Stock-based compensation expense was $0.3 million and $0.2 million in the three months ended March 31, 2024 and 2023, respectively, and $0.7 million and $0.3 million in the six months ended March 31, 2024 and 2023, respectively. Stock-based compensation expense is included in selling, general and administrative expenses.

The following table summarizes our stock option activity during the six months ended March 31, 2024:


	Options			Weighted Average Exercise Price
Outstanding at beginning of period		672,924		$	8.76
Granted		557,500			5.66
Exercised		(5,000	)		5.67
Forfeited		(43,991	)		9.63
Outstanding at end of period		1,181,433		$	7.28
Exercisable at end of period		424,643		$	8.49
Weighted average fair value of options granted during the period	$	2.44

The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:


	Six Months Ended March 31,
	2024			2023
Risk free interest rate		4	%		4	%
Expected term	5 years			5 years
Dividend rate		—	%		—	%
Volatility		60	%		56	%

The following table summarizes our RSU activity during the six months ended March 31, 2024:


	Number			Weighted Average Grant Date Fair Value
Nonvested at beginning of year		75,977		$	9.15
Granted		24,897			4.82
Released		(20,421	)		9.55
Forfeited		—			—
Nonvested at end of period		80,453		$	7.71

On February 7, 2023, our Board of Directors (the “Board”) approved a stock repurchase program, pursuant to which we may repurchase up to $5 million of our outstanding Common Stock over a one-year period, commencing on February 10, 2023. 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 Securities and Exchange Commission; 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. There were no repurchases during the quarter ended March 31, 2024. The term of this plan expired during the quarter ended March 31, 2024.