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Equity and Stock-Based Compensation (Tables)
12 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Equity Compensation Plans

 

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

 

 

 

Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model 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%

 

 

Summary of Stock Option Transactions and Options Outstanding

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

 

 

 

 

 

Summary of Stock Options Outstanding and Exercisable

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