Restricted Stock Plan

3 Months Ended

Dec. 31, 2020

Restricted Stock Plan [Abstract]

Restricted Stock Plan

NOTE 8: Restricted Stock Plan

On January 2, 2020, the Company awarded 22,300 time-based shares of the Company’s common stock as restricted stock to its non-employee directors. On December 31, 2020, 19,327 shares of restricted stock vested, and 2,973 shares were repurchased due to a director’s early retirement. The restricted stock contains non-forfeitable rights to receive dividends and to vote the shares during the vesting period. These time-based shares had a fair value on their award date of $246,640.

Compensation expense for the restricted stock awards is recognized in G&A. Forfeitures of awards are recognized when they occur. The dilutive impact of all restricted stock plans is immaterial for all periods presented.

The following table summarizes the Company’s pre-tax compensation expense for the three months ended December 31, 2020 and 2019, related to the Company’s market-based, time-based and performance-based restricted stock:

	Three Months Ended
	December 31,
	2020		2019
Market-based, restricted stock	$	10,247	$	74,142
Time-based, restricted stock		112,731		74,373
Performance-based, restricted stock		-		-
Total compensation expense	$	122,978	$	148,515

A summary of the Company’s unrecognized compensation cost for its unvested market-based, time-based and performance-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table:

	As of December 31, 2020
	Unrecognized Compensation Cost		Weighted Average Period (in years)
Market-based, restricted stock	$	57,406		1.60
Time-based, restricted stock		450,098		1.90
Performance-based, restricted stock		-
Total	$	507,504