Stockholders' Equity | 12 Months Ended |
Sep. 30, 2013 |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
10. Stockholders' Equity |
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Common Stock |
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The Company's authorized common stock consists of 62,500,000 shares of a single class of common stock, having a par value of $0.01 per share. The holders of the common stock are entitled to one vote for each share and have no cumulative voting rights or preemptive rights. |
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On June 24, 2013, the Company completed an underwritten public offering of 4,482,760 shares of its common stock at a price to the public of $4.35 per share. On July 22, 2013, the Company issued 236,007 additional shares of common stock, at the public offering price of $4.35 per share, in connection with the underwriters' exercise of a portion of their over-allotment option. The Company received net proceeds from this offering, after deducting underwriting discounts, commissions and expenses, of $19.2 million. |
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On June 27, 2012 the Company completed a private placement of an aggregate of 4,250,020 shares of common stock, 3,605,607 shares of Series B preferred stock and warrants to purchase 2,256,929 shares of common stock at an exercise price of $2.66 per share. The Company received net proceeds, after deducting placement agent fees and other offering expenses of approximately $17,100 from this financing. In June 2013, 176,964 shares of the Company's Series B Convertible Preferred Stock were converted into an equal number of shares of common stock. In September 2013, 1,478,643 shares of the Company's Series B Convertible Preferred Stock were converted into an equal number of shares of common stock. |
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On May 12, 2011, the Company completed a registered direct offering of an aggregate of 3,018,736 shares of common stock, 1,813,944 shares of Series A preferred stock and warrants to purchase 2,256,929 shares of common stock at an exercise price of $9.92 per share. The Company received net proceeds, after deducting placement agent fees and other offering expenses, of approximately $28,000 from this financing. In August 2013, 1,813,944 shares of the Company's Series A Convertible Preferred Stock, convertible at a 4:1 ratio, were converted into 453,483 shares of common stock. |
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On August 24, 2010, the Company completed a registered direct offering of an aggregate of 599,550 shares of common stock and warrants to purchase an additional 599,550 shares of common stock at an exercise price of $18.864. The Company received net proceeds, after deducting placement agent fees and other offering expenses, of approximately $8,700 from this financing. |
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On February 12, 2008, the Company completed a follow-on public offering of 815,000 shares of its common stock at a price to the public of $62.00 per share. The Company received net proceeds from this offering, after deducting underwriting discounts and commissions and expenses, of $46,817. Certain of the Company's stockholders sold 137,500 shares in the offering. The Company did not receive any proceeds from the sale of shares from the selling stockholders. |
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On May 16, 2007, the Company completed an initial public offering of 1,437,500 shares of its common stock at a price to the public of $60.00 per share. The offering resulted in gross proceeds of $86,300. The Company received net proceeds from the offering of approximately $78,800 after deducting underwriting discounts and commissions and additional offering expenses. The completion of the initial public offering resulted in the conversion of the Company's Series A and B convertible preferred stock. A total of 1,601,749 shares of common stock were issued upon the conversion of the preferred stock. |
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As of September 30, 2013, the Company had the following warrants outstanding: |
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(i) May 2011 financing — |
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(a) warrants to purchase 2,256,929 shares of the Company's common stock with an exercise price of $9.92 per share |
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(ii) June 2012 financing — |
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(a) warrants to purchase 2,066,969 shares of the Company's common stock with an exercise price of $2.66 per share and |
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(b) Series B convertible preferred stock — warrants to purchase 682,500 shares of the Company's common stock with an exercise price of $2.66 per share. |
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Preferred Stock |
