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Equity Transactions (Tables) | 12 Months Ended
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Sep. 30, 2021
Stockholders' Equity Note [Abstract] |
Summary of share-based compensation expense | The table below presents the components of share-based compensation expense (in thousands):
|  | Year Ended September 30,
|  | 2021 |  | 2020 |  | 2019
Equity-classified awards: |  |
Stock options |  | $ | 3,117 |  |  | $ | 2,054 |  |  | $ | 1,530 |
RSUs & RSAs |  | 2,977 |  |  | 3,635 |  |  | 4,496 |
Liability-classified awards: |  |  |  |  |  |
SARs |  | $ | 853 |  |  | $ | (29) |  |  | $ | 482 |
Total stock compensation expense: |  | $ | 6,947 |  |  | $ | 5,660 |  |  | $ | 6,508 |
Summary of stock option activity | The table below presents stock option activity (aggregate intrinsic value in thousands):
|  | Stock Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Outstanding as of September 30, 2020 |  | 3,075,914 |  |  | $ | 8.54 |  |  | 6.16 |  | $ | 2,841 |
Granted |  | 1,108,273 |  |  | $ | 10.60 |  |  |  |  | $ | — |
Exercised |  | (1,033,529) |  |  | $ | 6.59 |  |  |  |  | $ | 15,036 |
Forfeited |  | (272,720) |  |  | $ | 7.82 |  |  |  |  | $ | 2,547 |
Expired |  | (33,653) |  |  | $ | 15.35 |  |  |  |  | $ | 108 |
Outstanding as of September 30, 2021 |  | 2,844,285 |  |  | $ | 10.04 |  |  | 6.14 |  | $ | 34,877 |
Vested and expected to vest as of September 30, 2021 |  | 2,810,202 |  |  | $ | 9.94 |  |  | 6.10 |  | $ | 34,775 |
Exercisable as of September 30, 2021 |  | 1,477,408 |  |  | $ | 10.37 |  |  | 4.24 |  | $ | 18,589 |
Summary of fair value assumptions, stock options | The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the years ended September 30, 2021, 2020 and 2019 were as follows:
|  | Year ended September 30
|  | 2021 |  | 2020 |  | 2019
Dividend yield |  | — |  | — |  | —
Expected volatility |  | 51.0% - 55.9% |  | 46.5% - 51.0% |  | 47.8% - 53.7%
Risk-free interest rate |  | 0.4% - 0.8% |  | 0.5% - 1.5% |  | 1.9% - 2.8%
Expected term |  | 4.6- 7.6 years |  | 4.6 - 7.4 years |  | 4.2 - 7.1 years
Summary of RSU and RSA Activity | The table below presents RSU & RSA activity (aggregate fair value in thousands):
|  | RSU & RSA |  | Weighted- Average Grant Date Fair Value |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Fair Value
Outstanding as of September 30, 2020 |  | 1,545,285 |  |  | $ | 6.84 |  |  | 1.85 |  | $ | 11,528 |
Granted |  | 330,545 |  |  | $ | 14.08 |  |  |  |  | $ | 4,653 |
Vested |  | (811,773) |  |  | $ | 6.78 |  |  |  |  | $ | 13,780 |
Forfeited |  | (146,676) |  |  | $ | 8.98 |  |  |  |  | $ | 2,688 |
Outstanding as of September 30, 2021 |  | 917,381 |  |  | $ | 9.15 |  |  | 1.98 |  | $ | 19,825 |
Expected to vest as of September 30, 2021 |  | 666,092 |  |  | $ | 10.17 |  |  | 2.35 |  | $ | 14,394 |
Summary of stock appreciation right activity | The table below presents SAR award activity (aggregate intrinsic value in thousands):
|  | SARs |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Outstanding as of September 30, 2020 |  | 160,810 |  |  | $ | 8.45 |  |  | 1.00 |  | $ | 96 |
Exercised |  | (45,084) |  |  | $ | 8.45 |  |  |  |  | $ | 443 |
Forfeited |  | (73,681) |  |  | $ | 9.80 |  |  |  |  | $ | 213 |
Outstanding as of September 30, 2021 |  | 42,045 |  |  | $ | 6.11 |  |  | 1.26 |  | $ | 652 |
Vested and expected to vest as of September 30, 2021 |  | 42,045 |  |  | $ | 6.11 |  |  | 1.26 |  | $ | 652 |
Exercisable as of September 30, 2021 |  | 12,045 |  |  | $ | 6.11 |  |  | 1.26 |  | $ | 187 |
Summary of fair value assumptions, stock appreciation rights | The range of assumptions used to determine the fair value of outstanding SARs as of September 30, 2021, 2020 and 2019 were as follows:
|  | Year ended September 30
|  | 2021 |  | 2020 |  | 2019
Dividend yield |  | — |  | — |  | —
Expected volatility |  | 78.3% - 78.3% |  | 55.0% - 68.8% |  | 38.2% - 48.8%
Risk-free interest rate |  | 0.1% - 0.1% |  | 0.1% - 0.1% |  | 1.3% - 1.7%
Expected term |  | 1.3-1.3 years |  | 0.0-2.3 years |  | 0.1-3.3 years
Summary of fair value assumptions | The fair value of stock options, RSUs and SARs containing market conditions is estimated using Monte Carlo simulations. The range of assumptions used to determine the fair value of these awards during the years ended September 30, 2021, 2020 and 2019 were as follows:
|  | Year ended September 30
|  | 2021 |  | 2020 |  | 2019
Dividend yield |  | — |  | — |  | —
Expected volatility |  | 51.6% - 54.6% |  | 45.2% - 54.9% |  | 45.5% - 55.0%
Risk-free interest rate |  | 0.3% - 0.9% |  | 0.1% - 1.7% |  | 1.5% - 2.9%
Expected holding period (% of remaining term) |  | 31.7% - 100.0% |  | 30.7% - 100.0% |  | 25.9% - 100.0%

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