Stock-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2015

Restricted stock transactions and outstanding awards are summarized as follows:



	Years Ended September 30,
	2015				2014				2013
	Awards		Weighted Average Grant Date Fair Value		Awards		Weighted Average Grant Date Fair Value		Awards		Weighted Average Grant Date Fair Value
Beginning Outstanding	35,203		$	10.13	69,154		$	10.13	127,975		$	9.06
Awarded	—		—		—		—		—		—
Released	(21,663	)	11.47		(33,951	)	10.13		(58,771	)	7.81
Forfeited	—		—		—		—		(50	)	7.98
Ending Outstanding	13,540		$	7.98	35,203		$	10.13	69,154		$	10.13

Stock-based compensation expense for the fiscal years ended September 30, 2015, 2014 and 2013 reduced the Company’s results of operations as follows:



	Years Ended September 30,
	2015			2014			2013
	(dollars in thousands)
Effect on income before income taxes (1)	$	(1,162	)	$	(795	)	$	(2,472	)
Effect on income taxes	$	221		$	326		$	512
Effect on net income	$	(941	)	$	(469	)	$	(1,960	)

(1) Stock-based compensation expense is included in selling, general and administrative expense

Stock-based compensation plans are summarized in the table below:



Name of Plan	Shares Authorized	Shares Available	Options Outstanding	Plan Expiration
2007 Employee Stock Incentive Plan	3,000,000	916,038	1,425,297	Mar. 2020
1998 Employee Stock Option Plan	500,000	—	23,710	Jan. 2008
Non-Employee Directors Stock Option Plan	500,000	167,600	178,470	Mar. 2020
		1,083,638	1,627,477

Stock option transactions and the options outstanding are summarized as follows:



	Years Ended September 30,
	2015					2014					2013
	Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price
Outstanding at beginning of period	1,063,324			$	7.37	1,059,567			$	6.71	891,293			$	9.37
Granted	327,500			9.74		272,906			7.01		312,850			2.95
Assumed - merger	367,229			14.19		—					—
Exercised	(94,701		)	5.52		(263,643		)	4.31		(8,450		)	3.08
Forfeited/canceled	(35,875		)	24.71		(5,506		)	9.63		(136,126		)	15.75
Outstanding at end of period	1,627,477			$	9.11	1,063,324			$	7.37	1,059,567			$	6.71

Exercisable at end of period	1,002,421			$	9.74	674,237			$	8.18	874,591			$	7.13

Weighted average grant-date fair value of options granted during the period	$	5.91				$	4.38				$	1.82

The following tables summarize information for stock options outstanding and exercisable as of September 30, 2015:



	Options Outstanding
Range of Exercise Prices	Number Outstanding	Remaining Contractual Life	Average Exercise Price		Aggregate Intrinsic Value
		(in years)			(in thousands)
2.95-3.30	165,310	7.1	$	2.96
3.80-7.00	143,402	3.4	5.69
7.01-7.14	269,106	8.2	7.01
7.15-7.87	60,223	5.5	7.60
7.88-8.00	246,806	6.2	7.98
8.01-9.94	99,338	6.4	8.93
9.95-10.49	282,500	9.1	9.98
10.50-15.23	184,041	2.7	11.80
15.24-22.26	161,489	3.1	18.00
27.47-25.00	15,262	2.5	27.47
	1,627,477	6.1	$	9.11	$	238

Vested and expected to vest as of September 30, 2015	1,624,545	6.1	$	9.11	$	238



	Options Exercisable
Range of Exercise Prices	Number Exercisable	Weighted Average Exercise Price		Aggregate Intrinsic Value
				(in thousands)
2.95-3.30	99,968	$	2.97
3.80-7.00	143,402	5.69
7.01-7.14	81,327	7.01
7.15-7.87	23,144	7.15
7.88-8.00	246,806	7.98
8.01-9.94	43,566	9.42
9.95-10.49	6,000	9.98
10.50-15.23	181,457	11.81
15.24-22.26	161,489	18.00
27.47-25.00	15,262	27.47
	1,002,421	9.74		$	150