Equity and Stock-based Compensation (Notes)

6 Months Ended

Mar. 31, 2018

Equity and Stock-Based Compensation

Stock-based compensation expense was $0.2 million and $0.3 million in the three months ended March 31, 2018 and 2017, respectively, and was $0.5 million and $0.6 million in the six months ended March 31, 2018 and 2017, respectively, and was included in selling, general and administrative expenses.

The following table summarizes our stock option activity during the six months ended March 31, 2018:



	Options			Weighted Average Exercise Price
Outstanding at beginning of period	1,560,441			$	7.95
Granted	—			—
Exercised	(185,413		)	7.07
Forfeited	(35,239		)	17.79
Outstanding at end of period	1,339,789			$	7.81

Exercisable at end of period	1,137,748			$	8.04
Weighted average fair value of options granted during the period	$	—

On March 28, 2018, we announced that our Board of Directors approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding common stock, par value $0.01 per share, over a one-year period, commencing on April 2, 2018. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the Securities and Exchange Commission; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on the Company’s stock price and other market conditions. We may, in the sole discretion of the Board of Directors, terminate the repurchase program at any time while it is in effect. We intend to retire any repurchased shares. There were no shares repurchased during the quarter ended March 31, 2018.