Note 11 - Stockholders' Equity

9 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

11

. STOCKHOLDERS’ EQUITY

Summary

The following table summarizes changes in the components of stockholders’ equity during the nine months ended June 30, 2016:

													Accumulated
							Additional						Other			Total
	Common Stock						Paid-in			Retained			Comprehensive			Stockholders'
	Shares			Amount			Capital			Earnings			Loss			Equity
Balances, September 30, 2015		32,898,461		$	329		$	87,608,034		$	(49,658,850	)	$	(301	)	$	37,949,212
Share-based compensation expense		-			-			456,279			-			-			456,279
Repurchase of common stock		(1,099,608	)		(11	)		(1,748,445	)		-			-			(1,748,456	)
Common stock cash dividends		-			-			-			(954,650	)		-			(954,650	)
Other comprehensive income		-			-			-			-			253			253
Net loss		-			-			-			(767,814	)		-			(767,814	)
Balances, June 30, 2016		31,798,853		$	318		$	86,315,868		$	(51,381,314	)	$	(48	)	$	34,934,824

Share Buyback Program

The Board of Directors approved a share buyback program in 2013 under which the Company was authorized to repurchase up to $4 million of its outstanding common shares. This program expired on December 31, 2015 and in December 2015, the Board of Directors approved a new buyback program for calendar year 2016 under which the Company is authorized to repurchase up to $4 million of its outstanding common shares. During the nine months ended June 30, 2016, 1,099,608 shares were repurchased for $1,748,456 under these two programs.

Dividends

On December 3, 2015, the Company announced a cash dividend of $0.01 per share on the Company’s common stock, payable on January 29, 2016 to stockholders of record on January 15, 2016. On February 4, 2016, the Company announced a cash dividend of $0.01 per share on the Company’s common stock, payable on March 30, 2016 to stockholders of record on March 15, 2016. On May 10, 2016, the Company announced a cash dividend of $0.01 per share on the Company’s common stock, payable on June 30, 2016 to stockholders of record on June 15, 2016. Dividends charged to retained earnings in the three and nine months ended June 30, 2016 were $317,989 and $954,650, respectively. There were no dividends declared in the prior year periods.