Equity

6 Months Ended

Mar. 31, 2020

(

)

Equity

Amended and Restated 2013 Omnibus Incentive Plan

The Company has adopted, and the Company’s shareholders have approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Omnibus Plan”). Under the Omnibus Plan, participants may be granted RSUs, each of which represents an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Omnibus Plan vest over four years at a rate of 25% per year. The Company recognizes

stock-based

compensation expense on a

straight-line

basis over the four-year vesting term of each award.

A summary of RSU activity is as follows:


	Six Months Ended March 31, 2020
	Shares			Weighted Average Grant Date Fair Value per Share
Non-vested balance at beginning of period		313,669		$	12.22
Granted		—			—
Vested (1)		(62,875	)		(14.23	)
Forfeited		—			—

Non-vested balance at end of period		250,794		$	11.72

(1)	Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not yet issued to employees the related shares of common stock.

Additional information related to RSUs is as follows:


	For the Six Months Ended March 31, 2020
	(In thousands, except years)
Total expected compensation expense related to RSUs	$	14,975
Recognized compensation expense related to RSUs at reporting date		(12,037	)
Unrecognized compensation expense related to RSUs at reporting date	$	2,938

Weighted average remaining years to expense for RSUs		2.6

Dividend Reinvestment and Stock Purchase Plan

In January 2018, the Company adopted an updated Dividend Reinvestment and Stock Purchase Plan (the “DRSPP”), replacing the previous Dividend Reinvestment and Stock Purchase Plan established in March 2015, to provide shareholders and new investors with a convenient and economical means of purchasing shares of the Company’s common stock and reinvesting cash dividends paid on the Company’s common stock. Under the DRSPP, the Company issued 5,179 and 3,371 shares of common stock during the six months ended March 31, 2020 and 2019, respectively. The maximum number of shares that may be issued under the DRSPP is 1,550,000, of which 1,534,165 shares remain available for issuance.

Although the Company may issue up to 1,550,000 shares of its common stock under the DRSPP, the Company intends to limit the issuances to less than 20% of the number of outstanding shares of the Company’s common stock in accordance with the listing requirements of The NASDAQ Capital Market. As of March 31, 2020, the Company had 7,261,323 shares outstanding. Therefore, the Company will not issue more than 1,452,264 shares of its common stock under the DRSPP without seeking shareholder approval.

Stock Buyback Program

In August 2010, the Company adopted a stock buyback program. The program provides that the Company may repurchase up to 1,500,000 shares of its common stock and has no expiration date. Share repurchases may be made in the open market, in privately negotiated transactions, or otherwise. The Company repurchased 270,896 shares of its common stock pursuant to the stock buyback program during the six months ended March 31, 2020. A total of 596,368 shares remains available for repurchase under the stock buyback program.