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The Company is authorized to issue up to 50,000,000 shares of preferred stock, having a par value of $0.01 per share. The Company's preferred stock may be issued in one or more series, the terms of which may be determined at the time of issuance by the Company's Board of Directors, without further action by stockholders, and may include voting rights (including the right to vote as a series on particular matters), preferences as to dividends and liquidation and conversion, redemption rights and sinking fund provisions. |
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The issuance of preferred stock could reduce the rights, including voting rights, of the holders of common stock and, therefore, could reduce the value of the common stock. In particular, specific rights granted to holders of preferred stock could be used to restrict the Company's ability to merge with or sell the Company's assets to a third party, thereby preserving control of the Company by existing management. |
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Series A Preferred Stock May 2011 Financing |
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As part of the May 2011 registered direct offering, the Company issued 1,813,944 shares of the Company's Series A preferred stock to one investor. The investor purchased units consisting of one share of Series A preferred stock and a warrant to purchase 0.1625 of a share of common stock. No fractional warrants were issued. Each unit was at a price of $8.84 per unit. |
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Each share of Series A preferred stock is convertible into 0.25 of a share of the Company's common stock at any time at the option of the holder, provided that the holder will be prohibited from converting the shares of series A preferred stock into shares of the Company's common stock if, as a result of such conversion, the holder, together with its affiliates, would beneficially own more than 9.98% of the total number of shares of the Company's common stock then issued and outstanding. In the event of the Company's liquidation, dissolution or winding up, holders of the Series A preferred stock will receive a payment equal to $0.01 per share of Series A preferred stock before any proceeds are distributed to the holders of the Company's common stock. After the payment of this preferential amount, and subject to the rights of holders of any class or series of capital stock specifically ranking by its terms senior to the Series A preferred stock, holders of Series A preferred stock and holders of the Company's Series B stock will participate ratably in the distribution of any remaining assets with the Company's common stock and any other class or series of capital stock that participates with the common stock in such distributions. Shares of Series A preferred stock will generally have no voting rights, except as required by law and except that the consent of the holders of a majority of the outstanding Series A preferred stock will be required to amend the terms of the Series A preferred stock. The Series A preferred stock will not be entitled to receive any dividends, unless and until specifically declared by the Company's board of directors. |
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In August 2013, 1,813,944 shares of the Company's Series A Convertible Preferred Stock were converted into 453,483 shares of common stock. |
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Series A Preferred Stock July 2005 Private Placement |
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In July 2005, the company authorized 1,050,000 shares of its Series A preferred stock and completed a private placement of 569,000 shares of these shares, of which 0 shares were issued and outstanding as of September 30, 2007. In addition, in connection with the July 2006 private placement, the Company issued warrants to purchase shares of the Company's series A preferred stock. All such warrants were expired as of September 30, 2012. |
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In connection with the Series A preferred stock issuance, the Company entered into a registration rights agreement with the purchasers of its stock, which provided, among other things, for liquidated damages if the Company were initially unable to register and obtain an effective registration of the securities within the allotted time. The stockholders could not demand registration until one hundred and eighty (180) days after the Company had effected a qualified initial public offering. The penalties were (i) one and three quarters (1¾%) percent of the aggregate number of shares of underlying common stock for each month, or part thereof, after a ninety (90) day period that a registration statement was not filed with the SEC or (ii) one (1%) percent of the aggregate number of shares of underlying common stock for each month if the forgoing filed registration statement was not declared effective by the SEC within one hundred and twenty (120) days. |
