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Share-Based Compensation | 9 Months Ended
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Jun. 30, 2018
Share-Based Compensation |
12. | Share-Based Compensation
Restricted Stock The restricted stock activity for the nine months ended June 30, 2018 were summarized as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number |  |  | Grant Date |
|  | of Shares |  |  | Fair Value |
Restricted shares unvested at September 30, 2017 |  |  | 775,753 |  |  | $ | 5.22 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (199,305 | ) |  |  | 4.54 |
Forfeited |  |  | — |  |  |  | — |
Restricted shares unvested at June 30, 2018 |  |  | 576,448 |  |  | $ | 5.45 |
Stock Appreciation Rights The SARs activity for the nine months ended June 30, 2018 were summarized as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number |  |  | Grant Date |
|  | of Shares |  |  | Fair Value |
SARs unvested at September 30, 2017 |  |  | 1,140,013 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (622,238 | ) |  |  | — |
Forfeited |  |  | — |  |  |  | — |
SARs unvested at June 30, 2018 |  |  | 517,775 |  |  | $ | 7.58 |
Phantom Stock On October 17, 2017, the Company implemented a share-based payment plan under which employees, officers, directors and other individuals providing services to the Company are eligible to receive grants of restricted phantom stock units (“Phantom Stock Plan”). The restricted phantom stock units (“restricted stock units” or “RSUs”) provide a participant with the right to receive a cash or stock bonus based on the fair market value of a stated number of RSUs that are vested. The shares of Common Stock that may be subject to RSUs granted under the Plan shall not exceed an aggregate of 1,250,000 shares. All of the RSUs are non-vested and forfeitable as of the grant date and vest over a three-year period. Any vested RSU will be settled by the Company upon vesting but no later than March 15 of the calendar year after the date that the RSUs become vested. The Company has elected to use the fair value method to account for its share-based payment awards that are payable in cash, and therefore classified as liability awards, see Note 2: “Summary of Significant Accounting Policies” for effects due to a change in accounting method. Under the fair value method, the compensation expense associated with these awards is measured by estimated fair value of the Company’s common stock on the valuation date and is recognized ratably over the vesting period. Upon the settlement of a RSU, compensation cost is adjusted to the amount of the cash or stock payment. The Company estimates the fair value of its common stock based on recent share transactions. The Company has authorized 1,250,000 shares available under this plan and has granted 536,538 since inception of the plan. Since inception of the plan, 44,623 RSUs have vested or settled. The phantom stock activity for the nine months ended June 30, 2018 were summarized as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number |  |  | Grant Date |
|  | of Shares |  |  | Fair Value |
Phantom stock unvested at September 30, 2017 |  |  | — |  |  | $ | — |
Granted |  |  | 536,538 |  |  |  | 6.08 |
Vested |  |  | (44,623 | ) |  |  | 7.50 |
Forfeited |  |  | — |  |  |  | — |
Phantom stock unvested at June 30, 2018 |  |  | 491,915 |  |  | $ | 13.55 |
As of June 30, 2018, there was $11.4 million, of total unrecognized compensation cost related to unvested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.6 years. Compensation cost for share-based awards are recognized on a straight-line basis over the vesting period. Share-based compensation expense for the three months ended June 30, 2018 and 2017 was $11.6 million and $0, respectively, and for the nine months ended June 30, 2018 and 2017 was $12.6 million and $1.7 million, respectively. Share-based compensation expenses are recorded in general and administrative expenses in the condensed consolidated statements of operations. Following the IPO there will be no further grants under the Stock Appreciation Rights and Phantom Stock plans. Immediately following the IPO, shares of restricted common stock were issued to certain of its employees and directors under its 2018 Plan in exchange for the cancellation of existing restricted phantom stock units, unvested restricted shares and SARs (see note 15—Subsequent Events).

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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