Note 6 - Stockholders' Equity

6 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6.

S

tock

holders’ Equity

Share Repurchases

In

May 2016,

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. In

May 2018,

the Board authorized a

two

-year extension of the share repurchase program. On

May 4, 2020,

the Board authorized an extension of the Company’s share repurchase program. As a result of such extension, the share repurchase program will terminate on

May 31, 2022 (

see Note

14

). 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 permits 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 between

October 1, 2018

and

March 31, 2020.

The dollar value of the shares of the Company’s common stock that

may

yet be repurchased under the share repurchase program is

$8.3

million.

Prior to

October 1, 2019,

the Company reissued

152,321

treasury shares at a cost of

$1.3

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

three

and

six

months ended

March 31, 2020,

the Company reissued

28,092

treasury shares at a cost of approximately

$0.2

million and

40,753

treasury shares at a cost of approximately

$0.3

million, respectively, to satisfy the issuance of common stock pursuant to the vesting of certain RSUs and the award of common stock grants.  During the

three

and

six

months ended

March 31, 2019,

the Company reissued

39,243

treasury shares at a cost of approximately

$0.3

million and

58,171

treasury shares at a cost of approximately

$0.4

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

March 31, 2020

and

September 30, 2019,

the Company held in treasury

6,469

shares and

47,222

shares, respectively, totaling less than

$0.1

million and

$0.4

million, respectively.