Stock Options

9 Months Ended

Jun. 30, 2013

Stock Options

Stock Options

Note 9 – Stock Options

On September 23, 2008, the board of directors approved performance based stock options for the officers totaling 19,000 shares at an exercise price of $17.00 per share. 9,000 of these options vested on the first anniversary of the grant date and 5,000 vested on the second anniversary of the grant date. The remaining 5,000 of these options vested on the third anniversary of the grant date. No additional options were granted during fiscal years ended September 30, 2009 and September 30, 2010. On December 14, 2010, the board of directors granted 9,000 compensatory stock options to certain of the Company’s executive officers at an exercise price of $19.25 per share. These options were exercisable on or after December 15, 2011 and expire on the fourth anniversary of the grant date. No options were issued for the nine months ended June 30, 2013. The number of shares and exercise price of each of the option awards have been adjusted to reflect the stock dividend paid on April 20, 2011 (see Note 12 – Stock Dividend for additional information) and are shown below.

The following summarizes the stock options outstanding as of June 30, 2013 for the fiscal year to date:

	2013
	Stock Options
					Weighted
	Number of		Weighted		Average
	Shares		Average		Remaining
	Remaining		Exercise		Contractual
	Options		Price		Term
Outstanding at September 30, 2012		42,000	$	11.81
Options granted		—
Options exercised during quarter ended June 30, 2013		—
Options canceled during quarter ended June 30, 2013		—
Outstanding at June 30, 2013		42,000	$	11.81		.97 years
Exercisable at June 30, 2013		42,000	$	11.81		.97 years