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EQUITY-BASED INCENTIVE AWARDS | 3 Months Ended
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Dec. 31, 2023
EQUITY-BASED INCENTIVE AWARDS |
EQUITY-BASED INCENTIVE AWARDS | 9. EQUITY-BASED INCENTIVE AWARDS ​ The Company has three equity-based incentive plans, the 2014 Omnibus Incentive Plan, the 2018 Omnibus Incentive Plan, and the 2022 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 195,000 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 2023, awards with respect to a total of 140,837 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 54,163 shares may be awarded under the Omnibus Plans. ​ Restricted Stock Units ​ During October 2023, the remaining 6,834 restricted stock units vested, and there were no unvested restricted stock units remaining as of December 2023. ​ The following summarizes restricted stock unit activity under the Omnibus Plans during Q1 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | Weighted
​ | ​ | of | ​ | Average
​ |  | Shares |  | Fair Value
Nonvested restricted stock units at September 2023 |  | 6,834 | ​ | $ | 206.00
Granted |  | — | ​ | ​ | —
Vested |  | (6,834) | ​ | ​ | 195.99
Expired |  | — | ​ | ​ | —
Nonvested restricted stock units at December 2023 |  | — | ​ | $ | —
​ Restricted Stock Awards ​ At December 2023, 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) |  | Restricted Stock Awards (2) | ​ | Restricted Stock Awards (3)
Date of award: |  | ​ | October 2021 |  | ​ | October 2022 | ​ | ​ | October 2023
Original number of awards issued: |  | ​ | 15,100 |  | ​ | 15,100 | ​ | ​ | 15,100
Service period: |  | ​ | 36 months |  | ​ | 36 months | ​ | ​ | 36 months
Estimated fair value of award at grant date: | ​ | $ | 2,089,000 | ​ | $ | 2,824,000 | ​ | ​ | 2,762,000
Non-vested awards outstanding at December 2023: | ​ | ​ | 5,034 | ​ | ​ | 10,067 | ​ | ​ | 15,100
Fair value of non-vested awards at December 2023 of approximately: | ​ | $ | 982,000 | ​ | $ | 1,963,000 | ​ | ​ | 2,945,000
​ ​
(1) | 10,066 of the restricted stock awards were vested as of December 2023. The remaining 5,034 restricted stock awards will vest in October 2024.
(2) | 5,033 of the restricted stock awards were vested as of December 2023. 5,033 restricted stock awards will vest in October 2024 and 5,034 will vest in October 2025.
(3) | The 15,100 restricted stock awards will vest in equal amounts in October 2024, October 2025 and October 2026.
​ 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 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | Weighted
​ | ​ | of | ​ | Average
​ |  | Shares |  | Fair Value
Nonvested restricted stock awards at September 2023 |  | 25,167 | ​ | $ | 206.00
Granted |  | 15,100 | ​ | ​ | 182.89
Vested |  | (10,066) | ​ | ​ | 189.87
Expired |  | — | ​ | ​ | —
Nonvested restricted stock awards at December 2023 |  | 30,201 | ​ | $ | 195.00
​ Income from operations before income taxes included compensation expense related to the amortization of the Company’s restricted stock awards of approximately $0.6 million and $0.4 million during Q1 2024 and Q1 2023, respectively. Total unamortized compensation expense related to these awards at December 2023 and September 2023 was approximately $4.7 million and $2.6 million, respectively.

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