Stock-Based Compensation

6 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

(7) Stock-Based Compensation

On March 26, 2014, the Company adopted, and the Company’s shareholders approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Plan”). Under the Plan, participants may be granted restricted stock units (“RSUs”), representing an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Plan vest over four years, at a rate of 25 percent per year. The Company recognizes compensation expense on a straight-line basis over the four-year vesting term of each award. There were no RSUs granted under the Plan during the six months ended March 31, 2016, and 62,500 RSUs granted under the Plan during the six months ended March 31, 2015. RSU activity for the six months ended March 31, 2016, was as follows:


	Restricted Stock Unit Activity
	Six Months Ended March 31, 2016
				Weighted
				Fair Value
	Number of Restricted			Per Share
	Share Units			Each Date
Non-vested Balance at September 30, 2015		244,827		$	18.67
Granted		—			—
Vested (1)		(39,750	)		17.58
Forfeited		—			—

Non-vested Balance at March 31, 2016		205,077		$	19.47

(1)

The restricted share units vested includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation costs have been charged to expense. There were 19,325 shares of common stock issued for restricted stock units vested in the six months ended March 31, 2016.


Restricted Stock Unit Compensation
Six Months Ended March 31, 2016
	(In Thousands)
Total expected compensation expense related to Restricted Stock Units	$	7,742
Compensation expense recognized through March 31, 2016		(3,750	)

Unrecognized compensation expense related to RSU’s at December 31, 2015	$	3,992

As of March 31, 2016, there was $4.0 million of total RSU compensation expense related to non-vested awards not yet recognized, which is expected to be recognized over a weighted-average vesting period of 2.8 years.