Changes in outstanding stock options for the three years ended September 30, 2011 are as follows:
| | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value | Outstanding at September 30, 2009 | | 428,783 |
| | $4.35 | | | | | Options granted | | 25,000 |
| | $5.23 | | | | | Options exercised | | (15,308 | ) | | $3.23 | | | | | Options forfeited | | (26,500 | ) | | $4.86 | | | | | Outstanding at September 30, 2010 | | 411,975 |
| | $4.42 | | | | | Options granted | | 151,000 |
| | $4.03 | | | | | Options exercised | | (52,924 | ) | | $3.02 | | | | | Options forfeited | | (3,000 | ) | | $4.06 | | | | | Outstanding at September 30, 2011 | | 507,051 |
| | $4.45 | | | | | Options granted | | 78,000 |
| | $3.19 | | | | | Options exercised | | — |
| | — | | | | | Options forfeited | | (104,051 | ) | | $4.18 | | | | | Outstanding at September 30, 2012 | | 481,000 |
| | $4.32 | | 6.1 | | — | Exercisable at September 30, 2012 | | 254,700 |
| | $4.57 | | 4.8 | | — |
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