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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Stock-Based Payment Arrangements

A summary of compensation cost for stock-based payment arrangements recognized in drilling services operating expense, research and development expense and selling, general and administrative expense on our Consolidated Statements of Operations, in fiscal years 2021, 2020 and 2019 is as follows:

			September 30,
(in thousands)			2021						2020						2019
Stock-based compensation expense
Drilling services operating			$	5,927					$	9,086					$	7,132
Research and development			1,271						765						328
Selling, general and administrative			20,660						29,960						26,832
Restructuring charges			—						(3,482)						—
			$	27,858					$	36,329					$	34,292

Schedule of the Status of Restricted Stock Awards and Changes in Restricted Stock Outstanding

A summary of the status of our restricted stock awards as of September 30, 2021, and of changes in restricted stock outstanding during the fiscal years ended September 30, 2021, 2020 and 2019, is as follows:

			2021												2020												2019
(shares in thousands)			Shares						Weighted-Average Grant Date Fair Value per Share						Shares						Weighted-Average Grant Date Fair Value per Share						Shares						Weighted-Average Grant Date Fair Value per Share
Non-vested restricted stock outstanding at October 1,			1,280						$	49.81					1,085						$	61.28					1,001						$	63.74
Granted1			701						25.61						781						39.99						475						58.45
Vested2			(534)						51.79						(501)						59.46						(371)						64.32
Forfeited			(35)						35.76						(85)						48.98						(20)						60.85
Non-vested restricted stock outstanding at September 30,			1,412						$	37.36					1,280						$	49.81					1,085						$	61.28

(1)Restricted stock shares include restricted phantom stock units under our Director Deferred Compensation Plan. These phantom stock units confer the economic benefits of owning company stock without the actual ownership, transfer or issuance of any shares. During the fiscal year ended September 30, 2021, 18,906 restricted phantom stock units were granted and 20,616 restricted phantom stock units vested during the same period.

(2)The number of restricted stock awards vested includes shares that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements.

A summary of the status of our performance units as of September 30, 2021, 2020 and 2019 and changes in non-vested performance units outstanding during the fiscal years ended September 30, 2021, 2020 and 2019 is presented below:

			2021												2020												2019
(in thousands, except per share amounts)			Shares						Weighted-Average Grant Date Fair Value per Share						Shares						Weighted-Average Grant Date Fair Value per Share						Shares						Weighted-Average Grant Date Fair Value per Share
Non-vested performance units outstanding at October 1,			337						$	51.09					145						$	62.66					$	—					$	—
Granted			313						29.77						259						43.40						145						62.66
Dividend rights performance units credited			60						49.64						—						—						—						—
Forfeited			(11)						43.40						(67)						46.35						—						—
Non-vested performance units outstanding September 30,1			699						$	41.55					337						$	51.09					$	145					$	62.66

(1) Of the total non-vested performance units at the end of the period, specified performance criteria has been achieved with respect to 88,440 performance units which is calculated based on the payout percentage for the completed performance period. The vesting and number of the remainder of non-vested performance units reflected at the end of the period is contingent upon our achievement of specified target performance criteria. If we meet the specified maximum performance criteria, approximately 547,392 additional performance units could vest or become eligible to vest.

Schedule of Weighted-Average Assumptions Used in Calculation of Fair Value of Awards

The weighted-average fair value calculations for performance units granted within the fiscal period are based on the following weighted-average assumptions set forth in the table below. 

			2021						2020						2019
Risk-free interest rate1			0.2		%				1.6		%				2.7		%
Expected stock volatility2			62.3		%				34.8		%				35.9		%
Expected term (in years)			3.1						3.2						3.0

(1)The risk-free interest rate is based on U.S. Treasury securities for the expected term of the performance units.

(2)Expected volatilities are based on the daily closing price of our stock based upon historical experience over a period which approximates the expected term of the performance units.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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