Patriot Transportation Holding (PATI) 10-Q 9 May 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Mar. 31, 2017shares
Document And Entity Information
Entity Registrant Name	PATRIOT TRANSPORTATION HOLDING, INC.
Entity Central Index Key	1,616,741
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	3,303,802
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Current assets:
Cash and cash equivalents	$ 6,866	$ 6,005
Accounts receivable, net of allowance for doubtful accounts of $143 and $153, respectively	6,444	7,043
Federal and state taxes receivable	463	261
Inventory of parts and supplies	829	811
Prepaid tires on equipment	1,938	2,052
Prepaid taxes and licenses	597	681
Prepaid insurance	705	820
Prepaid expenses, other	104	64
Total current assets	17,946	17,737
Property and equipment, at cost	102,193	102,783
Less accumulated depreciation	60,812	59,080
Net property and equipment	41,381	43,703
Goodwill	3,431	3,431
Intangible assets, net	1,105	1,214
Other assets, net	196	214
Total assets	64,059	66,299
Current liabilities:
Accounts payable	2,629	4,896
Accrued payroll and benefits	3,534	4,608
Accrued insurance	437	700
Accrued liabilities, other	194	369
Total current liabilities	6,794	10,573
Long-term debt	0	0
Deferred income taxes	10,154	10,479
Accrued insurance	180	184
Other liabilities	1,109	1,117
Total liabilities	18,237	22,353
Commitments and contingencies (Note 8)
Shareholders' Equity/Net investment:
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are disignated Series A Junior Participating Preferred Stock; $0.01 par value; none issued and outstanding	0	0
Common stock, $.10 par value; (25,000,000 shares authorized; 3,303,802 and 3,289,353 shares issued and outstanding, respectively)	330	329
Capital in excess of par value	36,621	35,919
Retained earnings	8,697	7,524
Accumulated other comprehensive income, net	174	174
Total shareholders' equity	45,822	43,946
Total liabilties and shareholders' equity	$ 64,059	$ 66,299

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$ 143	$ 153
Preferred stock, par value	$ .01	$ .01
Preferred stock, shares authorized	5,000,000	5,000,000
Series A Junior Participating Preferred Stock	250,000	250,000
Preferred stock, shares issued	0	0
Common stock, par value	$ .10	$ .10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	3,303,802	3,289,353

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Transportation revenues	$ 25,693	$ 28,514	$ 52,952	$ 56,523
Fuel surcharges	1,700	534	3,199	1,896
Total revenues	27,393	29,048	56,151	58,419
Cost of operations:
Compensation and benefits	11,455	12,752	23,539	25,324
Fuel expenses	3,784	3,470	7,688	7,295
Repairs & tires	1,625	1,936	3,263	3,745
Other operating	976	1,179	2,010	2,269
Insurance and losses	2,896	2,218	5,601	5,236
Depreciation expense	2,397	2,125	4,859	4,273
Rents, tags & utilities	860	955	1,723	1,904
Sales, general & administrative	2,281	2,213	4,592	4,612
Corporate expenses	998	828	1,615	1,786
Gain on equipment sales	(204)	(75)	(312)	(71)
Total cost of operations	27,068	27,601	54,578	56,373
Total operating profit	325	1,447	1,573	2,046
BP claim Settlement	0	0	0	1,687
Interest income and other	1	0	3	3
Interest expense	(32)	(32)	(64)	(67)
Income before income taxes	294	1,415	1,512	3,669
Provision for income taxes	34	552	340	1,431
Net income	260	863	1,172	2,238
Comprehensive Income	$ 260	$ 863	$ 1,172	$ 2,238
Earnings per common share:
Net income - basic	$ 0.08	$ 0.26	$ 0.36	$ 0.68
Net income - diluted	$ 0.08	$ 0.26	$ 0.35	$ 0.68
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,300	3,283	3,295	3,278
-diluted earnings per common share	3,309	3,286	3,303	3,281

