On August 18, 2017, we entered into an Underwriting Agreement with Roth Capital Partners, LLC, as underwriter (the “Underwriter”), relating to a firm commitment underwritten offering (the “Offering”) of 1,055,000 shares of our common stock at a price of $9.50 per share, and granted the Underwriter an option to purchase up to 158,250 additional shares (the “Over-Allotment Option”) of our common stock to cover over-allotments, if any. On August 23, 2017, we and the Underwriter closed the Offering and the Underwriter exercised its Over-Allotment Option at the closing. As a result, we issued a total of 1,213,250 shares of our common stock at a price of $9.50 per share. We received net proceeds of approximately $10.6 million from the Offering. We plan to use the net proceeds of the Offering for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions.

On March 28, 2018, we announced that our Board approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock, par value $0.01, over a one-year period, commencing on April 2, 2018. During the year ended September 30, 2018, we completed our repurchase program and repurchased 771,149 shares of our common stock on the open market at a total cost of approximately $4.0 million (an average price of $5.19 per share). All shares repurchased during the year ended September 30, 2018, have been retired.

On November 29, 2018, we announced that our Board of Directors approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock, par value $0.01 per share, over a one-year period. 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 the Company’s stock price and other market conditions. Our Board may terminate the repurchase program at any time while it is in effect. We intend to retire any repurchased shares. As of September 30, 2019, there have been no shares repurchased under this repurchase plan.

Stock-based compensation expenses of $0.6 million, $0.9 million and $1.3 million for 2019, 2018 and 2017, respectively, are included in selling, general and administrative expenses. As of September 30, 2019, 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 1.64 years on a weighted-average basis.

The 2007 Employee Stock Incentive Plan (the “2007 Plan”), under which 500,000 shares could be granted, was adopted by our Board of Directors 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.

Equity compensation plans as of September 30, 2019 are summarized in the table below:

Name of Plan	Shares Authorized		Shares Available for Grant		Options Outstanding		Plan Expiration
2007 Employee Stock Incentive Plan		3,000,000		856,453		879,314	Mar. 2024
Non-Employee Directors Stock Option Plan		500,000		99,600		189,351	Mar. 2020
				956,053		1,068,665

Stock options issued under the terms of the 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 estimate the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions:

	Years Ended September 30,
	2019	2018	2017
Risk free interest rate	3%	3%	2%
Expected life	6 years	6 years	6 years
Dividend rate	0%	0%	0%
Volatility	60%	59%	63%

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

	Years Ended September 30,
	2019					2018					2017
	Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price
Outstanding at beginning of period		1,248,758		$	7.69		1,560,441		$	7.95		1,841,567		$	8.15
Granted		198,850			5.35		44,000			7.40		145,000			5.23
Exercised		(52,201	)		4.02		(277,154	)		6.71		(317,986	)		6.30
Forfeited/expired		(326,742	)		9.00		(78,529	)		16.12		(108,140	)		12.71
Outstanding at end of period		1,068,665		$	7.04		1,248,758		$	7.69		1,560,441		$	7.95
Exercisable at end of period		842,083		$	7.45		1,014,300		$	7.93		1,055,865		$	8.58
Weighted average grant-date fair value of options granted during the period	$	3.08				$	4.20				$	3.04

The following table summarizes information for stock options outstanding and exercisable as of September 30, 2019:

	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
2.95-4.85		116,430		6.22	$	3.95		91,430	$	3.73
4.87-5.07		60,750		6.94		5.02		45,750		5.00
5.25-5.25		168,674		4.12		5.25		147,424		5.25
5.40-5.40		6,000		6.29		5.40		6,000		5.40
5.52-5.52		152,000		9.16		5.52		—		—
5.75-6.15		68,469		3.50		5.96		68,469		5.96
7.01-7.01		133,250		2.72		7.01		133,250		7.01
7.15-7.98		143,976		4.09		7.75		130,644		7.79
8.20-9.94		18,428		2.59		9.33		18,428		9.33
9.98-22.26		200,688		3.44		11.79		200,688		11.79
		1,068,665		4.87	$	7.04		842,083	$	7.45

The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2019 were $182,000 and $164,000, respectively, which represents the total pretax intrinsic value, based on our closing stock price of $5.30 per share as of September 30, 2019, 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, 2019, 2018 and 2017 was $0.1 million, $1.2 million and $1.1 million, respectively.