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Each share of Series A preferred stock was automatically converted into a number of shares of common stock equal to the quotient of $3.54 divided by $1.00 immediately subsequent to the date of the initial public offering. |
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As part of the compensation agreement, the placement agent received 69,875 Series A warrants. Each warrant consists of the right to purchase one share of fully paid and non-assessable common stock for a period of seven years which expired on July 12, 2012. |
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Series B Preferred Stock June 2012 Private Placement |
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In June 2012, the Company completed a private placement of an aggregate of 4,250,020 shares of the Company's common stock, 3,605,607 shares of the Company's Series B Convertible Preferred Stock and warrants to purchase an aggregate of 2,749,469 shares of common stock at an exercise price of $2.66 per share. For each unit consisting of either a share of common stock or Series B preferred stock and a warrant to purchase 0.35 of a share of common stock, the purchasers in the June 2012 Private Placement paid a negotiated price of $2.355. |
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Each share of Series B preferred stock is convertible into one share of the Company's common stock at any time at the option of the holder, except that the securities purchase agreement that the Company entered into in connection with the 2012 Private Placement (the "Securities Purchase Agreement") provides that a holder will be prohibited from converting shares of Series B preferred stock into shares of common stock if, as a result of such conversion, such holder, together with its affiliates, would beneficially own more than 9.98% of the total number of shares of common stock then issued and outstanding. In the event of the Company's liquidation, dissolution or winding up, holders of the Series B preferred stock will receive a payment equal to $0.01 per share of Series B preferred stock before any proceeds are distributed to the holders of common stock. After the payment of this preferential amount, and subject to the rights of holders of any class or series of capital stock specifically ranking by its terms senior to the Series B preferred stock, holders of Series B preferred stock and holders of the Company's Series A preferred stock will participate ratably in the distribution of any remaining assets with the common stock and any other class or series of capital stock that participates with the common stock in such distributions. Shares of Series B preferred stock will generally have no voting rights, except as required by law and except that the consent of the holders of a majority of the outstanding Series B preferred stock will be required to amend the terms of the Series B preferred stock. Holders of Series B preferred stock are entitled to receive, and the Company is required to pay, dividends on shares of the Series B preferred stock equal (on an as-if-converted-to-common-stock basis) to and in the same form as dividends (other than dividends in the form of common stock) actually paid on shares of the common stock when, as and if such dividends (other than dividends in the form of common stock) are paid on shares of the common stock. |
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As required by the Securities Purchase Agreement, the Company filed a Registration Statement on Form S-3 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") on July 27, 2012, which was within 30 days after the closing of the 2012 Private Placement. The Registration Statement, which was declared effective on August 13, 2012, registers the resale of the shares of common stock and Series B preferred stock issued and sold in the 2012 Private Placement, the shares of common stock issuable upon conversion of the Series B preferred stock issued and sold in the 2012 Private Placement, and the shares of common stock issuable upon exercise of the warrants issued and sold in the 2012 Private Placement. Pursuant to the terms of the Securities Purchase Agreement, the Company agreed to pay liquidated damages to the purchasers in the 2012 Private Placement if, after effectiveness of the Registration Statement and subject to certain specified exceptions, the Company suspends the use of the Registration Statement or the Registration Statement ceases to remain continuously effective as to all the securities for which it is required to be effective (each such event, a "Registration Default"). Subject to specified exceptions, for each 30-day period or portion thereof during which a Registration Default remains uncured, the Company is obligated to pay liquidated damages to each purchaser in cash in an amount equal to 1.0% of the aggregate purchase price paid by each such purchaser in the 2012 Private Placement, up to a maximum of 8.0% of such aggregate purchase price. As of the date of these financial statements, the Company does not believe that it is probable that it will be obligated to pay any such liquidated damages. Accordingly, the Company has not established an accrual for liquidated damages. |
