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Stock-Based Compensation
 3 Months Ended
Dec. 31, 2024
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. The following table presents a summary of stock-based compensation expense related to stock options and restricted stock awards for the periods presented:
Three Months Ended
December 31,
in thousands20242023
Stock-based compensation expense$1,913 $1,673 
Stock Options
Following is a summary of stock option activity for the three months ended December 31, 2024:
Three Months Ended
 December 31, 2024
 SharesWeighted Average
Exercise Price
Outstanding at beginning of period11,150 $10.04 
Outstanding at end of period11,150 10.04 
Exercisable at end of period11,000 $9.79 
As of December 31, 2024 and September 30, 2024, there was less than $0.1 million of total unrecognized compensation costs related to unvested stock options.
Restricted Stock Awards
During the three months ended December 31, 2024, 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 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, 2024:
Three Months Ended December 31, 2024
 Performance-Based Restricted SharesTime-Based Restricted SharesTotal Restricted Shares
Beginning of period303,712 415,787 719,499 
Granted
96,603 170,136 266,739 
Vested (71,470)(212,803)(284,273)
Forfeited(a)
(17,875)(1,034)(18,909)
End of period310,970 372,086 683,056 
(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 Human Capital Committee. We have no current plans to settle any additional performance-based restricted shares in the future in cash. During November 2024, the Company forfeited 17,875 of the 89,345 performance shares that remained outstanding under the fiscal 2022 performance-based award plan. The forfeiture was determined based on the performance level achieved under the terms of the plan.
As of December 31, 2024 and September 30, 2024, total unrecognized compensation costs related to unvested restricted stock awards were $14.1 million and $6.8 million, respectively. The costs remaining as of December 31, 2024 are expected to be recognized over a weighted average period of 2.2 years.