The Company has two equity-based incentive plans, the 2014 Omnibus Incentive Plan and 2018 Omnibus Incentive Plan (collectively “the Omnibus Plans”), which provide for equity incentives to employees. Each Omnibus Plan was designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plans together permit the issuance of up to 135,000 shares of the Company’s common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. At September 2021, awards with respect to a total of 116,951 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 18,049 shares may be awarded under the Omnibus Plans.

No incentive stock options awards were issued during fiscal 2021 or fiscal 2020. Stock options issued by the Company expire ten years from the grant date and include a five year graded vesting schedule. At September 2021, the Company had 22,250 stock options outstanding with a weighted average exercise price of $86.76 per share and 15,680 stock options which were exercisable with a weighted average exercise price of $86.33 per share.

Net income before income taxes included compensation expense related to the amortization of the Company’s stock option awards of $0.1 million during both fiscal 2021 and fiscal 2020. At September 2021, total unamortized compensation expense related to stock options was approximately $0.1 million. This unamortized compensation expense is expected to be amortized over approximately the next 20 months.

The aggregate intrinsic value of stock options outstanding was approximately $1.1 million at September 2021 and less than $0.1 million at September 2020. The aggregate intrinsic value of stock options exercisable was approximately $0.9 million at September 2021 and less than $0.1 million at September 2020.

The total intrinsic value of stock options exercised was approximately $0.9 million in fiscal 2021 and less than $0.1 million in fiscal 2020. The total fair value of stock options vested was approximately $0.7 million during fiscal 2021 and approximately $0.4 million during fiscal 2020.

At September 2021, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans:

(1)	10,031 of the restricted stock units were vested as of September 2021. The remaining 5,019 restricted stock units will vest in October 2021.

(2)	4,849 of the restricted stock units were vested as of September 2021. 4,850 restricted stock units will vest in October 2021 and 4,851 will vest in October 2022.

(3)	The 20,500 restricted stock units will vest in equal amounts in October 2021, October 2022, and October 2023.

There is no direct cost to the recipients of the restricted stock units, except for any applicable taxes. The recipients of the restricted stock units are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met.

The restricted stock units provide that the recipients can elect, at their option, to receive either common stock in the Company, or a cash settlement based upon the closing price of the Company’s shares, at the time of vesting. Based on these award provisions, the compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value based on the liability method under “ASC 718 – Compensation – Stock Compensation”.

Net income before income taxes included compensation expense related to the amortization of the Company’s restricted stock unit awards of approximately $2.3 million and $1.0 million during fiscal 2021 and fiscal 2020, respectively. These amounts were recorded as accrued expenses in the Company’s Consolidated Balance Sheets at both September 2021 and September 2020. The tax benefit related to this compensation expense was approximately $0.6 million and $0.2 million in fiscal 2021 and fiscal 2020, respectively. The total intrinsic value of restricted stock units vested during fiscal 2021 and fiscal 2020 was approximately $2.1 million and $0.9 million, respectively.

At September 2021, total unamortized compensation expense for these awards based on the grant date fair value price was approximately $2.8 million. This unamortized compensation expense, plus any changes in the fair value of the awards through the settlement date, are expected to be amortized over approximately the next 16 months (the weighted-average period).

The following summarizes restricted stock unit activity under the Omnibus Plans during fiscal 2021:


	Number	Weighted
	of	Average
	Shares	Fair Value
Nonvested restricted stocks units at September 2020	28,971	$	64.59
Granted	20,500		69.01
Vested	(14,251)		68.65
Expired	—		—
Nonvested restricted stocks units at September 2021	35,220	$	148.98