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In June 2013, 176,964 shares of the Company's Series B Convertible Preferred Stock were converted into an equal number of shares of common stock. In September 2013, an additional 1,478,643 shares of the Company's Series B Convertible Preferred Stock were converted into an equal number of shares of common stock. |
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Series B Preferred Stock July 2006 Private Placement |
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In July 2006, the Company authorized 6,500,000 shares of its Series B preferred stock and completed a private placement of 5,380,711 of these shares, of which 0 shares were issued and outstanding as of September 30, 2007. In addition, in connection with the July 2006 private placement the Company issued warrants to purchase shares of the Company's Series B preferred stock. All such warrants were expired as of September 30, 2012. |
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As a result of the conversion option, the Company considered the features contained in the Series B preferred stock to ascertain whether the shares contained a beneficial conversion feature and determined that the issuance of the Series B preferred stock resulted in a beneficial conversion feature in the amount of $603. |
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Shares Reserved for Future Issuance |
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As of September 30, 2013, the Company reserved shares of common stock for future issuance as follows: |
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| 2010 stock incentive plan | | | | | | 5,290,739 | | | | | | | | | | | | | | | | | | | |
| 2005 employee stock purchase plan | | | | | | 475,000 | | | | | | | | | | | | | | | | | | | |
| Common shares issuable upon conversion of Series B Preferred Stock | | | | | | 1,950,000 | | | | | | | | | | | | | | | | | | | |
| Warrants issued in connection with May 2011 registered direct offering | | | | | | 2,256,929 | | | | | | | | | | | | | | | | | | | |
| Warrants issued in connection with June 2012 private placement | | | | | | 2,749,469 | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | 12,722,137 | | | | | | | | | | | | | | | | | | | |
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2004 Stock Incentive Plan |
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The Company established the 2004 Stock Incentive Plan on October 1, 2004 (the "Plan"), as amended in March 2007, and subsequently replaced by the 2010 Stock Incentive Plan. The Plan provides for the granting of shares of common stock or securities convertible into or exercisable for shares of common stock, including stock options ("Incentive Stock Options") to directors, employees, consultants and advisors of or to the Company. Incentive Stock Options can be awarded only to persons who are employees of the Company at the time of the grant. Stock options are exercisable at the conclusion of the vesting period. Employees can exercise their vested shares up to 90 days after termination of services. No awards may be granted under the Plan after the effective date of the 2010 Plan. |
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The Plan is be administered by either the Board of Directors of the Company or a Committee thereof, which determines the terms and conditions of the awards granted under the Plan, including the recipient of the award, the nature of the award, the exercise price of the award, the number of shares subject to the award and the exercisability thereof. |
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Non-employee directors are not entitled to receive awards other than the non-qualified stock options the plan directs be issued to non-employee directors. |
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2010 Stock Incentive Plan |
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In March 2013, the stockholders of the Company approved the amended and restated 2010 Stock Incentive Plan (the "2010 Plan"). Up to 3,750,000 shares of the Company's common stock may be issued pursuant to awards granted under the 2010 Plan, plus 1,540,739 shares of common stock underlying already outstanding awards under the Company's prior plans. As of September 30, 2013, the Company had 1,951,347 shares of common stock subject to outstanding awards. The contractual life of options granted under the 2010 Plan may not exceed seven years. The 2010 Plan uses a "fungible share" concept under which any awards that are not a full-value award will be counted against the share limit as one (1) share for each share of common stock and any award that is a full-value award will be counted against the share limit as 1.5 shares for each one share of common stock. The Company has not made any new awards under any prior equity plans after March 2, 2010 — the effective date the 2010 Plan was approved by the Company's stockholders. The 2010 Plan replaces the 2004 Stock Incentive Plan and 2005 Non-Employee Directors Stock Option Plan. |
