Stockholders' Equity

3 Months Ended

Dec. 31, 2016

Stockholders' Equity [Abstract]

Stockholders' Equity

6. STOCKHOLDERS’ EQUITY

Equity Incentive Plan

The Company’s 2006 Equity Incentive Plan, which was amended and restated effective February 9, 2016, following approval by shareholders at the Company’s 2016 Annual Shareholders’ Meeting, provides for grants of stock options as well as grants of stock, including restricted stock. Approximately 3.0 million shares of common stock are authorized for issuance under the amended and restated 2006 Equity Incentive Plan, of which approximately 1,054,677 shares are available for issuance at December 31, 2016.

Stock Repurchase Program

Our Board of Directors has authorized a stock repurchase program for the purchase from time to time of up to 1.5 million shares of the Company’s common stock. Share purchases are 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 are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which allows repurchases under pre-set terms at times when the Company might otherwise be prevented from purchasing under insider trading laws or because of self-imposed blackout periods. 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. We made no purchases of stock pursuant to this plan during the three months endedDecember 31, 2016.

Treasury Stock

During the three months endedDecember 31, 2016, we repurchased 683 shares of common stock 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.During the three months endedDecember 31, 2016, we issued 667 unrestricted shares of common stock from treasury stock to members of our Board of Directors as part of their overall compensation, and 13,000 unrestricted shares of common stock to satisfy the exercise of outstanding options.

During the three months endedDecember 31, 2015, we repurchased 2,140 shares of common stock from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Planand 7,500 shares of common stock were forfeited by former employees and returned to treasury stock. We issued 2,833 unrestricted shares of common stock from treasury stock to members of our Board of Directors as part of their overall compensation.

Restricted Stock

During the three months endedDecember 31, 2016 and 2015, we recognized $137 and $132, respectively, in compensation expense related to our restricted stock awards. At December 31, 2016, the unamortized compensation cost related to outstanding unvested restricted stock was $676.

Performance Cash Units

Performance based phantom cash units (“PPCUs”) are a contractual right to cash payment of $20 dollars per PPCU. AtDecember 31, 2016, the Company has outstanding an aggregate of 30,000 three-year performance-based PCUs.  The PPCUs will generally become vested, if at all, upon achievement of certain specified performance objectives and continued performance of services through mid-December 2018, each of which as of December 31, 2016 are deemed probable.During the three months endedDecember 31, 2016, and 2015, we recognized $135 and zero, respectively.

Phantom Stock Units

Phantom stock units (“PSUs”) are primarily granted to the members of the Board of Directors as part of their overall compensation. These PSUs are paid via unrestricted stock grants to each 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 endedDecember 31, 2016 and 2015, we recognized $44 and $34, respectively, in compensation expense related to these grants.

Performance Based Phantom Stock Units

A performance based phantom stock unit (a “PPSUs”) is a contractual right to receive one share of the Company’s common stock. The PPSUs will generally become vested, if at all, upon the achievement of certain specified performance objectives and continued performance of services through mid-December 2018, each of which as of December 31, 2016 are deemed probable. AtDecember 31, 2016, the Company has outstanding an aggregate of 420,000 three-year performance-based PPSUs.  The vesting of these awards is subject to the achievement of specified levels of cumulative net income before taxes or specified stock price levels.For the three months endedDecember 31, 2016 and 2015 we recognized compensation expense of $303 and $22related to these grants.

Stock Options

During the three months endedDecember 31, 2016 and 2015, we recognized compensation expense of $21 and $16, respectively, related to our stock option awards. At December 31, 2016, the unamortized compensation cost related to outstanding unvested stock options was $3.