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Equity and Stock-Based Compensation
 12 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Equity and Stock-Based Compensation

13. Equity and Stock-Based Compensation

 

Stock Repurchase Plans

The following table summarizes information related to our stock repurchase plans, in thousands, except share and per share amounts:

 

Name of Stock Repurchase Plan

Date Approved by Board

Plan Term

Amount Authorized ($)

 

Amount Used for Repurchases ($)

 

Average Price Paid per Share ($)

 

Shares Repurchased (#)

 

Amount Available for Repurchases ($)

 

Plan Status

Fiscal Year of Repurchases

 

2023 Stock Repurchase Plan

2/7/2023

1 year

 

5,000

 

 

—

 

 

—

 

 

—

 

 

—

 

Expired

NA

 

2022 Stock Repurchase Plan

2/10/2022

1 year

 

5,000

 

 

1,400

 

9.78

 

 

143,430

 

 

—

 

Expired

 

2022

 

2021 Stock Repurchase Plan

2/9/2021

1 year

 

4,000

 

 

2,700

 

9.31

 

 

291,383

 

 

—

 

Expired

 

2022

 

 

All repurchased shares have been retired.

 

Stock-Based Compensation Expense

 

Stock-based compensation expenses of $1.5 million, $1.3 million and $0.5 million for 2024, 2023 and 2022, respectively, are included in selling, general and administrative expenses. As of September 30, 2024, total compensation cost related to non-vested stock options not yet recognized is $1.3 million, which is expected to be recognized over the next 1.33 years on a weighted-average basis. As of September 30, 2024, total compensation cost related to nonvested RSUs not yet recognized is $0.1 million, which is expected to be recognized over the next year.

 

Amtech Equity Compensation Plans

 

The 2022 Plan, under which 1,000,000 shares could be granted, was adopted by the Board of Directors in November 2021, and approved by the shareholders in March 2022.

 

The 2007 Plan, under which 500,000 shares could be granted, was adopted by the Board in April 2007, and approved by the shareholders in May 2007. The 2007 Plan was amended in 2009, 2014 and 2015 to add 2,500,000 shares. The plan was also amended in 2019 to extend the term of the plan and allow for the grant of restricted stock units. Upon the adoption of the 2022 Plan, no further awards will be granted from the 2007 Plan. Previously issued awards will remain outstanding in accordance with their terms.

 

The Non-Employee Directors Stock Option Plan was approved by the shareholders in 1996 for issuance of up to 100,000 shares of common stock to directors. The Non-Employee Directors Stock Option Plan was amended in 2005, 2009 and 2014 to add 400,000 shares. The plan was also amended in 2020 to extend the term of the plan. Upon the adoption of the 2022 Plan as stated above, no further awards will be granted from the Non-Employee Directors Stock Option Plan. Previously issued awards will remain outstanding in accordance with their terms.

 

Equity compensation plans as of September 30, 2024 are summarized in the table below:

 

Name of Plan

 

Shares
Authorized

 

 

Shares
Available for Grant

 

 

Options
Outstanding

 

 

Unvested RSUs Outstanding

 

 

Plan
Expiration

2022 Plan

 

 

1,000,000

 

 

 

22,871

 

 

 

851,250

 

 

 

24,897

 

 

Mar. 2032

2007 Plan

 

 

3,000,000

 

 

 

—

 

 

 

151,766

 

 

 

—

 

 

Mar. 2024

Non-Employee Directors Stock Option Plan

 

 

500,000

 

 

 

—

 

 

 

84,000

 

 

 

—

 

 

Mar. 2024

 

 

 

 

 

22,871

 

 

 

1,087,016

 

 

 

24,897

 

 

 

 

Stock Options

 

Stock options issued under the terms of our equity compensation plans have, or will have, an exercise price equal to or greater than the fair market value of the common stock at the date of the option grant and expire no later than 10 years from the date of grant. Options issued under the plans vest over 1 to 3 years. We estimated the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions:

 

 

 

Years Ended September 30,

 

 

2024

 

2023

 

2022

Risk free interest rate

 

4%

 

4%

 

2%

Expected life

 

5 years

 

5 years

 

5 years

Dividend rate

 

0%

 

0%

 

0%

Volatility

 

60%

 

56%

 

57%

 

The following table summarizes our stock option activity:

 

 

 

Years Ended September 30,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

Outstanding at beginning of
   period

 

 

672,924

 

 

$

8.76

 

 

 

589,341

 

 

$

8.06

 

 

 

608,269

 

 

$

6.48

 

