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Stock-Based Compensation (Tables) | 12 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of allocation of share-based compensation costs by plan | The following table summarizes stock-based compensation expense related to stock options and restricted stock awards for the fiscal years ended 2021, 2020, and 2019, respectively.
| Fiscal Year Ended September 30,
in thousands | 2021 |  | 2020 |  | 2019
Stock options expense | $ | 25 |  |  | $ | 133 |  |  | $ | 178 |
Restricted stock awards expense | 12,142 |  |  | 9,903 |  |  | 10,348 |
Stock-based compensation expense | $ | 12,167 |  |  | $ | 10,036 |  |  | $ | 10,526 |
Schedule of assumptions for stock option activity | We used the following valuation assumptions for stock options granted for the following prior periods presented:
|  | Fiscal Year Ended September 30,
|  |  | 2020 |  | 2019
Expected life of options |  |  | 5.7 years |  | 5.0 years
Expected volatility |  |  | 51.52 | % |  | 46.69 | %
Expected dividends |  |  | — |  |  | — |
Weighted-average risk-free interest rate |  |  | 0.43 | % |  | 2.70 | %
Weighted-average fair value |  |  | $ | 4.99 |  |  | $ | 4.50 |
For the Company and each member of the peer group, the following inputs were used, as applicable, in the Monte Carlo valuation model to determine the fair value as of the grant date for performance-based restricted stock granted in each of the fiscal years ended. The methodology used to determine these assumptions is similar to the Black-Scholes Model; however, the expected term is determined by the model in the Monte Carlo simulation.
| Fiscal Year Ended September 30,
| 2021 |  | 2020 |  | 2019
Expected volatility | 26.1% - 67.0% |  | 21.2% - 54.8% |  | 21.0% - 57.1%
Risk-free interest rate | 0.23 | % |  | 1.61 | % |  | 2.92 | %
Dividend yield | — |  |  | — |  |  | — |
Grant-date stock price | $ | 14.07 |  |  | $ | 15.62 |  |  | $ | 9.82 |
Schedule of stock options and SSARs outstanding | A summary of stock option activity for the periods presented is as follows:
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted- Average Exercise Price |  | Shares |  | Weighted- Average Exercise Price |  | Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 392,465 |  |  | $ | 15.47 |  |  | 523,754 |  |  | $ | 14.34 |  |  | 533,052 |  |  | $ | 14.26 |
Granted | — |  |  | — |  |  | 950 |  |  | 10.67 |  |  | 30,782 |  |  | 10.23 |
Exercised | (278,206) |  |  | 14.48 |  |  | (128,921) |  |  | 11.01 |  |  | (31,450) |  |  | 10.00 |
Forfeited | — |  |  | — |  |  | (3,318) |  |  | 9.55 |  |  | (8,630) |  |  | 10.45 |
Outstanding at end of period | 114,259 |  |  | $ | 17.89 |  |  | 392,465 |  |  | $ | 15.47 |  |  | 523,754 |  |  | $ | 14.34 |
Exercisable at end of period | 113,309 |  |  | $ | 17.95 |  |  | 354,796 |  |  | $ | 15.90 |  |  | 470,501 |  |  | $ | 14.42 |
Schedule of stock options and SSARS outstanding and exercisable | The following table summarizes information about stock options outstanding and exercisable as of September 30, 2021:
| Stock Options Outstanding |  | Stock Options Exercisable
Range of Exercise Price | Number Outstanding |  | Weighted-Average Contractual Remaining Life (Years) |  | Weighted-Average Exercise Price |  | Number Exercisable |  | Weighted-Average Contractual Remaining Life (Years) |  | Weighted-Average Exercise Price
