v3.25.2
Note 10 - Equity
 9 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Equity [Text Block]

(10)

Equity

 

2024 Omnibus Incentive Plan

 

Effective as of February 8, 2024, the Company adopted, and the Company’s shareholders approved, the 2024 Omnibus Incentive Plan (the “Omnibus Plan”). The Omnibus Plan replaced the Amended and Restated 2013 Omnibus Incentive Plan. Under the Omnibus Plan, participants may be granted restricted stock units (“RSUs”), each of which represents an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Omnibus Plan vest over four years at a rate of 25% per year. The Company recognizes stock‑based compensation expense on a straight‑line basis over the four-year vesting term of each award.

 

A summary of RSU activity is as follows:

 

  

Nine Months Ended June 30, 2025

 
  

Shares

  

Weighted Average Grant Date Fair Value per Share

 

Non-vested balance at beginning of period

  379,569  $7.64 

Granted

  -   - 

Vested

  (3,294)  7.63 

Forfeited

  -   - 

Non-vested balance at end of period

  376,275  $7.64 

 

Additional information related to RSUs is as follows:

 

  

June 30, 2025

 
  

(In thousands, except years)

 

Unrecognized compensation expense related to RSUs

 $2,017 

Weighted average remaining years to expense for RSUs

  1.3 

   

Dividend Reinvestment and Stock Purchase Plan

 

In January 2024, the Company adopted a Dividend Reinvestment and Stock Purchase Plan (the “DRSPP”), replacing the previous Dividend Reinvestment and Stock Purchase Plan that had been in place since 2021. The DRSPP provides shareholders and new investors with a convenient and economical means of purchasing shares of the Company’s common stock and reinvesting cash dividends paid on the Company’s common stock. Under the DRSPP and its predecessor plan, the Company issued 5,866 and 9,908 shares of common stock during the nine months ended June 30, 2025 and 2024, respectively. The maximum number of shares of common stock that may be issued under the DRSPP is 1,530,000, of which 1,515,102 remained available for issuance as of June 30, 2025.

 

Stock Buyback Program

 

In August 2010, the Company’s Board of Directors adopted a stock buyback program pursuant to which the Company was authorized to repurchase up to 1,500,000 shares of its common stock in the open market, in privately negotiated transactions, or otherwise. The program has no expiration date. In August 2022, the Board of Directors increased the number of shares that may be repurchased under the program to 2,000,000 shares. As a result, 1,096,368 shares remain available for repurchase under the stock buyback program. The Company did not repurchase any shares of its common stock pursuant to the stock buyback program during the nine months ended June 30, 2025.