Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

Stock Based Compensation
3 Months Ended
Dec. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation

Note 7-Stock Based Compensation


Stock Options issued to Employees, Officers and Directors


The Optex Systems Holdings 2009 Stock Option Plan provides for the issuance of up to 75,000 shares to the Company’s officers, directors, employees and to independent contractors who provide services to Optex Systems Holdings as either incentive or non-statutory stock options determined at the time of grant. As of December 30, 2018, there were 25,000 fully vested stock options outstanding at an exercise price of $10 per share and an expiration date of December 18, 2020. During the three months ended December 30, 2018, 34,980 vested stock options expired (forfeited) unexercised. There were no new grants of stock options during the three months ended December 30, 2018.


Restricted Stock Units issued to Officers and Employees


The following table summarizes the status of Optex Systems Holdings’ aggregate non-vested restricted stock units granted under the Company’s 2016 Restricted Stock Unit Plan: 


Unvested as of October 1, 2017     182,000  
Granted - year ended September 30, 2018      
Vested - year ended September 30, 2018     (83,000 )
Unvested as of  September 30, 2018     99,000  
Granted – three months ended December 30, 2018      
Vested - three months ended December 30, 2018      
Unvested as of December 30, 2018     99,000  


There were no restricted stock units granted or vested during the three months ended December 30, 2018. On January 1, 2019, 82,500 restricted stock units were vested. On January 2, 2019, pursuant to board authorization on November 20, 2018, 200,000 restricted stock units were granted to Danny Schoening (150,000) and Karen Hawkins (50,000) which will vest over three years on each January 1, 2020 through January 1, 2022. See subsequent events.


Stock Based Compensation Expense


Equity compensation is amortized based on a straight line basis across the vesting or service period as applicable. The recorded compensation costs for options and shares granted and restricted stock units awarded as well as the unrecognized compensation costs are summarized in the table below:


Stock Compensation


    Recognized Compensation Expense     Unrecognized Compensation Expense  
    Three months ended     As of period ending  
    December 30, 2018     December 31, 2017     December 30, 2018     September 30, 2018  
Stock Options   $     $ 8     $     $  
Restricted Stock Units     36       36       13       49  
Total Stock Compensation   $ 36     $ 44     $ 13     $ 49