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2005 Employee Stock Purchase Plan |
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The Company's 2005 Employee Stock Purchase Plan, or the Purchase Plan, was adopted by its Board of Directors and approved by its stockholders on March 20, 2007. The Purchase Plan became effective upon the closing of the Company's initial public offering. The Purchase Plan is intended to qualify as an employee stock purchase plan within the meaning of Section 423 of the Code. |
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Under the Purchase Plan, eligible employees may contribute up to 15% of their eligible earnings for the period of that offering withheld for the purchase of common stock under the Purchase Plan. The employee's purchase price is equal to the lower of: 85% of the fair market value per share on the start date of the offering period in which the employee is enrolled or 85% of the fair market value per share on the semi-annual purchase date. The Purchase Plan imposes a limitation upon a participant's right to acquire common stock if immediately after the purchase, the employee would own 5% or more of the total combined voting power or value of the Company's common stock or of any of its affiliates not eligible to participate in the Purchase Plan. The Purchase Plan provides for an automatic rollover when the purchase price for a new offering period is lower than previously established purchase price(s). The Purchase Plan also provides for a one-time election that allows an employee the opportunity to enroll into a new offering period when the new offering is higher than their current offering price. This election must be made within 30 days from the start of a new offering period. Offering periods are twenty-seven months in length. The compensation cost in connection with the plan for the years ended September 30, 2011, 2012 and 2013 was $53, $16, and $5 respectively. |
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An aggregate of 475,000 shares of common stock are reserved for issuance pursuant to purchase rights to be granted to the Company's eligible employees under the Purchase Plan. The Purchase Plan shares are replenished annually on the first day of each fiscal year by virtue of an evergreen provision. The provision allows for share replenishment equal to the lesser of 1% of the total number of shares outstanding on that date or 25,000 shares. As of September 30, 2011, 2012 and 2013, a total of 341,097, 355,321 and 366,926 shares, respectively, were reserved and available for issuance under this plan. For the years ended September 30, 2011, 2012 and 2013, the Company issued a total of, 83,903, 94,679 and 108,074 shares, respectively, under the Purchase Plan. |
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2005 Non-Employee Directors' Stock Option Plan |
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The Company's 2005 Non-Employee Directors' Stock Option Plan (the "Directors' Plan") was adopted by its Board of Directors and approved by its stockholders on March 20, 2007 and subsequently replaced with the 2010 Stock Incentive Plan. The Directors' Plan became effective upon the closing of the Company's initial public offering. An aggregate of 125,000 shares of common stock were reserved for issuance under the Directors' Plan. Upon the effective date of the registration statement in connection with the Company's initial public offering, each of its non-employee directors automatically received an initial option to purchase 6,250 shares of common stock. Upon appointment, non-employee directors receive a one-time grant of an option to purchase 6,250 shares of common stock. Annually, non-employee directors receive an option to purchase 5,000 shares of common stock. Effective March 3, 2009, these shares vest pro rata over one year. However, in the event a non-employee director has not served since the date of the preceding annual meeting of stockholders, that director will receive an annual grant that has been reduced pro rata for each full quarter prior to the date of grant during which such person did not serve as a non-employee director. |
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The fair value per share is being recognized as compensation expense over the applicable vesting period. The fair value per share for awards granted as of December 31, 2008 through September 30, 2012 was calculated using the Black-Scholes valuation model. |