Consolidated and Combined Stat5

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 1,172	$ 2,238
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,238	4,757
Deferred income taxes	(325)	330
Gain on asset dispositions	(321)	(308)
Stock-based compensation	704	510
Net changes in operating assets and liabilities:
Accounts receivable	599	(603)
Inventory of parts and supplies	(18)	12
Prepaid expenses	273	490
Other assets	6	4
Accounts payable and accrued liabilities	(3,779)	(2,698)
Income taxes payable and receivable	(202)	823
Long-term insurance liabilities and other long-term liabilities	(12)	(345)
Net cash provided by operating activities	3,335	5,210
Cash flows from investing activities:
Purchase of property and equipment	(2,935)	(3,312)
Proceeds from the sale of property, plant and equipment	461	739
Net cash used in investing activities	(2,474)	(2,573)
Cash flows from financing activities:
(Decrease) increase in bank overdrafts	0	(773)
Proceeds from borrowing on revolving credit facility	0	13,536
Payments on revolving credit facility	0	(13,536)
Excess tax benefits from exercise of stock options	0	154
Net cash used in financing activities	0	(619)
Net increase in cash and cash equivalents	861	2,018
Cash and cash equivalents at beginning of period	6,005	0
Cash and cash equivalents at end of the period	$ 6,866	$ 2,018

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Description of Business Company’s Business Basis of Presentation These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the six months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2017. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2016.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments are recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits were recorded in equity and as financing activity prior to adoption of this ASU. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance prospectively as of October 1, 2016. As a result of this adoption in the first six months of fiscal 2017 we recorded a $250,000 reduction of income tax expense from windfall gains on stock option exercises.

Related Party Agreements

Related Party Agreements	6 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Agreements	(3) Related Party Agreements. The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $557,000 and $406,000 for the three months ended March 31, 2017 and 2016, and $934,000 and $792,000 for the six months ended March 31, 2017 and 2016, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as a reduction to corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP. Patriot provides information technology services and previously subleased office space to Bluegrass Materials Company, LLC (“Bluegrass”). Mr. John Baker, brother of Edward L. Baker and uncle of Thompson S. Baker II, serves as Chairman of Bluegrass, and his son, Edward L. Baker II, serves as its Chief Executive Officer. Messrs. John Baker and Edward L. Baker II have a beneficial ownership interest in Bluegrass. Bluegrass paid $165,000 to the Company for the three months ended March 31, 2016, and $16,000 and $288,000 for the six months ended March 31, 2017 and 2016, respectively for such information technology services and office space. The services to Bluegrass ceased on December 31, 2016.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term debt. On January 30, 2015, the Company entered into a $25 million, five year, revolving credit agreement with Wells Fargo Bank, N.A. and assumed and refinanced $5.1 million then outstanding. As of March 31, 2017, we had no debt outstanding on this revolver, $2,386,000 outstanding under letters of credit and $22,614,000 available for additional borrowings. The Company closed on a loan on May 13, 2015 from Branch Banking and Trust Company (BB&T) for up to $25 million under a two (2) year revolving facility to be secured by a portion of the Company’s equipment. This facility contains a provision which automatically converts any draws under the revolver into five-year term loans with a seven year amortization. As of March 31, 2017, the Company had not taken any draws against this facility. The Company will not renew the facility. These credit agreements contain certain conditions, affirmative financial covenants and negative covenants including limitations on paying cash dividends. The Company was in compliance with all of its loan covenants as of March 31, 2017.

