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Restricted Stock Awards | 3 Months Ended
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Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Restricted Stock Awards |
1 5. | RESTRICTED STOCK AWARDS:
We have granted non-vested (restricted) stock awards (“restricted stock”) and restricted stock units (“RSUs”) to employees, directors, and officers pursuant to the 2011 Plan and the 2007 Plan. The restricted stock awards and RSUs have varying vesting periods, but generally become fully vested between two and four years after the grant date, depending on the specific award, performance targets met for performance-based awards granted to officers, and vesting period for time-based awards. Officer performance-based awards are granted at the target amount of shares that may be earned and the actual amount of the award earned generally could range from 0% to 175% of the target number of shares based on the actual specified performance target met. We accounted for the restricted stock awards granted using the measurement and recognition provisions of ASC 718. Accordingly, the fair value of the restricted stock awards, including performance-based awards, is measured on the grant date and recognized in earnings over the requisite service period for each separately vesting portion of the award. The following table summarizes restricted stock award activity from September 30, 2021 through December 31, 2021:
|  | Shares/ Units |  |  | Weighted Average Grant Date Fair Value |
Non-vested balance as of September 30, 2021 |  |  | 911,429 |  |  | $ | 22.33 |
Changes during the period: |  |  |  |  |  |  |  |
Awards granted |  |  | 382,648 |  |  | $ | 52.67 |
Awards vested |  |  | (136,150 | ) |  | $ | 23.37 |
Awards forfeited |  |  | (1,000 | ) |  | $ | 20.85 |
Non-vested balance as of December 31, 2021 |  |  | 1,156,927 |  |  | $ | 32.24 |
As of December 31, 2021, we had approximately $28.2 million of total unrecognized compensation cost, assuming applicable performance conditions are met, related to non-vested restricted stock awards. We expect to recognize that cost over a weighted average period of 2.5 years.

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