Long-Term Equity Incentive Plans

12 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Long-Term Equity Incentive Plans

NOTE 5. Long-Term Equity Incentive Plans

The Company maintains stock incentive plans that provide for the grant of incentive and non-qualified options, stock appreciation rights (“SARs”) and common stock awards covering a total of 644,851 shares of common stock reserved for issuance to key employees, including officers and directors, as of September 30, 2018. All options and SARs are issued at fair market value at the grant date and are exercisable in varying installments according to the plans. SARs provide the holder the right to receive, upon exercise, the excess of the exercise date fair market value over the grant date fair market value of a share of the Company’s common stock in the form of equivalent shares of common stock at market value, cash or a combination of both. The plans allow for the payment of option exercises through the surrender of previously owned mature shares based on the fair market value of such shares at the date of surrender. Such surrendering of mature shares by holders results in an increase to treasury stock based on the stock price on date of surrender. There were 330,848 options and SARs available for grant under these plans at September 30, 2018.

Changes in outstanding stock options for the two years ended September 30, 2018 are as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at September 30, 2016		536,230		$	3.31
Options granted		—			—
Options exercised		—			—
Options forfeited		(80,497	)		2.86
Outstanding at September 30, 2017		455,733			3.39
Options granted		—			—
Options exercised		—			—
Options forfeited		(148,291	)		3.76
Outstanding at September 30, 2018		307,442		$	3.19		3.2	$	—
Exercisable at September 30, 2018		295,192		$	3.26		3.0	$	—

As of September 30, 2018, there was $13,404 of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options, which is expected to be recognized over a weighted-average period of 0.5 years.

Changes in outstanding SARs for the two years ended September 30, 2018 are as follows:

	Number of SARs			Weighted Average Base Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at September 30, 2016		80,796		$	3.08
SARs granted		—			—
SARs exercised		—			—
SARs forfeited		—			—
Outstanding at September 30, 2017		80,796		$	3.08
SARs granted		—			—
SARs exercised		—			—
SARs forfeited		(80,796	)	$	3.08
Outstanding at September 30, 2018		—			—		0.0		—
Exercisable at September 30, 2018		—			—		0.0		—

As of September 30, 2018, there were no SARs outstanding and no unrecognized compensation cost related to nonvested SARs.