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Equity-Based Compensation (Tables) | 12 Months Ended
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Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Summary of Equity-Based Compensation Expense | A summary of equity-based compensation expense recognized during the years ended September 30, 2019, 2018 and 2017 is as follows:
| Year ended September 30, |  |  |  |
| 2019 |  | 2018 |  | 2017
TRA non-participation compensatory shares | $ | — |  |  | $ | 741 |  |  | $ | — |
Stock options | 6,124 |  |  | 826 |  |  | — |
Equity-based compensation expense | $ | 6,124 |  |  | $ | 1,567 |  |  | $ | — |
Fair Value of Stock Option Awards | The fair value of stock option awards during the year ended September 30, 2019 and from June 20, 2018 through September 30, 2018 was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions:
| September 30, 2019 |  |  |  | September 30, 2018 |
Expected volatility(1) | 26.7 | % |  |  | 26.2 | %
Expected dividend yield(2) | — | % |  |  | — | %
Expected term(3) | 6 years |  | 6 years
Risk-free interest rate(4) | 2.5 | % |  |  | 2.8 | %
_________________ 1.Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term. 2.The Company has assumed a dividend yield of zero as management has no plans to declare dividends in the foreseeable future. 3.Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method. 4.The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.
Summary of Stock Option Activity | A summary of stock option activity for the year ended September 30, 2019 is as follows:
| Stock Options |  | Weighted Average Exercise Price
Outstanding at beginning of period | 2,138,500 |  |  | $ | 13.13 |
Granted | 2,432,916 |  |  | 22.50 |
Exercised | (89,974) |  |  | 13.06 |
Forfeited | (240,747) |  |  | 16.20 |
Outstanding at end of period | 4,240,695 |  |  | $ | 18.33 |

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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