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Stock-based Compensation | 3 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation Stock-based compensation expense is included in general and administrative expenses in our condensed consolidated statements of operations. Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three months ended December 31, 2023 and 2022.
| Three Months Ended |  |
| December 31, |  |
in thousands | 2023 |  | 2022 |  |  |  |
Stock-based compensation expense | $ | 1,673 |  |  | $ | 1,580 |  |  |  |  |
Stock Options Following is a summary of stock option activity for the three months ended December 31, 2023:
| Three Months Ended
| December 31, 2023
| Shares |  | Weighted Average Exercise Price
Outstanding at beginning of period | 13,575 |  |  | $ | 9.61 |
Outstanding at end of period | 13,575 |  |  | 9.61 |
Exercisable at end of period | 13,475 |  |  | $ | 9.48 |
As of December 31, 2023 and September 30, 2023, there was less than $0.1 million of total unrecognized compensation costs related to unvested stock options, respectively. Restricted Stock Awards During the three months ended December 31, 2023, the Company issued time-based and performance-based restricted stock awards. The time-based restricted shares granted to our non-employee directors vest on the first anniversary of the grant, while the time-based restricted shares granted to our executive officers and other employees generally vest ratably over two to three years from the date of grant. Performance-based restricted share awards vest subject to the achievement of performance and market conditions over a three-year performance period. Following is a summary of restricted stock activity for the three months ended December 31, 2023:
| Three Months Ended December 31, 2023
| Performance-Based Restricted Shares |  | Time-Based Restricted Shares |  | Total Restricted Shares
Beginning of period | 348,223 |  |  | 593,834 |  |  | 942,057 |
Granted (a) | 180,144 |  |  | 180,594 |  |  | 360,738 |
Vested | (210,176) |  |  | (318,899) |  |  | (529,075) |
Forfeited | — |  |  | (8,248) |  |  | (8,248) |
End of period | 318,191 |  |  | 447,281 |  |  | 765,472 |
(a) Each of our performance shares represent a contingent right to receive one share of the Company's common stock if vesting is satisfied at the end of the three-year performance period. Our performance stock award plans provide that any performance shares earned in excess of the target number of performance shares issued may be settled in cash or additional shares at the discretion of the Compensation Committee. In November 2023, we issued 108,108 shares earned above target level based on the performance level achieved under the fiscal 2021 performance-based award plan. As of December 31, 2023 and September 30, 2023, total unrecognized compensation costs related to unvested restricted stock awards were $12.0 million and $6.9 million, respectively. The costs remaining as of December 31, 2023 are expected to be recognized over a weighted average period of 2.13 years.

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