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).