participate in the

2012

Plan.

Equity Compensation Plan

On

December 

1,

2005,

the Company adopted the Equity Compensation Plan (the “Equity Compensation Plan”), which was approved by the stockholders of the Company on

March 

1,

2006.

The Equity Compensation Plan was adopted to supplement the Company’s

2002

Stock Option Plan (as defined below).

The Equity Compensation Plan provides the Company with flexibility with respect to equity awards by providing for grants of stock options, stock awards (i.e. restricted or unrestricted), stock purchase rights and stock appreciation rights. 

The Company authorized

1,000,000

shares of Common Stock for issuance under the Equity Compensation Plan. As of

March 

21,

2012,

no

more awards could be issued under this plan.

2002

Stock Option Plan

  

On

March 

5,

2002,

the Company adopted the

2002

Stock Option Plan (the

“2002

Plan”), which was approved by the stockholders of the Company on

May 

1,

2002.

The

2002

Plan was adopted in order to attract and retain qualified directors, officers and employees of, and consultants to, the Company. 

The

2002

Plan authorized the granting of incentive stock options (as defined in Section 

422

of the Internal Revenue Code of

1986,

as amended (the “Code”)) and non-qualified stock options to eligible employees of the Company, including officers and directors of the Company (whether or

not

employees) and consultants of the Company.  

The Company authorized

1,000,000

shares of Common Stock for issuance under the

2002

Plan. As of

March 

5,

2012,

no

more awards could be issued under this plan.

Summary of the Plans

 

Compensation expense for stock options and restricted stock is recognized over the requisite vesting or service period. Compensation expense for restricted stock is based upon the market price of the shares underlying the awards on the grant date. 

The following table summarizes stock option transactions under the

2012

Plan, the Equity Compensation Plan and the

2002

Plan (collectively, the “Plans”):

	Three Months Ended December 31,
	201 9					201 8
	Number Of Shares			Weighted Average Exercise Price		Number of Shares			Weighted Average Exercise Price
Outstanding options at the beginning of period		722,567		$	8.18		728,867		$	8.17
Options forfeited/cancelled		(52,400	)		8.07		(334	)		7.93
Outstanding options at the end of period		670,167		$	8.19		728,533		$	8.17
Exercisable options at the end of period		670,167		$	8.19		728,533		$	8.17

The following table summarizes information about the Plans outstanding options as of

December 31, 2019:

				Options Outstanding						Options Exercisable
Range of Exercise Price				Number of Shares Outstanding		Weighted Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number of Shares Exercisable		Weighted Average Exercise Price
	$5.7501	-	$8.6250		560,667		2.7		7.96		560,667		7.96
	$8.6251	-	$11.5000		109,500		3.1		9.37		109,500		9.37
					670,167		2.7	$	8.19		670,167	$	8.19

The Company recognized

$0

and

$7,000

of compensation expense related to the stock options vested during the

three

months ended

December 31, 2019

and

2018,

respectively. As of

December 31, 2019,

there was

no

unrecognized compensation cost related to stock option awards. 

The intrinsic value of the outstanding and exercisable options as of

December 31, 2019

was approximately

$1.4

million. The weighted average remaining contractual life of exercisable options is

2.7

years. There were

no

options exercised during the

three

months ended

December 31, 2019

and

2018.

The fair value of the stock options that vested during the

three

months ended

December 31, 2019

and

2018

was approximately

$0

and

$76,000,

respectively. There were

no

options granted during the

three

months ended

December 31, 2019

and

2018.

 

The Company did

not

grant any restricted stock awards during the

three

months ended

December 31, 2019

and

2018.

As of

December 31, 2019,

and

September 30, 2019,

there was

no

unrecognized compensation cost related to restricted stock awards.