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 of 2,250,000 shares of common stock for issuance thereunder. The 1997 Plan expired in November 2017.

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, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) 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. An RSU represents a contingent right to receive one share of the common stock upon vesting. Under the 2014 Plan, the Company may issue RSAs and RSUs to employees for no payment by the employee or for a payment below the fair market value on the date of grant. The RSAs and RSUs are subject to certain restrictions described in the 2014 Plan.

At September 30, 2019, an aggregate of 477,015 shares of common stock were available for issuance under the 2014 Plan. No further awards of stock options may be made under the 1997 Plan.

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

	Number of Nonqualified Options Outstanding			Weighted Average Exercise Price per Share		Number of RSAs			Weighted Average Grant-date Fair Value per Share		Number of RSUs			Weighted Average Grant-date Fair Value per Unit
Outstanding at October 1, 2017		201,800		$	17.47		288,800		$	28.92		—		$	—
Granted		—			—		176,450			15.13		—			—
Exercised		(7,700	)		8.78		—			—		—			—
Forfeited		(4,000	)		17.63		(21,925	)		18.75		—			—
Vested		—			—		(116,100	)		45.19		—			—
Outstanding at September 30, 2018		190,100			17.81		327,225			16.42		—			—
Granted		—			—		8,000			14.59		161,800			15.17
Exercised		(24,500	)		8.78		—			—		(500	)		15.17
Forfeited		—			—		(2,875	)		14.60		(24,010	)		15.17
Vested		—			—		(111,938	)		16.18		—			—
Outstanding at September 30, 2019		165,600		$	19.15		220,412		$	16.50		137,290		$	15.17

During fiscal years 2019 and 2018, the Company issued 8,000 and 176,450 RSAs, respectively, to certain of its employees under the 2014 Plan, as amended. The weighted average grant date fair value of each RSA issued for fiscal year 2019 and 2018 was $14.59 and $15.13 per share, respectively. The total grant date fair value of all RSAs issued for fiscal years 2019 and 2018 was $0.1 million and $2.7 million, respectively, which will be charged to expense over the next four years as the restrictions lapse. Compensation expense for the RSAs was determined based on the closing market price of the Company’s stock on the date of grant applied to the total number of shares that are anticipated to fully vest. Recipients of RSAs are entitled to vote such shares and are entitled to dividends, if paid.

During fiscal year 2019, the Company issued 161,800 RSUs to certain of its employees, executive officers and directors under the 2014 Plan, as amended. The RSUs issued include both time-based and performance-based vesting provisions. The weighted average grant date fair value of each RSU was $15.11 per unit. The total grant date fair value of all RSUs issued was $2.4 million, which will be charged to expense over the next four years as the restrictions lapse. Compensation expense for RSUs was determined based on the closing market price of the Company’s stock on the date of grant applied to the total number of units that are anticipated to fully vest.

All RSAs and RSUs outstanding at September 30, 2019 and 2018 were issued from the 2014 Plan. 45,000 stock options outstanding at September 30, 2019 were issued under the 1997 Plan. All remaining stock options outstanding were issued under the 2014 Plan. All stock options outstanding are nonqualified options.

The total intrinsic value of the Company’s nonqualified stock options exercised during fiscal year 2019 and 2018 was $0.1 million and $41,000, respectively.

The following table summarizes information about stock options outstanding and exercisable at September 30, 2019:

	Options Outstanding								Options Exercisable
Range of Exercise Prices	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
$14.87		69,300		6.1	$	14.87	$	34,650		—		—	$	—	$	—
$21.42 to $21.95		84,300		4.5		21.63		—		33,000		0.4		21.95		—
$26.48 to $26.48		12,000		0.9		26.48		—		12,000		0.9		26.48		—
		165,600		4.9	$	19.15	$	34,650		45,000		0.5	$	23.16	$	—

The Company recognized $2.3 million and $2.3 million of stock-based compensation expense for the fiscal years ended September 30, 2019 and 2018, respectively. As of September 30, 2019, the Company had unrecognized compensation expense of $2.2 million relating to RSAs which is expected to be recognized over a weighted average period of 2.0 years. As of September 30, 2019, the Company had unrecognized compensation expense of $1.7 million relating to RSUs which is expected to be recognized over a weighted average period of 3.2 years. In addition, the Company had $8,000 of unrecognized compensation expense related to nonqualified stock option awards which is expected to be recognized over a weighted average period of 0.1 years.