Note 7 - Stock Options

12 Months Ended

Sep. 30, 2015

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

7. STOCK OPTIONS

The Company's 2013 Omnibus Equity Plan was approved and adopted by an affirmative vote of a majority of the Company's Class A and Class B Shareholders and provides for the grant of the following types of incentive awards: stock options, stock appreciation rights, restricted shares, restricted share units, performance shares and Class A Common Shares. Those who will be eligible for awards under the 2013 Omnibus Plan include employees who provide services to the Company and its affiliates, executive officers, non-employee Directors and consultants designated by the Compensation Committee. The Plan has 150,000 Class A Common Shares reserved for issuance. The Class A Common Shares may be either authorized, but unissued, common shares or treasury shares. No share-based awards have been granted under the 2013 Omnibus Equity Plan as of September 30, 2015.

The Company's expired Outside Directors Stock Option Plans (collectively the "Directors Plans"), have provided for the automatic grant of options to purchase up to 6,000 shares of Class A Common Stock over a three-year period to members of the Board of Directors who were not employees of the Company, at the fair market value on the date of grant. The options are exercisable for up to 10 years. All options granted under the Directors Plans became fully exercisable on March 8, 2015.

Non-cash compensation expense related to stock option plans for fiscal years ended September 30, 2015, 2014 and 2013 was $543, $2,837 and $6,465 respectively.

Transactions involving the Directors Plans are summarized as follows:

				Weighted Average Exercise					Weighted Average Exercise					Weighted Average Exercise
	2015			Price		2014			Price		2013			Price

Option Shares Directors Plans:

Outstanding October 1,		22,000		$	5.30		31,000		$	5.57		42,000		$	5.62

Granted		-			-		-			-		-			-

Canceled/expired		(16,000	)		6.00		(9,000	)		6.23		(11,000	)		3.55

Exercised		-			-		-			-		-			-

Outstanding September 30, ($2.925 to $11.00 per share)		6,000			3.44		22,000			5.30		31,000			5.57
Exercisable September 30,		6,000			3.44		20,000			5.54		25,000			6.20

The following is a summary of the range of exercise prices for stock options outstanding and exercisable under the Directors Plans at September 30, 2015.

Directors Plans		Outstanding Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Life		Number of Stock Options Exercisable		Weighted Average Exercise Price

Range of exercise prices:
$	2.925		5,000	$	2.925		6.3		5,000	$	2.925
$	6.00		1,000	$	6.00		4.5		1,000	$	6.00

			6,000	$	3.44				6,000	$	3.44

The Company accounts for Share-Based Payments under the modified prospective method for its stock options. Compensation cost for fixed based awards is measured at the grant date, and the Company uses the Black-Scholes option pricing model to determine the fair value estimates for recognizing the cost of employee and director services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. Director's stock options under the expired Outside Directors Stock Option Plans are exercisable over a three year period. The fair value of stock option grants to Directors is amortized over the three-year vesting period. During fiscal year ended September 30, 2015 and 2014, $543 and $2,837, respectively, was expensed as share-based compensation. Total compensation costs related to nonvested awards not yet recognized is $0 (2016). The following weighted-average assumptions were used in the option pricing model for 2015 and 2014: a risk free interest rate of 5.0% and 5.0%; an expected life of 10 and 10 years; an expected dividend yield of 0.0% and 0.0%; and a volatility factor of .87 and .87.