$1 - $10 | 15,436 |  |  | 4.6 |  | $ | 9.17 |  |  | 14,536 |  |  | 4.5 |  | $ | 9.09 |
$11 - $15 | 315 |  |  | 3.5 |  | 11.61 |  |  | 265 |  |  | 2.9 |  | 11.36 |
$16 -$20 | 98,508 |  |  | 0.6 |  | 19.28 |  |  | 98,508 |  |  | 0.6 |  | 19.28 |
$1 - $20 | 114,259 |  |  | 1.2 |  | $ | 17.89 |  |  | 113,309 |  |  | 1.1 |  | $ | 17.95 |
Schedule of stock options exercised and vested | Information pertaining to the intrinsic value of options exercised and the fair market value of options that vested is below:
| Fiscal Year Ended September 30,
in thousands | 2021 |  | 2020 |  | 2019
Intrinsic value of options exercised | $ | 1,402 |  |  | $ | 587 |  |  | $ | 90 |
Fair market value of options vested | 173 |  |  | 144 |  |  | 178 |
Schedule of nonvested stock awards and performance shares | Activity relating to all restricted stock awards for the periods presented is as follows:
| Year Ended September 30, 2021
| Performance-Based(a) |  | Time-Based |  | Total
| Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value
Beginning of period | 796,024 |  |  | $ | 14.71 |  |  | 610,130 |  |  | $ | 13.85 |  |  | 1,406,154 |  |  | $ | 14.34 |
Granted | 164,296 |  |  | 17.90 |  |  | 251,788 |  |  | 14.21 |  |  | 416,084 |  |  | 15.67 |
Vested | (222,165) |  |  | 22.40 |  |  | (346,856) |  |  | 14.36 |  |  | (569,021) |  |  | 17.50 |
Forfeited | — |  |  | — |  |  | (28,488) |  |  | 11.77 |  |  | (28,488) |  |  | 11.77 |
End of period | 738,155 |  |  | $ | 13.45 |  |  | 486,574 |  |  | $ | 13.79 |  |  | 1,224,729 |  |  | $ | 13.59 |
(a) Grant and vesting activity during the year ended September 30, 2021 include 60,930 shares that were issued above target based on performance level achieved under performance-based restricted stock vesting in the current period.
| Year Ended September 30, 2020
| Performance-Based |  | Time-Based |  | Total
| Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value
Beginning of period | 778,814 |  |  | $ | 13.60 |  |  | 611,607 |  |  | $ | 12.11 |  |  | 1,390,421 |  |  | $ | 16.53 |
Granted | 260,131 |  |  | 16.98 |  |  | 327,571 |  |  | 15.29 |  |  | 587,702 |  |  | 16.04 |
Vested | (242,921) |  |  | 13.60 |  |  | (302,255) |  |  | 11.89 |  |  | (545,176) |  |  | 12.65 |
Forfeited | — |  |  | — |  |  | (26,793) |  |  | 13.79 |  |  | (26,793) |  |  | 13.79 |
End of period | 796,024 |  |  | $ | 14.71 |  |  | 610,130 |  |  | $ | 13.85 |  |  | 1,406,154 |  |  | $ | 14.34 |
| Year Ended September 30, 2019
| Performance-Based(a) |  | Time-Based |  | Total
| Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value
Beginning of period | 644,785 |  |  | $ | 16.47 |  |  | 431,783 |  |  | $ | 16.60 |  |  | 1,076,568 |  |  | $ | 16.53 |
Granted | 467,819 |  |  | 9.95 |  |  | 448,657 |  |  | 9.82 |  |  | 916,476 |  |  | 9.89 |
Vested | (321,833) |  |  | 15.36 |  |  | (212,558) |  |  | 16.41 |  |  | (534,391) |  |  | 15.78 |
Forfeited | (11,957) |  |  | 13.44 |  |  | (56,275) |  |  | 12.20 |  |  | (68,232) |  |  | 12.42 |
End of period | 778,814 |  |  | $ | 13.60 |  |  | 611,607 |  |  | $ | 12.11 |  |  | 1,390,421 |  |  | $ | 16.53 |
(a) Grant and vesting activity during the year ended September 30, 2019 include 86,050 shares that were issued above target based on performance level achieved under performance-based restricted stock vesting in the current period.

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