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The fair value of the common stock for the grants from December 23, 2004 through November 1, 2006 was determined using a retrospective valuation. The fair value of the common stock for the grants during December 2006 and subsequently was determined contemporaneously with the grants. |
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The following table summarizes the stock option activity through September 30, 2013: |
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| Options | | | | | | Number | | | | | | Weighted | | | | | | Weighted | | | | | | Aggregate | |
Average | Average | Intrinsic Value |
Exercise Price | Remaining | |
| Contractual | |
| Life in Years | |
| Balance, September 30, 2004 | | | | | | — | | | | | $ | — | | | | | | | | | | | $ | — | |
| Granted | | | | | | 96,358 | | | | | | 5.64 | | | | | | | | | | | | — | |
| Outstanding balance, September 30, 2005 | | | | | | 96,358 | | | | | | 5.64 | | | | | | | | | | | | — | |
| Granted | | | | | | 115,401 | | | | | | 22.6 | | | | | | | | | | | | — | |
| Forfeited, expired | | | | | | 15,054 | | | | | | 13.6 | | | | | | | | | | | | — | |
| Outstanding balance, September 30, 2006 | | | | | | 196,705 | | | | | | 12.92 | | | | | | | | | | | | — | |
| Granted | | | | | | 238,961 | | | | | | 55.84 | | | | | | | | | | | | — | |
| Exercised | | | | | | 886 | | | | | | 5.64 | | | | | | | | | | | | — | |
| Forfeited, expired | | | | | | 13,283 | | | | | | 22.6 | | | | | | | | | | | | — | |
| Outstanding balance, September 30, 2007 | | | | | | 421,497 | | | | | | 27.2 | | | | | | | | | | | | — | |
| Granted | | | | | | 431,849 | | | | | | 67.52 | | | | | | | | | | | | — | |
| Exercised | | | | | | 43,604 | | | | | | 20.72 | | | | | | | | | | | | — | |
| Forfeited, expired | | | | | | 25,892 | | | | | | 44.16 | | | | | | | | | | | | — | |
| Outstanding balance, September 30, 2008 | | | | | | 783,850 | | | | | | 55.68 | | | | | | | | | | | | — | |
| Granted | | | | | | 152,875 | | | | | | 10.76 | | | | | | | | | | | | — | |
| Exercised | | | | | | 4,416 | | | | | | 5.64 | | | | | | | | | | | | — | |
| Forfeited, expired | | | | | | 80,398 | | | | | | 55.52 | | | | | | | | | | | | — | |
| Outstanding balance, September 30, 2009 | | | | | | 851,911 | | | | | | 47.24 | | | | | | | | | | | | — | |
| Granted | | | | | | 328,530 | | | | | | 16.37 | | | | | | | | | | | | — | |
| Exercised | | | | | | 8,081 | | | | | | 8.43 | | | | | | | | | | | | — | |
| Forfeited, expired | | | | | | 13,469 | | | | | | 52.16 | | | | | | | | | | | | — | |
| Outstanding balance, September 30, 2010 | | | | | | 1,158,891 | | | | | | 38.72 | | | | | | | | | | | | — | |
| Granted | | | | | | 290,834 | | | | | | 6.36 | | | | | | | | | | | | — | |
| Exercised | | | | | | 104 | | | | | | 5.64 | | | | | | | | | | | | — | |
| Forfeited, expired | | | | | | 84,271 | | | | | | 38.48 | | | | | | | | | | | | — | |
| Outstanding balance, September 30, 2011 | | | | | | 1,365,350 | | | | | | 32.68 | | | | | | | | | | | | — | |
| Granted | | | | | | 215,877 | | | | | | 2.54 | | | | | | | | | | | | — | |
| Forfeited, expired | | | | | | 34,773 | | | | | | 32.09 | | | | | | | | | | | | — | |
| Outstanding balance September 30, 2012 | | | | | | 1,546,454 | | | | | $ | 27.8 | | | | | | | | | | | | — | |
| Granted | | | | | | 486,000 | | | | | | 2.43 | | | | | | | | | | | | — | |
| Exercised | | | | | | 30,250 | | | | | | 2.48 | | | | | | | | | | | | — | |
| Forfeited, expired | | | | | | 82,153 | | | | | | 15.37 | | | | | | | | | | | | — | |
| Outstanding balance September 30, 2013 | | | | | | 1,920,051 | | | | | $ | 22.31 | | | | | | 4 | | | | | $ | 445 | |
| Exercisable shares, September 30, 2013 | | | | | | 1,258,612 | | | | | $ | 32.14 | | | | | | 3 | | | | | $ | 51 | |
Restricted Stock Units |
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The Company grants restricted stock units ("RSUs") to executive officers and employees pursuant to the 2010 Plan from time to time. There is no direct cost to the recipients of RSUs, except for any applicable taxes. |
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On March 8, 2012, the Company's stockholders approved an amendment to the 2010 Plan to increase the number of shares of common stock authorized for issuance thereunder solely for the purpose of allowing the Company to issue an 191,719 restricted stock units to certain of the Company's employees in place of an aggregate of $823 in discretionary cash bonuses in connection with the fiscal year ended September 30, 2011 (the "2011 Bonus RSUs"). The 2011 Bonus RSUs vested and were distributed on September 30, 2012. The Company had previously accrued and expensed the $823 in the fiscal year ended September 30, 2011. The 2011 Bonus RSUs vested in full and was distributed on September 30, 2012. Since the total fair value of