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STOCK-BASED COMPENSATION | 9 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION |
NOTE 10 STOCK-BASED COMPENSATION
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 Unaudited Condensed Consolidated Statements of Operations is as follows:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Stock-based compensation expense |  |  |  |  |  |  |
Drilling services operating | $ | 1,340 |  |  | $ | 1,362 |  |  | $ | 3,862 |  |  | $ | 4,654 |
Research and development | 400 |  |  | 351 |  |  | 1,146 |  |  | 958 |
Selling, general and administrative | 5,311 |  |  | 5,250 |  |  | 16,206 |  |  | 15,628 |
| $ | 7,051 |  |  | $ | 6,963 |  |  | $ | 21,214 |  |  | $ | 21,240 |
Restricted Stock A summary of the status of our restricted stock awards as of June 30, 2022 and changes in non-vested restricted stock outstanding during the nine months then ended is presented below:
(in thousands, except per share amounts) | Shares (1) |  | Weighted Average Grant Date Fair Value per Share
Non-vested restricted stock outstanding at September 30, 2021 | 1,412 |  |  | $ | 37.36 |
Granted | 744 |  |  | 25.83 |
Vested (2) | (606) |  |  | 39.88 |
Forfeited | (53) |  |  | 30.82 |
Non-vested restricted stock outstanding at June 30, 2022 | 1,497 |  |  | $ | 30.85 |
(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 nine months ended June 30, 2022, 14,199 restricted phantom stock units were granted and 18,906 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. Performance Units A summary of the status of our performance-vested restricted share units ("performance units") as of June 30, 2022 and changes in non-vested performance units outstanding during the nine months ended is presented below:
(in thousands, except per share amounts) | Performance Units |  | Weighted Average Grant Date Fair Value per Performance Unit
Non-vested performance units outstanding at September 30, 2021 | 699 |  |  | $ | 41.55 |
Granted | 227 |  |  | 30.12 |
Vested (1) | (161) |  |  | 62.66 |
Dividend equivalent right performance units credited | 11 |  |  | 32.47 |
Forfeited | (54) |  |  | 34.16 |
Non-vested performance units outstanding at June 30, 2022 (2) | 722 |  |  | $ | 33.67 |
(1) The number of performance units vested includes units that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements. (2) Of the total non-vested performance units at the end of the period, specified performance criteria has been achieved with respect to 96,197 performance units which is calculated based on the payout percentage for the completed performance cycle. 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 1,097,404 additional performance units could vest or become eligible to vest. Subject to the terms and conditions set forth in the applicable performance unit award agreements and the 2020 Plan, grants of performance units are subject to a vesting period of three years (the “Vesting Period”) that is dependent on the achievement of certain performance goals. Such performance unit grants consist of two separate components. Performance units that comprise the first component are subject to a three-year performance cycle. Performance units that comprise the second component are further divided into three separate tranches, each of which is subject to a separate one-year performance cycle within the full three-year performance cycle. The vesting of the performance units is generally dependent on (i) the achievement of the Company’s total shareholder return (“TSR”) performance goals relative to the TSR achievement of a peer group of companies over the applicable performance cycle, and (ii) the continued employment of the recipient of the performance unit award throughout the Vesting Period. The Vesting Period for performance units granted in December 2018 ended on December 31, 2021 and the performance units earned were settled in shares of common stock during the second quarter of fiscal year 2022.

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