On November 29, 2018, we announced that the Board approved a stock repurchase program, pursuant to which we were authorized to repurchase up to $4 million of our outstanding Common Stock over a one-year period. Repurchases under the program were to be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we had no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased was subject

to management’s discretion and depended on our stock price and other market conditions. The Board could have terminated the repurchase program at any time while it was in effect. The term of our repurchase program expired as of the quarter ended December 31, 2019. There were no shares repurchased under this plan.

On February 4, 2020, the Board approved a new stock repurchase program, pursuant to which we were authorized to repurchase up to $4 million of our outstanding Common Stock over a one-year period, commencing on February 10, 2020. Repurchases under the program were to be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we had no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased was subject to management’s discretion and depended on our stock price and other market conditions. We could have, in the sole discretion of the Board, terminated the repurchase program at any time while it was in effect. Repurchased shares were to be retired or kept in treasury for further issuance. During the quarter ended March 31, 2020, we repurchased 366,000 shares of our common stock on the open market at a total cost of approximately $2.0 million (an average price of $5.46 per share). All shares repurchased during the year ended September 30, 2020 were retired. The term of our repurchase program expired as of the quarter ended March 31, 2021.

On February 9, 2021, the Board approved a new stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding Common Stock over a one-year period, commencing on February 16, 2021. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on our stock price and other market conditions. We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. As of September 30, 2021, there have been no shares repurchased under this repurchase plan.

Stock-based compensation expenses of $0.4 million, $0.3 million and $0.6 million for 2021, 2020 and 2019, respectively, are included in selling, general and administrative expenses. As of September 30, 2021, total compensation cost related to non-vested stock options not yet recognized is $0.4 million, which is expected to be recognized over the next 1.49 years on a weighted-average basis.

The 2007 Plan, under which 500,000 shares could be granted, was adopted by the Board in April 2007, and approved by the shareholders in May 2007. The 2007 Plan was amended in 2009, 2014 and 2015 to add 2,500,000 shares. The plan was also amended in 2019 to extend the term of the plan and allow for the grant of restricted stock units.

The Non-Employee Directors Stock Option Plan was approved by the shareholders in 1996 for issuance of up to 100,000 shares of common stock to directors. The Non-Employee Directors Stock Option Plan was amended in 2005, 2009 and 2014 to add 400,000 shares. The plan was also amended in 2020 to extend the term of the plan.

Equity compensation plans as of September 30, 2021 are summarized in the table below:


Name of Plan	Shares Authorized		Shares Available for Grant		Options Outstanding		Plan Expiration
2007 Plan		3,000,000		929,820		464,269	Mar. 2024
Non-Employee Directors Stock Option Plan		500,000		84,934		144,000	Mar. 2024
				1,014,754		608,269

Stock options issued under the terms of our equity compensation plans have, or will have, an exercise price equal to or greater than the fair market value of the common stock at the date of the option grant and expire no later than 10 years from the date of grant. Options issued under the plans vest over 6 months to 4 years. We estimated the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions:

The following table summarizes our stock option activity during 2021, 2020 and 2019:


	Years Ended September 30,
	2021					2020					2019
	Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price
Outstanding at beginning of period		696,665		$	7.00		1,068,665		$	7.04		1,248,758		$	7.69
Granted		204,000			6.25		32,500			5.34		198,850			5.35
Exercised		(241,320	)		6.40		(160,375	)		5.47		(52,201	)		4.02
Forfeited/expired		(51,076	)		13.01		(244,125	)		7.94		(326,742	)		9.00
Outstanding at end of period		608,269		$	6.48		696,665		$	7.00		1,068,665		$	7.04
Exercisable at end of period		403,853		$	6.87		611,542		$	7.19		842,083		$	7.45
Weighted average grant-date fair value of options granted during the period	$	3.33				$	2.89				$	3.08

The following table summarizes information for stock options outstanding and exercisable as of September 30, 2021:


	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Remaining Contractual Life (in years)		Weighted Average Exercise Price Per Share		Number Exercisable		Weighted Average Exercise Price Per Share
2.95-4.90		77,750		6.59	$	4.63		71,084	$	4.61
5.07-5.07		2,800		5.13		5.07		2,800		5.07
5.25-5.25		69,175		4.09		5.25		69,175		5.25
5.26-5.52		88,375		7.56		5.43		42,375		5.50
5.67-5.67		141,500		9.13		5.67		—		—
5.75-7.01		83,250		3.46		6.70		79,000		6.70
7.40-7.98		47,919		5.28		7.51		47,919		7.51
9.98-9.98		67,500		3.14		9.98		67,500		9.98
9.99-10.71		12,000		6.70		10.35		6,000		10.71
11.51-11.51		18,000		9.48		11.51		18,000		11.51
		608,269		6.20	$	6.48		403,853	$	6.87

The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2021 were $3,012,000 and $1,844,000, respectively, which represents the total pretax intrinsic value, based on our closing stock price of $11.43 per share as of September 30, 2021, the last business day of our fiscal year, which would have been received by the option holders had all option holders exercised their options as of that date. The total intrinsic value

of stock options exercised during the fiscal years ended September 30, 2021, 2020 and 2019 was $0.8 million, $0.1 million and $0.1 million, respectively.