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STOCK BASED COMPENSATION
9 Months Ended
Jun. 30, 2012
STOCK BASED COMPENSATION
2. STOCK-BASED COMPENSATION

 

The 2008 Stock Option Plan (the “Plan”) is used to promote our long-term interests by providing a means of attracting and retaining officers, directors and key employees and aligning their interests with those of our shareholders. The Plan is described more fully in Note 9 in the Notes to the Consolidated Financial Statements in our Form 10-K for the year ended September 30, 2011. All options granted under the Plan had an exercise price equal to the market value of the underlying common shares on the date of grant. We expense the estimated fair value of stock options over the vesting periods of the grants. We recognize expense for awards subject to graded vesting using the straight-line attribution method, reduced for estimated forfeitures. Forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates and an adjustment is recognized at that time. The assumptions used are detailed in Note 9 to the Consolidated Financial Statements in our Form 10-K for the year ended September 30, 2011. Stock based compensation expense for the three and nine months ended June 30, 2012 was $46 and $119, respectively. Stock based compensation expense for the three and nine months ended June 30, 2011 was $48 and $123, respectively.

 

A summary of our stock option activity for the nine months ended June 30, 2012 is as follows (in thousands except for share prices):

 

    Options
(shares)
    Weighted-
Average
Exercise Price
    Weighted-
Average
Grant Date
Fair Value
 
                   
Outstanding - October 1, 2011     673     $ 2.65     $ 1.83  
Exercised     -       -       -  
Granted     170       1.38       1.12  
Terminated     (172 )     4.17       2.59  
Outstanding - June 30, 2012     671     $ 1.94     $ 1.45