On March 28, 2018, we announced that our Board approved a stock repurchase program, pursuant to which we were authorized to 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 were authorized to 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 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 is subject to management’s discretion and depended on our stock price and other market conditions. Our 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 may repurchase up to $4 million of our outstanding Common Stock over a one-year period, commencing on February 10, 2020. 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. 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 have been retired. Approximately $2 million remain under the repurchase program as of September 30, 2020.

Stock-based compensation expenses of $0.3 million, $0.6 million and $0.9 million for 2020, 2019 and 2018, respectively, are included in selling, general and administrative expenses. As of September 30, 2020, total compensation cost related to non-vested stock options not yet recognized is $0.1 million, which is expected to be recognized over the next 1.05 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. The plan was also amended in 2020 to extend the term of the plan.

Equity compensation plans as of September 30, 2020 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		1,083,744		491,648	Mar. 2024
Non-Employee Directors Stock Option Plan		500,000		83,934		205,017	Mar. 2024
				1,167,678		696,665

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,
	2020	2019	2018
Risk free interest rate	1%	3%	3%
Expected life	6 years	6 years	6 years
Dividend rate	0%	0%	0%
Volatility	58%	60%	59%

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

	Years Ended September 30,
	2020					2019					2018
	Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price
Outstanding at beginning of period		1,068,665		$	7.04		1,248,758		$	7.69		1,560,441		$	7.95
Granted		32,500			5.34		198,850			5.35		44,000			7.40
Exercised		(160,375	)		5.47		(52,201	)		4.02		(277,154	)		6.71
Forfeited/expired		(244,125	)		7.94		(326,742	)		9.00		(78,529	)		16.12
Outstanding at end of period		696,665		$	7.00		1,068,665		$	7.04		1,248,758		$	7.69
Exercisable at end of period		611,542		$	7.19		842,083		$	7.45		1,014,300		$	7.93
Weighted average grant-date fair value of options granted during the period	$	2.89				$	3.08				$	4.20

The following table summarizes information for stock options outstanding and exercisable as of September 30, 2020:

	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
2.95-4.77		83,500		5.01	$	4.12		70,168	$	4.00
4.85-5.07		59,350		7.43		4.95		53,100		4.93
5.25-5.25		85,912		4.81		5.25		85,912		5.25
5.40-5.40		6,000		5.29		5.40		6,000		5.40
5.52-5.52		100,000		6.80		5.52		49,625		5.52
5.75-6.60		30,500		7.23		5.99		22,000		5.75
7.01-7.01		70,000		3.00		7.01		70,000		7.01
7.40-7.98		123,767		3.45		7.76		117,101		7.78
8.20-9.94		17,935		1.63		9.31		17,935		9.31
9.98-22.26		119,701		3.21		11.72		119,701		11.72
		696,665		4.67	$	7.00		611,542	$	7.19

The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2020 were $65,000 and $63,000, respectively, which represents the total pretax intrinsic value, based on our closing stock price of $4.89 per share as of September 30, 2020, 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, 2020, 2019 and 2018 was $0.1 million, $0.1 million and $1.2 million, respectively.