Stockholders Equity

12 Months Ended

Sep. 30, 2022

Stockholder's Equity

Stockholder's Equity

Note 11.  Stockholder’s Equity

Dividends

During fiscal years 2020, 2021, and 2022, the Company paid dividends of $11,058, $11,175 and $11,072, respectively.

Treasury Stock

Treasury stock activity for fiscal years 2020, 2021 and 2022 are as follows:

	Year Ended		Year Ended		Year Ended
	September 30,		September 30,		September 30,
	2020		2021		2022
Number of shares at beginning of year		53,469		58,909		195,638
Repurchases of common stock to satisfy employee payroll taxes		5,440		23,751		37,002
Repurchases of common stock from share repurchase plan		—		112,978		142,392
Number of shares at end of year		58,909		195,638		375,032

Share Repurchase Plan

On July 28, 2021, the Board of Directors authorized the use of up to $20 million of available cash to purchase shares of the Company's common stock through July 27, 2022.  The Board adopted the repurchase plan because it believed that repurchasing the Company’s stock at current market prices presented an attractive capital allocation strategy for the Company given the available options for the use of capital.  The authorization of the repurchase plan has expired and no new authorization has been put in place.

In the fourth quarter of fiscal 2021, the Company repurchased 112,978 shares at an average price per share of $37.57 with an aggregate purchase price of $4,245 under the 10b5-1 agreement and in the first quarter of fiscal 2022, the

Company repurchased 142,392 shares at an average price per share of $40.09 with an aggregate purchase price of $5,709 under the 10b5-1 agreement.  

In addition to the above-mentioned share repurchase plan, the Company repurchased 37,002 shares in fiscal 2022 with an aggregate purchase price of $1,534 in order to satisfy payroll taxes related to employee stock-based compensation plans.