STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Sep. 30, 2016

STOCK-BASED COMPENSATION PLANS [Abstract]

Schedule of weighted average fair value assumptions of stock options

The weighted average input assumptions used and resulting fair values of stock options were as follows for 2016 (there were no stock options outstanding in 2015):

Executive and management options:

Expected life (in years)		4.0
Risk-free interest rate		1.55	%
Volatility		61.43	%
Dividend yield		0.00	%
Weighted-average fair value per share	$	4.81

Executive chairman options:

Expected life (in years)		4.0
Risk-free interest rate		0.99% - 1.14	%
Volatility		60.45% - 64.40	%
Dividend yield		0.00	%
Weighted-average fair value per share	$	3.69 - $4.03

Summary of restricted stock activity

A summary of performance based option activity under the share option plan as of September 30, 2016, and changes during the twelve months then ended is presented below:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of September 30, 2015		-		-		-		-
Granted – Executives and management		38,460		9.94		4.21		-
Exercised		-		-		-		-
Forfeited or Expired		-		-		-		-
Outstanding at September 30, 2016		38,460		9.94		4.21	$	-
Exercisable		-		-		-		-
Vested and expected to vest		35,088		9.94		4.21	$	-

Performance Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of option activity under employee share option plan

A summary of restricted stock and stock option activity, including both performance based awards and time-based awards, for the twelve months ended September 30, 2016 and 2015 is as follows:

	Number of shares of Restricted Stock			Weighted Average Grant-Date Fair Value
Non-vested balance as of September 30, 2014		168,600		$	5.27
Granted		92,600		$	7.49
Vested		(64,600	)	$	6.32
Non-vested balance as of September 30, 2015		196,600		$	5.97
Granted		41,240		$	9.89
Cancelled		(3,300	)	$	9.82
Vested		(95,600	)	$	6.77
Non-vested balance as of September 30, 2016		138,940		$	6.50

	Number of shares of Stock Options			Weighted Average Grant-Date Fair Value
Non-vested balance as of September 30, 2015		-		$	-
Granted		95,160		$	4.67
Cancelled		(44,535	)	$	-
Non-vested balance as of September 30, 2016		50,625		$	4.67

Time Based Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of option activity under employee share option plan

A summary of time based option activity under the share option plan as of September 30, 2016, and changes during the twelve months then ended is presented below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of September 30, 2015		-			-		-		-
Granted – Executive Chairman		56,700			11.43		4.08		-
Exercised		-			-		-		-
Forfeited or Expired		(44,535	)		10.93		-		-
Outstanding at September 30, 2016		12,165			10.93		4.08	$	-
Exercisable		-			-		-		-
Vested and expected to vest		12,165			10.93		4.08	$	-