|
Note 4 - Stock Based Compensation
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Note
4. Stock Based Compensation
The
Company recorded $570,574 of compensation expense related to
current and past option grants, restricted stock grants and
the Company’s Employee Stock Purchase Plan for the nine
months ended June 30, 2013. The Company recorded
$326,651 of compensation expense related to current and past
equity awards for the nine months ended June 30,
2012. This expense is included in selling, general
and administrative expense. As of June 30, 2013,
$2,105,047 of total unrecognized compensation expense related
to non-vested equity awards is expected to be recognized over
a weighted average period of approximately 4.2 years.
There
were no stock options granted during the nine-month period
ended June 30, 2013. During the nine month period ended June
30, 2012, the Company granted non-employee directors
non-qualified stock options to purchase an aggregate of
12,000 shares of common stock with a contractual term of 6
years, a vesting term of one year, an exercise price of $5.91
and a fair value of $4.12 per share.
The
following is a summary of stock option activity during the
nine months ended June 30, 2013:
The
intrinsic value of an option is the amount by which the fair
value of the underlying stock exceeds its exercise price. At
June 30, 2013, the weighted average remaining contractual
term for all outstanding stock options was 4.04 years and
their aggregate intrinsic value was $6,125,305. At June 30,
2013, the weighted average remaining contractual terms of
options that were exercisable was 4.02 years and their
aggregate intrinsic value was $5,149,482. During the nine
months ended June 30, 2013, the Company received proceeds of
$14,996 from the exercise of stock options. During the nine
months ended June 30, 2012, exercised stock options totaled
168,148 shares, resulting in $147,707 of proceeds to the
Company.
Restricted
Stock
The
Company’s 2007 Stock Compensation Plan permits its
Compensation Committee to grant other stock-based awards. The
Company makes restricted stock grants to key employees and
non-employee directors that vest over one to five
years.
During
the nine month period ended June 30, 2013, the Company
granted non-employee directors restricted stock awards
totaling 9,090 shares of common stock, with a vesting term of
approximately one year and a fair value of $5.50 per
share. Restricted stock transactions during the
nine-month period ended June 30, 2013 is summarized as
follows:
Employee
Stock Purchase Plan
Clearfield,
Inc.’s Employee Stock Purchase Plan
(“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 may
purchase the Company’s common stock on a voluntary
after-tax basis. Employees may purchase the Company’s
common stock at a price that is no less than the lower of 85%
of the fair market value of one share of common stock at the
beginning or end of each stock purchase period or phase. The
ESPP is carried out in six month phases, with phases
beginning on January 1 and July 1 of each calendar year. For
the phases that ended on June 30, 2013, and December 31,
2012, employees purchased 17,597 and 18,000 shares at a price
of $3.82 per share. After the employee purchase on June 30,
2013, 203,245 shares of common stock were available for
future purchase under the ESPP.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||