Earnings per share

Earnings per share	6 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings per share	(5) Earnings per share. Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options. The following details the computations of the basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts): Three Months ended Six months ended March 31, March 31, 2017 2016 2017 2016 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,300 3,283 3,295 3,278 Common shares issuable under share based payment plans which are potentially dilutive 9 3 8 3 Common shares used for diluted earnings per common share 3,309 3,286 3,303 3,281 Net income $ 260 863 1,172 2,238 Earnings per common share: -basic $ 0.08 0.26 0.36 0.68 -diluted $ 0.08 0.26 0.35 0.68 For the three and six months ended March 31, 2017, 90,554 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and six months ended March 31, 2016, 83,967 and 73,967 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	(6) Stock-Based Compensation Plans. Participation in FRP Plans The Company's directors, officers and key employees are eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit for the Transition Services Agreement allocation to FRP. Patriot Incentive Stock Plan In January, 2015 the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan. Grants were issued based upon all outstanding FRP options held by company directors, officers and key employees on January 30, 2015 with the same remaining terms. The number of common shares available for future issuance was 87,131 at March 31, 2017. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. In December 2016, the Company approved and issued a retirement incentive to an officer in the form of stock appreciation rights. The Company granted 80,000 stock appreciation rights. The market price was $23.13 on the date of grant and the executive will get a cash award at age 65 based upon the stock price at that date compared to the stock price at the date of grant but in no event will the award be less than $500,000. The Company plans to expense the fair value of the award over the 9.1 year vesting period to the officer’s attainment of age 65. In March 2017, in recognition of Thompson S. Baker II's outstanding service to FRP, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which will expire 90 days following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to the spin-off required modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost under the transition services agreement. The Company recorded the following stock compensation expense for options in its consolidated statements of income (in thousands): Three Months ended Six months ended March 31, March 31, 2017 2016 2017 2016 Stock option grants $ 218 59 336 195 Annual director stock award 368 315 368 315 $ 586 374 704 510 A summary of Company stock options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2016 110,811 $ 22.52 6.2 $ 999 Granted 40,780 $ 21.25 $ 272 Outstanding at March 31, 2017 151,591 $ 22.18 6.8 $ 1,271 Exercisable at March 31, 2017 95,901 $ 21.83 5.5 $ 758 Vested during six months ended March 31, 2017 27,852 $ 210 The aggregate intrinsic value of exercisable Company options was $177,000 and the aggregate intrinsic value of all outstanding in-the-money options was $220,000 based on the Company’s market closing price of $22.50 on March 31, 2017 less exercise prices. The realized tax benefit from Patriot option exercises during the first six months of fiscal 2017 was $460,000 which pertained to FRP options exercised that were granted prior to the Spin-off to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of March 31, 2017 was $575,000, which is expected to be recognized over a weighted-average period of 3.5 years.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements As of March 31, 2017 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At March 31, 2017 and September 30, 2016, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items.

Contingent liabilities

Contingent liabilities	6 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	(8) Contingent liabilities

Concentrations

Concentrations	6 Months Ended
	Mar. 31, 2017
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations Market: Customers Deposits

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	6 Months Ended
	Mar. 31, 2017
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	(10) Unusual or Infrequent Items Impacting Quarterly Results. On October 20, 2015, the Company received notice from the Claims Administrator for the Deepwater Horizon Economic and Property Damages Settlement Program that the Company’s claim in the amount of $2,106,281 qualifies for payment under the terms of the Economic and Property Damages Settlement Agreement. On December 18, 2015 BP accepted the Company’s proposal of $2,047,651. The Company received payment of $1,687,085 on January 6, 2016 net of all contingency fees.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings per common share (dollars and shares in thousands, except per share amounts)	Three Months ended Six months ended March 31, March 31, 2017 2016 2017 2016 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,300 3,283 3,295 3,278 Common shares issuable under share based payment plans which are potentially dilutive 9 3 8 3 Common shares used for diluted earnings per common share 3,309 3,286 3,303 3,281 Net income $ 260 863 1,172 2,238 Earnings per common share: -basic $ 0.08 0.26 0.36 0.68 -diluted $ 0.08 0.26 0.35 0.68

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands)	Three Months ended Six months ended March 31, March 31, 2017 2016 2017 2016 Stock option grants $ 218 59 336 195 Annual director stock award 368 315 368 315 $ 586 374 704 510
Summary of Stock Options (in thousands, except share and per share amounts)	Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2016 110,811 $ 22.52 6.2 $ 999 Granted 40,780 $ 21.25 $ 272 Outstanding at March 31, 2017 151,591 $ 22.18 6.8 $ 1,271 Exercisable at March 31, 2017 95,901 $ 21.83 5.5 $ 758 Vested during six months ended March 31, 2017 27,852 $ 210

Earnings per share - Earnings p

Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,300	3,283	3,295	3,278
Common shares issuable under share based payment plans which are potentially dilutive	9	3	8	3
Common shares used for diluted earnings per common share	3,309	3,286	3,303	3,281
Net income	$ 260	$ 863	$ 1,172	$ 2,238
Earnings per common share:
Earnings per share-basic	$ 0.08	$ 0.26	$ 0.36	$ 0.68
Earnings per share-diluted	$ 0.08	$ 0.26	$ 0.35	$ 0.68

Stock-Based Compensation Plan19

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 218	$ 59	$ 336	$ 195
Annual director stock award	368	315	368	315
Stock based compensation	$ 586	$ 374	$ 704	$ 510

