Equity

3 Months Ended

Dec. 31, 2019

(8)

Equity

Amended and Restated 2013 Omnibus Incentive Plan

The Company has adopted, and the Company’s shareholders have approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Omnibus Plan”). Under the Omnibus Plan, participants may be granted RSUs, each of which represents an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Omnibus Plan vest over four years at a rate of 25% per year. The Company recognizes

stock-based

compensation expense on a

straight-line

basis over the four-year vesting term of each award.

A summary of RSU activity is as follows:


	Three Months Ended December 31, 2019
	Shares			Weighted Average Grant Date Fair Value per Share
Non-vested balance at beginning of year		313,669		$	12.22
Granted		—			—
Vested (1)		(31,437	)		(14.23	)
Forfeited		—			—

Non-vested balance at end of year		282,232		$	12.00

(1)	Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not yet issued to employees the related shares of common stock.

Additional information related to RSUs is as follows:


	For the Three Months Ended December 31, 2019
	(In thousands, except years)
Total expected compensation expense related to RSUs	$	14,975
Recognized compensation expense related to RSUs at reporting date		(11,590	)
Unrecognized compensation expense related to RSUs at reporting date	$	3,385

Weighted average remaining period to expense for RSUs		2.8

Dividend Reinvestment and Stock Purchase Plan

In January 2018, the Company adopted an updated Dividend Reinvestment and Stock Purchase Plan (the “DRSPP”), replacing the previous Dividend Reinvestment and Stock Purchase Plan established in March 2015, to provide shareholders and new investors with a convenient and economical means of purchasing shares of the Company’s common stock and reinvesting cash dividends paid on the Company’s common stock. Under the DRSPP and its predecessor, the Company issued 3,298 and 1,503 shares of common stock during the three months ended December 31, 2019 and 2018, respectively. The maximum number of shares that may be issued under the current DRSPP is 1,550,000, of which 1,536,046 shares remain available for issuance.

Although the Company may issue up to 1,550,000 shares of its common stock under the DRSPP,

the Company

intends to limit the issuances

to less than

20% of the number of

tstanding

shares of

the

Company’s

common stock. As of December 31, 2019, the Company

had 7,465,551

shares outstanding. Therefore, the Company will not issue more than 1,493,110 shares of

its

common stock under the DRSPP

without seeking

shareholder approval as required by the listing requirements of The NASDAQ Capital Market.

Stock Buyback Program

In August 2010, the Company adopted a stock buyback program. The program provides that the Company may repurchase up to 1,500,000 shares of its common stock and has no expiration date. Share repurchases may be made in the open market, in privately negotiated transactions, or otherwise. The Company repurchased 64,787 shares of its common stock pursuant to the stock buyback program during the three months ended December 31, 2019. A total of 802,477 shares remains available for repurchase under the stock buyback program.