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Common Unit Repurchase and Retirement | 9 Months Ended
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Jun. 30, 2020
Equity [Abstract] |
Common Unit Repurchase and Retirement | 4) Common Unit Repurchase and Retirement In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units that was amended in fiscal 2018 (the “Repurchase Plan”). Through April 2020, the Company had repurchased approximately 12.8 million Common Units under the Repurchase Plan. In May 2020, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 0.1 million to a total of 3.6 million, of which 2.5 million were available for repurchase in open market transactions and 1.1 million were available for repurchase in privately-negotiated transactions. During the third fiscal quarter of 2020, the Company repurchased approximately 1.2 million Common Units in open market transactions under the Repurchase Plan and repurchased 0.7 million Common Units in July 2020. There is no guarantee of the exact number of units that will be purchased under the Repurchase Plan and the Company may discontinue purchases at any time. The Repurchase Plan does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Company’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased under the Repurchase Plan will be retired. Under the Company’s fifth amended and restated credit agreement dated December 4, 2019, in order to repurchase Common Units we must maintain Availability (as defined in the fifth amended and restated credit agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase. The Company was in compliance with this covenant as of June 30, 2020. The following table shows repurchases under the Repurchase Plan.
(in thousands, except per unit amounts) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Period |  | Total Number of Units Purchased |  |  | Average Price Paid per Unit (a) |  |  | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs |  |  | Maximum Number of Units that May Yet Be Purchased |  |
Fiscal year 2012 to 2019 total |  |  | 13,340 |  |  | $ | 8.08 |  |  |  | 10,896 |  |  |  | 956 |  |
First quarter fiscal year 2020 total |  |  | 1,281 |  |  | $ | 9.42 |  |  |  | 650 |  |  |  | 306 |  | (b)
Second quarter fiscal year 2020 total |  |  | 782 |  |  | $ | 8.33 |  |  |  | 782 |  |  |  | 524 |  | (c)
April 2020 |  |  | 424 |  |  | $ | 7.71 |  |  |  | 424 |  |  |  | 100 |  |
May 2020 |  |  | 106 |  |  | $ | 8.12 |  |  |  | 106 |  |  |  | 3,494 |  | (d)
June 2020 |  |  | 625 |  |  | $ | 8.45 |  |  |  | 625 |  |  |  | 2,869 |  |
Third quarter fiscal year 2020 total |  |  | 1,155 |  |  | $ | 8.15 |  |  |  | 1,155 |  |  |  | 2,869 |  |
July 2020 |  |  | 725 |  |  | $ | 8.97 |  |  |  | 725 |  |  |  | 2,144 |  | (e)
(a) | Amount includes repurchase costs.
(b) | First quarter of fiscal year 2020 Common Units repurchased include 0.6 million Common Units acquired in a private transaction.
(c) | In February 2020, the Board authorized an increase in the number of Common Units available for repurchase from 0.1 million to 1.1 million.
(d) | In May 2020, the Board authorized an increase in the number of Common Units available for repurchase from 0.1 million to 3.6 million.
(e) | Of the total available for repurchase, approximately 1.0 million units are available for repurchase in open market transactions and 1.1 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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