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Stock Based Compensation
3 Months Ended
Dec. 31, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 8 - Stock Based Compensation

 

The fair value of the stock options granted is estimated at the date of grant using the Black-Scholes option pricing model.

 

A summary of stock option activity for the three months ended December 31, 2012 is presented below:

 

  Options
Outstanding
  Weighted Average
Exercise Price per
Share ($)
  Weighted Average
Remain Contractual
Term (in Years)
 
Balance at September 30, 2012  794,483   3.34   1.75 
Outstanding and exercisable at September 30, 2012  794,483   3.34   1.75 
Granted  0   0     
Exercised  0   0     
Cancelled  (20,000)  4.06     
Balance at December 31, 2012   774,483   3.32   1.54 
Outstanding and exercisable at December 31, 2012   774,483   3.32   1.54 

 

A summary of restricted stock activity for the three months ended December 31, 2012 and 2011 is presented below:

 

Restricted Stock Activity for the Three
Months ended December 31, 2012
 Shares  Weighted-Average
Grant-Date Fair Value
 
Nonvested at September 30, 2012  127,834  $1.92 
         
Granted   4,000  $1.45 
Vested   (15,000) $1.53 
Cancelled   -0-   -0- 
Nonvested at December 31, 2012  116,834  $1.95 

 

Restricted Stock Activity for the Three

Months ended December 31, 2011

 Shares  Weighted-Average
Grant-Date Fair Value
 
Nonvested at September 30, 2011  403,000  $4.02 
         
Granted  -0-   -0- 
Vested  (37,500) $4.00 
Cancelled  -0-   -0- 
Nonvested at December 31, 2011  365,500  $4.02 

 

Stock Compensation Expense for the three months ended December 31, 2012 and 2011 is as follows:

 

  Three Months Ended  Three Months Ended 
 December 31, 2012  December 31, 2011 
Stock Compensation Expense      
Stock Grants  52,461   60,281 
Restricted Stock Grants  12,618   109,302 
Option Grants  7,359   22,055 
Employee Stock Purchase Plan  1,078   2,692 
Total $73,516  $194,330 

 

At December 31, 2012, there was approximately $144,000 in unrecognized stock compensation cost, which is expected to be recognized over a weighted average period of eight months.