STOCK OPTIONS AND STOCK-BASED EMPLOYEE COMPENSATION

9 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

4. STOCK OPTIONS AND STOCK-BASED EMPLOYEE COMPENSATION

Employee and Director Stock Option Plans

In 1995, the Company adopted the 1995 Stock Option Plan (the “1995 Plan”) for employees and directors. In August 1999, the Company adopted the 1999 Stock Option Plan (the “1999 Plan”) and in 2010, the Company’s Board of Directors approved the 2010 Stock Option Plan (the “2010 Plan”) (collectively, “the Plans”).  The 2010 Plan was approved by the shareholders of the Company at the 2011 Annual Meeting of Shareholders. The options granted under the Plans may be either incentive stock options, or non-qualified options. The Plans are administered by the Board of Directors or by a compensation committee of the Board of Directors. The Board of Directors has the exclusive power to select individuals to receive grants, to establish the terms of the options granted to each participant, provided that the option price shall not be less than the fair market value of the share on the option’s date of grant, and to make all determinations necessary or advisable under the Plans.

The compensation costs recognized for the three months ended June 30, 2015 and 2014 were $120,012 and $2,922, respectively, and were $360,036 and $156,449 for the nine months then ended, respectively. There were 10,000 stock option exercises aggregating $87,000 respectively, during the three and nine months ended June 30, 2015. There were 269,665 and 369,665 stock option exercises aggregating $2.3 million and $3.1 million, respectively, during the three and nine months ended June 30, 2014. There were no stock option grants for the three and nine months ended June 30, 2015.

Stock Option Activity

The following is a summary of all stock option transactions for the nine months ended June 30, 2015:

					Weighted
					Average
					Remaining
			Weighted		Contractual		Aggregate
(in thousands, except for per share			Average		Term		Intrinsic
and year information)	Shares		Exercise Price		(years)		Value
Outstanding as of September 30, 2014		10	$	8.70
Granted		-		-
Cancelled or expired		-		-
Exercised		(10)		8.70
Outstanding as of June 30, 2015		-	$	-		-	$	-
Options exercisable as of June 30, 2015		-	$	-		-	$	-