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Note 8 - Stock Options
12 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
8.
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,
2016.


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
5,000
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,
2016,
2015
and
2014
was
$0,
$543
and
$2,837
respectively.
 
Transactions involving the Directors Plans are summarized as follows:
 
 
 
 
 
 
 
Weighted Average

Exercise
 
 
 
 
 
 
Weighted Average

Exercise
 
 
 
 
 
 
Weighted Average

Exercise
 
 
 
2016
 
 
Price
 
 
2015
 
 
Price
 
 
2014
 
 
Price
 
                                                 
Option Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Directors Plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding October 1,
   
6,000
    $
3.440
     
22,000
    $
5.300
     
31,000
    $
5.570
 
Granted
   
-
     
-
     
-
     
-
     
-
     
-
 
Canceled/expired
   
(1,000
)   $
2.925
     
(16,000
)   $
6.000
     
(9,000
)   $
6.230
 
Exercised
   
-
     
-
     
-
     
-
     
-
     
-
 
Outstanding September 30, ($2.925 to $11.00 per share)
   
5,000
    $
3.540
     
6,000
    $
3.440
     
22,000
    $
5.300
 
Exercisable September 30,
   
5,000
    $
3.540
     
6,000
    $
3.440
     
20,000
    $
5.540
 
 
 

The following is a summary of the range of exercise prices for stock options outstanding and exercisable under the Directors Plans at
September
30,
2016.
 
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
     
4,000
    $
2.925
     
5.3
     
4,000
    $
2.925
 
$
6.00
     
1,000
    $
6.000
     
3.5
     
1,000
    $
6.000
 
                                             
 
 
     
5,000
    $
3.540
     
 
     
5,000
    $
3.540
 

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,
2016
and
2015,
$0
and
$543,
respectively, was expensed as share - based compensation. Total compensation costs related to nonvested awards not yet recognized is
$0
(2016).