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Common Unit Repurchase and Retirement | 6 Months Ended
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Mar. 31, 2022
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 August 2020, the Company had repurchased approximately 14.4 million Common Units under the Repurchase Plan. In August 2020, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 2.0 million to a total of 6.0 million, of which 4.9 million were available for repurchase in open market transactions and 1.1 million were available for repurchase in privately-negotiated transactions. There is no guarantee of the 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 $60 million, 15.0% of the facility size of $400 million (assuming $100 million of the 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 through March 31, 2022. 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 2021 total |  |  | 21,979 |  |  | $ | 8.60 |  |  |  | 17,504 |  |  |  | 2,848 |  |
First quarter fiscal year 2022 total |  |  | 1,104 |  |  | $ | 10.65 |  |  |  | 691 |  |  |  | 2,157 |  | (b)
January 2022 |  |  | 264 |  |  | $ | 10.59 |  |  |  | 264 |  |  |  | 1,893 |  |
February 2022 |  |  | 330 |  |  | $ | 10.34 |  |  |  | 330 |  |  |  | 1,563 |  |
March 2022 |  |  | 398 |  |  | $ | 10.58 |  |  |  | 398 |  |  |  | 1,165 |  |
Second quarter fiscal year 2022 total |  |  | 992 |  |  | $ | 10.50 |  |  |  | 992 |  |  |  | 1,165 |  |
April 2022 |  |  | 165 |  |  | $ | 11.10 |  |  |  | 165 |  |  |  | 1,000 |  | (c)
(a) | Amount includes repurchase costs.
(b) | On December 30, 2021, the Company purchased 0.4 million Common Units in a private transaction for aggregate consideration of approximately $4.4 million. The approved purchase was made outside of the Company’s unit repurchase plan.
(c) | Of the total available for repurchase, approximately 0.7 million units are available for repurchase in open market transactions and 0.3 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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