Stockholders' Equity

6 Months Ended

Mar. 31, 2015

Stockholders' Equity [Abstract]

Stockholders' Equity

6. STOCKHOLDERS’ EQUITY

Stock Repurchase Program

On February 4, 2015, IES’s Board of Directors authorized a stock repurchase program for purchasing up to 1.0 million shares of the Company’s common stock from time to time.  Share purchases will be made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise.  The timing and amount of purchases under the program will be determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.  The program does not require the Company to purchase any specific number of shares and may be modified, suspended or reinstated at any time at the Company’s discretion and without notice.

Treasury Stock

During the six months endedMarch 31, 2015, we repurchased 16,028 common shares from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Plan (as amended and restated).We issued no shares out of treasury stock under our share-based compensation programs for restricted shares granted during the six months endedMarch 31, 2015. We issued 8,309 shares of treasury stock as payment for outstanding phantom stock units that vested upon the departure of the Company’s Chairman and CEO in January 2015.

In February 2015, the Company repurchased 426,091 shares of our common stock from an unrelated, third party shareholder at a purchase price of $7.25 per share, or an aggregate cash purchase price of $3,089, pursuant to the stock repurchase program described above.

Restricted Stock

During the three months endedMarch 31, 2015 and2014, we recognized $13 and $32, respectively, in compensation expense related to our restricted stock awards.During the six months endedMarch 31, 2015 and2014, we recognized $26 and $136, respectively, related to these awards. At March 31, 2015, the unamortized compensation cost related to outstanding unvested restricted stock was $61.

Phantom Stock Units

Phantom stock units (“PSUs”) are primarily granted to the non-employee members of the Board of Directors as part of their overall compensation. These PSUs are paid via unrestricted stock grants to each non-employee director upon their departure from the Board of Directors. We record compensation expense for the full value of the grant on the date of grant. For the six months endedMarch 31, 2015 and 2014, we recognized $60 and $171 in compensation expense related to these grants.

Stock Options

During thethree and six months endedMarch 31, 2015, we recognized a benefit to compensation expense of $143 and $81, respectively, related to our stock option awards, net of options forfeited. This benefit relates to a revision in forfeiture assumptions upon the departure of the Company’s Chairman and CEO in January 2015. During thethree and six months endedMarch 31, 2014, we recognized $61 and $123, respectively, in compensation expense related to our stock option awards. At March 31, 2015, the unamortized compensation cost related to outstanding unvested stock options was $126.