Stock-Based Compensation Plan20

Stock-Based Compensation Plans - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Mar. 31, 2017USD ($)yr$ / sharesshares	Sep. 30, 2016USD ($)yr$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	151,591	110,811
Options granted | shares	40,780
Options outstanding weighted average exercise price | $ / shares	$ 22.18	$ 22.52
Options outstanding weighted average exercise price - Granted | $ / shares	$ 21.25
Options outstanding weighted average remaining term | yr	6.8	6.2
Options outstanding weighted average grant date fair value | $	$ 1,271	$ 999
Options granted weighted average grant date fair value | $ / shares	$ 272
Options exercisable at March 31, 2017 | shares	95,901
Options exerciseable weighted average exercise price | $ / shares	$ 21.83
Options exerciseable weighted average remaining term | yr	5.5
Options exerciseable weighted average grant date fair value | $	$ 758
Options vested during six months ended March 31, 2017 | shares	27,852
Options vested weighted average grant date fair value | $	$ 210

Description of Business and B21

Description of Business and Basis of Presentation (Details Narrative)	Mar. 31, 2017
Revenue Producting Drivers	642
Fleet of Tractors	452
Fleet of Trailers	544
Terminal locations	21
Satellite locations	9
Petroleum Products
Percentage of Business	82.00%
Dry Bulk Commodities
Percentage of Business	18.00%

Recently Issued Accounting St22

Recently Issued Accounting Standards (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2017	Sep. 30, 2016
Recently Issued Accounting Standards Details Narrative
Contractual obligation for lease payments greater than 12 months		$ 1,721
Reduction of income tax expense from windfall gains on stock option exercises	$ 250

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
FRP
Charges/allocations	$ 557	$ 406	$ 934	$ 792
Bluegrass
Charges/allocations		$ 165	$ 16	$ 288

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) $ in Thousands	6 Months Ended
	Mar. 31, 2017USD ($)yr	May 13, 2015USD ($)yr	Jan. 30, 2015USD ($)yr
Wells Fargo
Revolving Credit facility			$ 25,000
Borrowed under the revolver	$ 0		$ 5,100
Letters of credit issued	2,386
Amount availbe for additional borrowings	$ 22,614
Credit Agreement term years | yr			5
Compliance with loan covenants	All
BBT
Revolving Credit facility		$ 25,000
Borrowed under the revolver	$ 0
Credit Agreement term years | yr	2	2
Compliance with loan covenants	All
Conversion description	This facility contains a provision which automatically converts any draws under the revolver into five-year term loans with a seven year amortization.

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Anti-dilutive shares	90,554	83,967	90,554	73,967

Stock-Based Compensation Plan26

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	6 Months Ended
	Mar. 31, 2017USD ($)yr$ / sharesshares	Dec. 21, 2016USD ($)yr$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares available for future issuance | shares	87,131
Stock appreciation rights issued | shares		80,000
Minimum award for stock appreciation rights		$ 500
Stock appreciation rights vesting period | yr		9.1
Aggregate intrinsic value of exercisable options	$ 177
Aggregate intrinsic value of outstanding in-the-money options	$ 220
Market close price | $ / shares	$ 22.50	$ 23.13
Realized tax benefit pertaining to FRP options	$ 460
Total unrecognized compensation cost of options granted	$ 575
Weighted average period for compensation to be recognized | yr	3.5
Stock option modification compensation expense	$ 150

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	Mar. 31, 2017USD ($)
Fair Value Disclosures [Abstract]
Assets measured at fair value on a recurring basis	$ 0
Liabilities measured at fair value on a recurring basis	0
Assets measured at fair value on a non-recurring basis	0
Liabilities measured at fair value on a non-recurring basis	$ 0

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2017	Sep. 30, 2016
Top Ten Customers
Customer revenue concentration	61.40%
Accounts receivable concentration	$ 3,767	$ 3,998
Top Customer
Customer revenue concentration	21.80%

Unusual or Infrequent Items I29

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2016	Dec. 18, 2015	Oct. 20, 2015
Unusual or Infrequent Items, or Both [Abstract]
BP Claim Settlement		$ 2,048	$ 2,106
BP Claim payment	$ 1,687