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EQUITY-BASED INCENTIVE AWARDS | 3 Months Ended
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Dec. 31, 2021
EQUITY-BASED INCENTIVE AWARDS |
EQUITY-BASED INCENTIVE AWARDS | 8. EQUITY-BASED INCENTIVE AWARDS ​ Omnibus Plans ​ The Company has two equity-based incentive plans, the 2014 Omnibus Incentive Plan and 2018 Omnibus Incentive Plan (collectively the “Omnibus Plans”), which provide for equity incentives to employees. Each Omnibus Plan was designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plans together permit the issuance of up to 135,000 shares of the Company’s common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. At December 2021, awards with respect to a total of 123,970 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 11,030 shares may be awarded under the Omnibus Plans. ​ Stock Options ​ The following is a summary of stock option activity during Q1 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | Number | ​ | Average
​ | ​ | of | ​ | Exercise
​ | ​ | Shares | ​ | Price
Outstanding at September 2021 |  | 22,250 | ​ | $ | 86.76
Granted |  | — | ​ | ​ | —
Exercised |  | (7,700) | ​ |  | 86.57
Forfeited/Expired |  | — | ​ |  | —
Outstanding at December 2021 |  | 14,550 | ​ | $ | 86.86
​ Restricted Stock Units ​ At December 2021, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Restricted Stock Units(1) |  | Restricted Stock Units(2)
Date of award: |  | ​ | October 2019 | ​ | ​ | October 2020
Original number of awards issued: |  | ​ | 14,550 | ​ | ​ | 20,500
Service period: |  | ​ | 36 months | ​ | ​ | 36 months
Estimated fair value of award at grant date: | ​ | $ | 1,007,000 | ​ | $ | 1,415,000
Non-vested awards outstanding at December 31, 2021: | ​ | ​ | 4,851 | ​ | ​ | 13,668
Fair value of non-vested awards at December 31, 2021 of approximately: | ​ | $ | 968,000 | ​ | $ | 2,727,000
(1) | 9,699 of the restricted stock units were vested as of December 2021. The remaining 4,851 restricted stock units will vest in October 2022.
(2) | 6,832 of the restricted stock units were vested as of December 2021. 6,834 restricted stock units will vest in October 2022 and 6,834 will vest in October 2023.
​ There is no direct cost to the recipients of the restricted stock units, except for any applicable taxes. The recipients of the restricted stock units are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. ​ The restricted stock units provide that the recipients can elect, at their option, to receive either common stock in the Company, or a cash settlement based upon the closing price of the Company’s shares, at the time of vesting. Based on these award provisions, the compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value based on the liability method. ​ The following summarizes restricted stock unit activity under the Omnibus Plans during Q1 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | Weighted
​ | ​ | of | ​ | Average
​ |  | Shares |  | Fair Value
Nonvested restricted stock units at September 2021 |  | 35,220 | ​ | $ | 148.98
Granted |  | — | ​ | ​ | —
Vested |  | (16,701) | ​ | ​ | 139.32
Expired |  | — | ​ | ​ | —
Nonvested restricted stock units at December 2021 |  | 18,519 | ​ | $ | 199.51
​ ​ Restricted Stock Awards ​ At December 2021, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans: ​
​ | ​ | ​ | ​
​ |  | Restricted Stock Awards(1)
Date of award: |  | ​ | October 2021
Original number of awards issued: |  | ​ | 15,100
Service period: |  | ​ | 36 months
Estimated fair value of award at grant date: | ​ | $ | 2,088,934
Non-vested awards outstanding at December 31, 2021: | ​ | ​ | 15,100
Fair value of non-vested awards at December 31, 2021 of approximately: | ​ | $ | 3,013,000
(1) | The 15,100 restricted stock awards will vest in equal amounts in October 2022, October 2023 and October 2024.
There is no direct cost to the recipients of the restricted stock awards, except for any applicable taxes. The restricted stock awards provide that the recipients receive common stock in the Company, subject to certain restrictions until such time as the awards vest. The recipients of the restricted stock awards are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value. ​ The following summarizes restricted stock award activity under the Omnibus Plans during Q1 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | Weighted
​ | ​ | of | ​ | Average
​ |  | Shares |  | Fair Value
Nonvested restricted stock awards at September 2021 |  | — | ​ | $ | —
Granted |  | 15,100 | ​ | ​ | 138.34
Vested |  | — | ​ | ​ | —
Expired |  | — | ​ | ​ | —
Nonvested restricted stock awards at December 2021 |  | 15,100 | ​ | $ | 199.51
​ All Equity-Based Awards (stock options, restricted stock units, and restricted stock awards) ​ Net income before income taxes included compensation expense of approximately $0.7 million and $0.3 million during Q1 2022 and Q1 2021, respectively, related to the amortization of all equity-based compensation awards. Total unamortized compensation expense related to these awards at December 2021 and September 2021 was approximately $5.0 million and $2.9 million, respectively.

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