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Stockholders' Equity
 12 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity Note Disclosure
12. STOCKHOLDERS’ EQUITY

Equity Incentive Plan

The Company’s 2006 Equity Incentive Plan, as amended and restated (the “Equity Incentive Plan”), provides for grants of stock options as well as grants of stock, including restricted stock. The Equity Incentive Plan was amended and restated effective February 20, 2025 following approval by stockholders at the Company's 2025 Annual Meeting of Stockholders to, among other things, authorize the issuance of an additional 750,000 shares under the Equity Incentive Plan and extend its term to February 19, 2035. As of September 30, 2025, approximately 1,265,801 shares were available for issuance under the Equity Incentive Plan.

We measure and record compensation expense for all share-based payment awards based on the fair value of the awards granted at the date of grant. The fair value of restricted stock awards and phantom stock unit awards is determined based on the number of shares granted and the closing price of IES’s common stock on the date of grant. For awards vesting upon achievement of a market condition, the likelihood of achieving that market condition is considered in determining the fair value of the grant, which we expense ratably over the vesting period. For awards vesting upon achievement of a performance condition, we record expense based on the grant date fair value when it becomes probable the performance condition will be achieved. Forfeitures are recorded in the period in which they occur. The resulting compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period.

Stock Repurchase Program

In 2015, our Board authorized a stock repurchase program for the purchase from time to time of up to 1.5 million shares of the Company’s common stock, and in 2019, our Board authorized the repurchase from time to time of an additional 1.0 million shares of the Company's common stock under the stock repurchase program. In December 2022, our Board of Directors terminated our previous stock repurchase program and authorized a new $40,000 stock repurchase program. On July 31, 2024, the Board authorized a new $200,000 stock repurchase program after the $40,000 stock repurchase program was fully utilized. Share purchases are made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise. The timing and amount of purchases under the program are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which allows repurchases under predetermined terms at times when the Company might otherwise be prevented from purchasing under insider trading laws or because of self-imposed blackout periods. The program does not require the Company to purchase any specific number of shares and may be modified, suspended or reinstated at any time at the Company’s discretion and without notice.

We repurchased 173,262 and 289,284 shares of our common stock in open market transactions at an average price of $174.25 and $136.34 per share during the years ended September 30, 2025 and 2024, respectively.

Treasury Stock

During the year ended September 30, 2025, we issued 94,799 shares of treasury stock to employees and repurchased 38,744 shares of common stock from our employees to satisfy statutory tax withholding requirements upon the vesting of certain performance phantom
stock units under the Equity Incentive Plan. We also repurchased 173,262 shares of common stock on the open market pursuant to our stock repurchase program.

During the year ended September 30, 2024, we issued 104,600 shares of treasury stock to employees and repurchased 40,308 shares of common stock from our employees to satisfy statutory tax withholding requirements upon the vesting of certain performance phantom stock units under the Equity Incentive Plan. We also repurchased 289,284 shares of common stock on the open market pursuant to our stock repurchase program. During the year ended September 30, 2024, we issued 2,500 unrestricted shares to satisfy the exercise of outstanding options, of which 56 shares were repurchased to pay the exercise price of options.

Restricted Stock

We did not have any unvested restricted stock awards outstanding or related activity during the years ended September 30, 2025 and 2024. A summary of restricted stock awards for the year ended September 30, 2023 is provided in the table below:

Year Ended September 30,
2023
Unvested at beginning of year13,639 
Granted— 
Vested(13,373)
Forfeited(266)
Unvested at end of year— 

The fair value of shares vesting during the year ended September 30, 2023 was $461. Fair value was calculated as the number of shares vested times the market price of shares on the date of vesting.

All the restricted shares granted under the Equity Incentive Plan (vested or unvested) participate in dividends issued to common shareholders, if any.

Director Phantom Stock Units

Director phantom stock units (“Director PSUs”) are primarily granted to the members of the Board of Directors as part of their overall compensation. These Director PSUs are contractual rights to receive one share of the Company's common stock and are paid via unrestricted stock grants to each director upon their departure from the Board of Directors. We record compensation expense for the full value of the grant on the date of grant.

Employee Phantom Stock Units

An employee phantom stock unit (an “Employee PSU”) is a contractual right to receive one share of the Company’s common stock. Depending on the terms of each grant, Employee PSUs may vest upon the achievement of certain specified performance objectives and continued performance of services, or may vest based on continued performance of services through the vesting date.

The vesting of these awards is subject to either the achievement of specified levels of cumulative net income before taxes (a performance condition) or specified stock price levels (a market condition) and continued performance of services, or based on continued performance of services through the vesting date alone. For stock awards where vesting depends on achievement of a performance condition, we record expense when we conclude it is probable that the performance condition will be met. At September 30, 2025, it is deemed probable that the portion of the awards that vest based on performance conditions will vest.
A summary of Employee PSU activity for the year ended September 30, 2025, which are subject to the achievement of certain performance metrics, is provided in the table below:
SharesWeighted-Average Grant Date Fair Value
Unvested at September 30, 2024
300,301 $47.72 
Granted103,599 248.33 
Vested(94,752)38.50 
Forfeited(2,393)83.73 
Unvested at September 30, 2025
306,755 $118.04 

A summary of the compensation expense related to our stock awards recognized during the years ended September 30, 2025, 2024 and 2023 is provided in the table below:

Year Ended September 30,
202520242023
Restricted stock awards$— $— $23 
Director PSUs$676 $495 $386 
Employee PSUs$12,255 $5,037 $3,963