Stockholders' Equity

9 Months Ended

Jun. 30, 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. At June 30, 2015, 570,459shares remained available for repurchase under the program.

Treasury Stock

During the nine months endedJune 30, 2015, we repurchased 16,784 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 194,000 shares out of treasury stock under our share-based compensation programs for restricted shares granted during the nine months endedJune 30, 2015. We issued 2,485 unrestricted shares out of treasury stock to members of our Board of Directors as part of their overall compensation. 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.

Pursuant to the repurchase program described above, we repurchased 429,541 shares of our common stock during the nine months endedJune 30, 2015, of which 3,450were purchased in open market transactions at average price of $7.09, and of which 426,091 shares were purchased from a single unrelated, third party shareholder at a purchase price of $7.25 per share. The aggregate cash purchase price of all shares repurchased under the program during the nine months endedJune 30, 2015, was $3,113.

Restricted Stock

During the three months endedJune 30, 2015 and2014, we recognized $127 and $32, respectively, in compensation expense related to our restricted stock awards.During the nine months endedJune 30, 2015 and2014, we recognized $153 and $170, respectively, related to these awards. At June 30, 2015, the unamortized compensation cost related to outstanding unvested restricted stock was $1,421.

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 three months endedJune 30, 2015 and 2014, we recognized $140 and $36 in compensation expense related to these grants. For the nine months endedJune 30, 2015 and 2014, we recognized $200 and $207 in compensation expense related to these grants.

Stock Options

During thethree months endedJune 30, 2015 and 2014, we recognized compensation expense of $19 and$42, respectively, related to our stock option awards. During thenine months endedJune 30, 2015 and 2014, we recognized $(61) and $184, respectively, in compensation expense related to our stock option awards. The net benefit in 2015 relates to a revision in forfeiture assumptions upon the departure of the Company’s Chairman and CEO in January 2015, at which time he forfeited unvested stock options. At June 30, 2015, the unamortized compensation cost related to outstanding unvested stock options was $99.