Stockholders' Equity

12 Months Ended

Sep. 30, 2014

Stockholders Equity Note [Abstract]

Stockholders' Equity

14. Stockholders’ Equity

In September 1997, the board of directors and stockholders approved the 1997 Key Employee Stock Option Plan (as amended the “1997 Plan”) and, following amendments thereto, there has been reserved an aggregate of2,250,000 shares of common stock for issuance thereunder. In August 2013, the board of directors and stockholders approved an amendment that extended the 1997 Plan to November 14, 2017.

Under the 1997 Plan, the Company is authorized to grant nonqualified and incentive stock options to purchase common stock and restricted stock awards of common stock to key employees of the Company. Options have a term not to exceed ten years, with the exception of incentive stock options granted to employees owning ten percent or more of the outstanding shares of common stock, which have a term not to exceed five years. The exercise price of any option may not be less than the fair market value of the common stock on the date of grant. In the case of incentive stock options granted to an employee owning ten percent or more of the outstanding shares of common stock, the exercise price of such option may not be less than 110% of the fair market value of the common stock on the date of grant. Options vest over a four-year period commencing on the date of grant in 25% annual increments. Under the 1997 Plan, the Company may issue shares of restricted stock to employees for no payment by the employee or for a payment below the fair market value on the date of grant. The restricted stock is subject to certain restrictions described in the 1997 Plan, with no restrictions continuing for more than ten years from the date of the award.

In February 2014, the board of directors and stockholders approved the 2014 Long Term Incentive Plan (the “2014 Plan”), which replaced the 1997 Plan.  Under the 2014 Plan, an aggregate of 1,500,000 shares of common stock may be issued.  The Company is authorized to issue nonqualified and incentive stock options to purchase common stock and restricted stock awards of common stock to key employees, directors and consultants under the 2014 Plan. Options have a term not to exceed ten years, with the exception of incentive stock options granted to employees owning ten percent or more of the outstanding shares of common stock, which have a term not to exceed five years. The exercise price of any option may not be less than the fair market value of the common stock on the date of grant. In the case of incentive stock options granted to an employee owning ten percent or more of the outstanding shares of common stock, the exercise price of such option may not be less than 110% of the fair market value of the common stock on the date of grant. Under the 2014 Plan, the Company may issue shares of restricted stock to employees for no payment by the employee or for a payment below the fair market value on the date of grant. The restricted stock is subject to certain restrictions described in the 2014 Plan.

At September 30, 2014, an aggregate of 1,487,000 shares of common stock were available for issuance under the 2014 Plan. No shares of common stock were available for issuance under the 1997 Plan.

The following table summarizes the combined activity under the equity incentive plans for the indicated periods:

	Number of Nonqualifed Options Outstanding			Weighted Average Exercise Price per Share		Number of Restricted Stock Awards			Weighted Average Grant-date fair- value per Share
Outstanding at October 1,, 2011		345,600		$	13.82		—		$	—
Granted		—			—		—			—
Exercised		(99,644	)		13.63		—			—
Forfeited		—			—		—			—
Expired		—			—		—			—
Outstanding at September 30, 2012		245,956			13.90		—			—
Granted		—			—		—			—
Exercised		(139,906	)		10.36		—			—
Forfeited		—			—		—			—
Expired		—			—		—			—
Outstanding at September 30, 2013		106,050			18.61		—			—
Granted		—			—		197,000			95.18
Exercised		(16,350	)		25.94		—			—
Forfeited		—			—		(8,000	)		98.68
Expired		—			—		—			—
Outstanding at September 30, 2014		89,700		$	17.27		189,000		$	95.03

The restricted stock outstanding at September 30, 2014 was issued from the 2014 Plan.  The stock options outstanding at September 30, 2014, 2013 and 2012 represent nonqualified options issued under the 1997 Plan.  

The number of nonqualified stock options vested during fiscal years 2014, 2013 and 2012 were zero, 106,500 and 102,500, respectively. The fair values of nonqualified stock options vested during fiscal years 2014, 2013 and 2012 were zero, $0.8 million and $0.7 million, respectively.

The total intrinsic value of nonqualified stock options exercised during fiscal years 2014, 2013 and 2012 were $0.7 million, $10.4 million and $4.0 million, respectively. As of September 30, 2014, the Company had no unvested nonqualified stock options.

The following table summarizes information about nonqualified stock options outstanding and exercisable at September 30, 2014:

Range of Exercise Prices	Options Outstanding								Options Exercisable
	Shares		Weighted Average Remaining Term (in years)		Weighted Average Exercise Price		Intrinsic Value		Shares		Weighted Average Remaining Term (in years)		Weighted Average Exercise Price		Intrinsic Value
$6.76 to $9.99		38,200		4.2	$	8.78		1,007,334		38,200		4.2	$	8.78	$	1,007,334
$10.00 to $26.98		51,500		5.6		23.57		596,160		51,500		5.6		23.57		596,160
		89,700		5.0	$	17.27		1,603,494		89,700		5.0	$	17.27	$	1,603,494

As of September 30, 2014, we had unrecognized compensation expense, net of forfeitures, of approximately $13.3 million related to restricted stock awards.  As of September 30, 2014, our issued and outstanding nonqualified stock options were fully expensed.

In October 2012, the Company implemented a 2-for-1 split of its common stock effected in the legal form of a stock dividend. Other than the disclosure of the authorized number of shares of the Company’s common stock, all share and per-share disclosures have been adjusted for all periods presented in the consolidated financial statements to give effect to the stock split.