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EXCEL - IDEA: XBRL DOCUMENT - GENCOR INDUSTRIES INCFinancial_Report.xls
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v2.4.0.6
Shareholders' Equity
12 Months Ended
Sep. 30, 2012
Stockholders' Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 10 – SHAREHOLDERS’ EQUITY

Under the Company’s amended certificate of incorporation, certain rights of the holders of the Company’s common stock are modified by shares of Class B stock for as long as such shares shall remain outstanding. During that period, holders of common stock will have the right to elect approximately 25% of the Company’s Board of Directors, and conversely, Class B stock will be entitled to elect approximately 75% of the Company’s Board of Directors. During the period when common stock and Class B stock are outstanding, certain matters submitted to a vote of shareholders will also require approval of the holders of common stock and Class B stock, each voting separately as a class. Common stock and Class B shareholders have equal rights with respect to dividends, preferences, and rights, including rights in liquidation.

During the first quarter of fiscal 2011, the Company retired 95,000 shares of its common stock held in treasury.