the 2011 Bonus RSUs did not exceed the discretionary aggregate cash bonus value of $823, the Company did not record any additional stock-based compensation expense in the year ended September 30, 2012. The accrued bonus liability was settled in March 2012 and, accordingly, the liability, net of taxes, in the amount of $582 was reversed into additional paid-in-capital. Each RSU award that was granted in December 2010 to our executive officers and employees represents one share of common stock and each award vests annually over three years, with fifty percent vesting on the first anniversary of the date of grant and the remainder vesting in two equal installments on each anniversary thereafter. Each year following the annual vesting date, between January 1st and March 15th, the Company will issue common stock for each vested RSU. During the period when the RSU is vested but not distributed, the RSUs cannot be transferred and the grantee has no voting rights. If the Company declares a dividend, RSU recipients will receive payment based upon the percentage of RSUs that have vested prior to the date of declaration. The costs of the awards, determined as the fair market value of the shares on the grant date, are expensed per the vesting schedule outlined in the award. For example, the December 2010 RSU awards vest over three years and are expensed 50% the first year and 25% the next two years; whereas, the December 2009 RSU awards are expensed ratably over the four year vesting period. |
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Based on historical experience of option cancellations, the Company has estimated an annualized forfeiture rate of 7.5% for employee RSUs. Forfeiture rates will be adjusted over the requisite service period when actual forfeitures differ, or are expected to differ, from the estimate. As of September 30, 2013, the executives, the board of directors and employees had 374,925 vested and distributed RSUs. |
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The stock-based compensation expense associated with the RSUs has been recorded in the statement of operations and in additional paid-in-capital on the balance sheets is as follows: |
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| | | September 30, | | | | | | | | | | | | | | | |
| | | 2011 | | | | 2012 | | | | 2013 | | | | | | | | | | | | | | | |
Stock compensation expense — RSUs | | $ | 585 | | | $ | 1,202 | | | $ | 363 | | | | | | | | | | | | | | | |
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At September 30, 2013, there was $50 of total unrecognized stock-based compensation expense related to RSU awards granted under the 2004 Stock Incentive Plan and the 2010 Plan. This expense is expected to be recognized over the remaining vesting periods up to four years. |
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The following table summarizes RSU activity from October 1, 2010 through September 30, 2013: |
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| | Shares | | | Weighted | | | | | | | | | | | | | | | | | | | |
Average | | | | | | | | | | | | | | | | | | |
Grant-Date | | | | | | | | | | | | | | | | | | |
Fair Value | | | | | | | | | | | | | | | | | | |
Non-vested and outstanding balance at September 30, 2009 | | | — | | | $ | — | | | | | | | | | | | | | | | | | | | |
Shares granted | | | 62,510 | | | | 15.8 | | | | | | | | | | | | | | | | | | | |
Shares forfeited or expired | | | 246 | | | | 15.8 | | | | | | | | | | | | | | | | | | | |
Non-vested and outstanding balance at September 30, 2010 | | | 62,264 | | | | 15.8 | | | | | | | | | | | | | | | | | | | |
Changes during the period: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares granted | | | 90,639 | | | | 7.56 | | | | | | | | | | | | | | | | | | | |
Shares vested and issued | | | 22,435 | | | | 17.2 | | | | | | | | | | | | | | | | | | | |
Shares forfeited or expired | | | 8,791 | | | | 9.4 | | | | | | | | | | | | | | | | | | | |
Non-vested and outstanding balance at September 30, 2011 | | | 121,677 | | | | 9.4 | | | | | | | | | | | | | | | | | | | |
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Changes during the period: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares granted | | | 274,189 | | | | 2.36 | | | | | | | | | | | | | | | | | | | |
Shares vested and issued | | | 327,713 | | | | 3.45 | | | | | | | | | | | | | | | | | | | |
Non-vested and outstanding balance at September 30, 2012 | | | 68,153 | | | $ | 10.51 | | | | | | | | | | | | | | | | | | | |
Changes during the period: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares granted | | | — | | | | — | | | | | | | | | | | | | | | | | | | |
Shares vested and issued | | | 36,851 | | | | 10.26 | | | | | | | | | | | | | | | | | | | |
Shares forfeited or expired | | | 6 | | | | 15.8 | | | | | | | | | | | | | | | | | | | |
Non-vested and outstanding balance at September 30, 2013 | | | 31,296 | | | | 10.48 | | | | | | | | | | | | | | | | | | | |