The Company recorded and of compensation expense related to current and past option grants, restricted stock grants and the Company’s Employee Stock Purchase Plan (“ESPP”) for the and months ended respectively. For the months ended of this expense is included in selling, general and administrative expense, and is included in cost of sales. For the months ended of this expense is included in selling, general and administrative expense, and is included in cost of sales. The Company recorded and of compensation expense related to current and past equity awards for the and months ended respectively. For the months ended of this expense was included in selling, general and administrative expense, and was included in cost of sales. For the months ended of this expense was included in selling, general and administrative expense, and was included in cost of sales. As of of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately years.

 

There were stock options granted during the months ended or The following is a summary of stock option activity during the months ended

 

		Number of options				Weighted average exercise price
Outstanding as of September 30, 2017			38,950			$	2.79
Granted			-				-
Exercised			(6,100	)			3.89
Cancelled or Forfeited			-				-
Outstanding as of March 31, 2018			32,850			$	2.58

 

The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of the weighted average remaining contractual term for all outstanding and exercisable stock options was years and their aggregate intrinsic value was During the months ended the Company received proceeds of from the exercise of stock options. During the months ended exercised stock options totaled shares, resulting in of proceeds to the Company.

 

 

The Company’s Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over to years.

 

During the months ended the Company granted non-employee directors restricted stock awards totaling shares of common stock, with a vesting term of approximately year and a fair value of per share.

 

During the months ended the Company granted non-employee directors restricted stock awards totaling shares of common stock, with a vesting term of approximately year and a fair value of per share.

 

Restricted stock transactions during the months ended are summarized as follows:

 

		Number of shares				Weighted average grant date fair value
Unvested shares as of September 30, 2017			370,530			$	15.24
Granted			4,235				14.75
Vested			(5,795	)			15.46
Forfeited			(5,644	)			15.39
Unvested as of March 31, 2018			363,326			$	15.23

 

Clearfield, Inc.’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees purchase the Company’s common stock on a voluntary after-tax basis. Employees purchase the Company’s common stock at a price that is less than the lower of of the fair market value of share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in month phases, with phases beginning on and of each calendar year. For the phases that ended on and employees purchased and shares at a price of and per share, respectively. After the employee purchase on shares of common stock were available for future purchase under the ESPP.