v3.26.1
Stock-based Compensation
 6 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stock-based Compensation
Note 12. Stock-based Compensation
Effective January 27, 2015, the Company’s Board of Directors adopted the 2015 Stock Incentive Plan (the “2015 Plan”) which provides for up to 1,250,000 common shares available for issuance to provide a long-term incentive plan for officers, employees, directors and/or consultants to directly link incentives to stockholder value. The 2015 Plan was approved by the Company’s stockholders in February 2015. An amendment and restatement of the 2015 Plan was approved by the board of directors on December 17, 2024 and by shareholders on February 28, 2025 at the Company Annual Shareholders Meeting (the “Amended and Restated 2015 Plan”). The Amended and Restated 2015 Plan provides for grants to eligible participants in various forms including restricted shares of the Company’s common stock, restricted stock units and stock options. Awards are discretionary and are determined by the Compensation Committee of the Board of Directors. Awards vest based upon service and/or performance conditions.
The Company recognizes stock-based compensation expense for (i) Board of Directors fees (generally paid in treasury stock), and (ii) other awards under the Amended and Restated 2015 Plan (paid in restricted stock, stock options or Market-based Restricted Stock Units (“MRSUs”)). Stock-based compensation expense is recognized in general and administrative expenses in the Condensed Consolidated Statements of Operations.
Stock Compensation – Board of Directors
The Board of Directors can either elect to receive stock compensation or cash for their fees for services provided. Stock-based compensation expense relating to the Board of Directors fees was $98 and $208 for the three and six months ended March 31, 2026, respectively, and $119 and $238 for the three and six months ended March 31, 2025, respectively.
Stock Compensation - Employees
Stock compensation expense related employee awards were $42 and $108 for the three and six months ended March 31, 2026, respectively, and $66 and $126 for the three and six months ended March 31, 2025, respectively.
Restricted Stock Awards (“RSAs”)
Restricted Stock AwardsSharesWeighted-
Average
Grant Date
Fair Value
Outstanding at October 1, 20258,750$37.82 
Vested(8,750)(37.82)
Outstanding at March 31, 2026—$— 
Stock Option Grants
Number of
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(years)		Aggregate
Intrinsic
Value
(in thousands)
Vested & Outstanding - October 1, 202536,500$33.74 
Exercised(8,000)33.96 
Forfeitures/expired(1,500)33.96 
Vested and outstanding - March 31, 202627,000$33.66 0.81,114
Market-based Restricted Stock Units
On December 23, 2024, the Company granted MRSUs to one of its executives, which will be eligible to be earned if at any time prior to September 30, 2027, the average 30-day closing per share price of the Company’s Common Stock exceeds the applicable price per share thresholds set forth below:

Price Per Share Threshold
Number of MRSUs Earned
$35 per share
5,000
$40 per share
12,500
$45 per share
20,500

The earned MRSUs will then be subject to time-based vesting on September 30, 2027, subject to continued service through such date. Stock compensation expense will be recognized ratably over the term of the award. As of March 31, 2026, 17,500 MRSUs had been earned.
The assumptions used in the Monte Carlo simulation model to calculate the fair value of the Company’s MRSUs on the grant date are as follows:

Expected volatility of stock price33.14 %
Risk-free interest rate4.26 %
Expected term of awards (years)2.77
Dividend yield0.76 %
Grant date stock price$26.15 
Market-based Restricted Stock UnitsSharesWeighted-
Average
Grant Date
Fair Value
Outstanding at October 1, 202538,000 $12.32 
Outstanding at March 31, 202638,000$12.32 
a.The weighted average remaining contractual term is 1.5 years and the aggregate intrinsic value of MRSUs expected to vest is $1,568.
As of March 31, 2026 and September 30, 2025, total unrecognized stock compensation costs for MRSUs was $253 and $338, respectively.
Forfeitures of RSAs, stock options and MRSUs are recognized as incurred.
Total stock-based compensation expense for the three and six months ended March 31, 2026, which was recognized in general and administrative expense, was $140 and $316, respectively, and $185 and $364 for the three and six months ended March 31, 2025, respectively.