Note 6 - Stockholders' Equity

3 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6

. S

tock

holders’ Equity

Share Repurchases

On

May 4, 2016,

the Company’s Board of Directors (the Board) authorized a

two

-year share repurchase program pursuant to which the Company

may

repurchase up to

$10.0

million in shares of the Company’s common stock. On

May 2, 2018,

Board authorized a

two

-year extension of the Company’s share repurchase program. As a result of such extension, the share repurchase program will terminate on

May 4, 2020.

Repurchases under the Company’s share repurchase program are made from time to time at management’s discretion on the open market or through privately negotiated transactions in compliance with Rule

10b

-

18

under the Securities Exchange Act of

1934,

as amended (the Exchange Act), subject to market conditions, applicable legal requirements and other relevant factors. Repurchases of common stock

may

also be made under a Rule

10b5

-

1

plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The share repurchase program does

not

obligate the Company to purchase any particular amount of common stock and

may

be suspended, modified or discontinued by the Company without prior notice.

Prior to

October 1, 2018,

the Company repurchased

199,543

shares under the share repurchase program. The Company did

not

repurchase any shares during the

three

months ended

December 31, 2018.

During the

three

months ended

December 31, 2017,

the Company repurchased

101,573

shares under the share repurchase program. The dollar value of the shares of the Company’s common stock that

may

yet be purchased under the share repurchase program is approximately

$8.3

million.

Prior to

October 1, 2018,

the Company reissued

62,646

treasury shares at a cost of approximately

$0.6

million to satisfy the issuance of common stock pursuant to the vesting of certain restricted stock unit awards and the award of stock grants. During the

three

months ended

December 31, 2018

and

2017,

the Company reissued

18,928

treasury shares at a cost of approximately

$0.1

million and

1,226

treasury shares at a cost of less than

$0.1

million, respectively, to satisfy the issuance of common stock pursuant to the vesting of certain restricted stock unit awards and the award of common stock grants. At

December 31, 2018

and

September 30, 2018,

the Company held in treasury

117,969

shares and

136,897

shares, respectively, totaling

$0.9

million and

$1.0

million, respectively.