Stockholders Equity

12 Months Ended

Sep. 30, 2023

Stockholder's Equity

Stockholder's Equity

Note 11.  Stockholder’s Equity

Dividends

During fiscal years 2021, 2022, and 2023, the Company paid dividends of $11,175, $11,072 and $11,192, respectively.

Treasury Stock

Treasury stock activity for fiscal years 2021, 2022 and 2023 was as follows:

	Year Ended		Year Ended		Year Ended
	September 30,		September 30,		September 30,
	2021		2022		2023
Number of shares at beginning of year		58,909		195,638		375,032
Repurchases of common stock to satisfy employee payroll taxes		23,751		37,002		17,708
Repurchases of common stock from share repurchase plan		112,978		142,392		—
Number of shares at end of year		195,638		375,032		392,740

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.

During 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 a Rule 10b5-1 agreement and in 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.  

The Company repurchased 17,708 shares in fiscal 2023 with an aggregate purchase price of $934 in order to satisfy payroll taxes related to employee stock-based compensation plans.