Granted

 

 

620,500

 

 

$

5.66

 

 

 

322,500

 

 

$

9.04

 

 

 

135,500

 

 

$

12.80

 

Exercised

 

 

(15,000

)

 

$

5.67

 

 

 

(168,318

)

 

$

6.01

 

 

 

(124,475

)

 

$

5.78

 

Forfeited/expired

 

 

(191,408

)

 

$

9.12

 

 

 

(70,599

)

 

$

10.73

 

 

 

(29,953

)

 

$

6.92

 

Outstanding at end of period

 

 

1,087,016

 

 

$

6.97

 

 

 

672,924

 

 

$

8.76

 

 

 

589,341

 

 

$

8.06

 

Exercisable at end of period

 

 

532,185

 

 

$

7.64

 

 

 

374,728

 

 

$

8.25

 

 

 

358,343

 

 

$

6.92

 

Weighted average grant-date
   fair value of options
   granted during the period

 

$

2.50

 

 

 

 

 

$

4.73

 

 

 

 

 

$

6.39

 

 

 

 

 

The following table summarizes information for stock options outstanding and exercisable as of September 30, 2024:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise Prices

 

Number
Outstanding

 

 

Remaining
Contractual
Life
(in years)

 

 

Weighted
Average
Exercise
Price Per
Share

 

 

Number
Exercisable

 

 

Weighted
Average
Exercise
Price Per
Share

 

 $4.32-$4.70

 

 

8,000

 

 

 

9.41

 

 

$

4.51

 

 

 

—

 

 

$

—

 

 $4.73-$4.73

 

 

109,500

 

 

 

9.45

 

 

$

4.73

 

 

 

—

 

 

$

—

 

 $4.77-$5.52

 

 

118,233

 

 

 

4.62

 

 

$

5.15

 

 

 

88,233

 

 

$

5.08

 

 $5.67-$5.91

 

 

93,541

 

 

 

5.88

 

 

$

5.76

 

 

 

63,541

 

 

$

5.69

 

 $6.00-$6.00

 

 

400,000

 

 

 

4.42

 

 

$

6.00

 

 

 

133,334

 

 

$

6.00

 

 $6.58-$8.82

 

 

81,750

 

 

 

6.87

 

 

$

8.21

 

 

 

52,250

 

 

$

8.06

 

 $9.00-$9.00

 

 

150,000

 

 

 

8.87

 

 

$

9.00

 

 

 

100,001

 

 

$

9.00

 

 $9.27-$10.22

 

 

76,000

 

 

 

7.26

 

 

$

9.61

 

 

 

50,167

 

 

$

9.78

 

 $11.51-$11.51

 

 

12,000

 

 

 

6.48

 

 

$

11.51

 

 

 

12,000

 

 

$

11.51

 

 $15.43-$15.43

 

 

37,992

 

 

 

5.90

 

 

$

15.43

 

 

 

32,659

 

 

$

15.43

 

 $4.32-$15.43

 

 

1,087,016

 

 

 

6.18

 

 

$

6.97

 

 

 

532,185

 

 

$

7.64

 

 

The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2024 were approximately $0.2 million and $0.1 million, respectively, which represents the total pre-tax intrinsic value, based on our closing stock price of $5.80 per share as of September 30, 2024, the last business day of our fiscal year, which would have been received by the option holders had all option holders exercised their options as of that date. The total

intrinsic value of stock options exercised was $17,000, $0.6 million and $0.8 million in 2024, 2023 and 2022, respectively.

 

The following table summarizes our RSU activity during the year ended September 30, 2024:

 

 

 

Number

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Fair Value

 

 

Nonvested at beginning of year

 

 

75,977

 

 

$

9.15

 

 

 

 

 

Granted

 

 

24,897

 

 

 

4.82

 

 

 

120,004

 

 

Vested, including shares withheld to cover taxes

 

 

(75,977

)

 

 

9.15

 

 

 

695,022

 

(1)

Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

Nonvested at end of period

 

 

24,897

 

 

$

4.82

 

 

$

144,403

 

(2)

 

(1) The aggregate fair value of vested RSU's represent the total pre-tax fair value, based on the closing stock price on the day of vesting, which would have been received by holders of RSU's had all such holders sold their underlying shares on that date.

(2) The aggregate fair value of the nonvested RSU's and represents the total pre-tax fair value, based on our closing stock price of $5.80 as of September 30, 2024, the last trading day of our fiscal year, which would have been received by holders of RSU's had all such holders sold their underlying shares on that date.