In July 2018, the Company’s Board of Directors and Compensation Committee approved the issuance of shares of restricted common stock under its 2018 Plan immediately following the IPO to certain of its employees and directors in exchange for the cancellation of existing restricted phantom stock units, unvested restricted shares and SARs. The shares of restricted common stock issued under the 2018 Plan in exchange for the cancellation of restricted phantom stock units, unvested restricted shares and SARs are subject to vesting on the same terms set forth in the prior vesting schedules and are not subject to acceleration in connection with the 2018 Plan issuances. There were 966,022 vested SARs which were cancelled, exchanged for shares of restricted common stock and issued as restricted stock upon completion of the IPO. Immediately following the IPO, 2,249,147 shares were issued to certain of its employees and directors under the 2018 Plan in exchange for the cancellation of 491,915 unvested restricted phantom stock units, 491,198 unvested restricted shares issued under the 2011 and 2017 Plans and 1,266,034 SARs (966,022 vested and 300,012 unvested). The Company has the right to withhold shares to satisfy tax withholding obligations and the withheld shares become available for future grants. The shares are valued at grant date based upon recent share transactions. From inception of the 2011 Plan through IPO, 2,448,905 shares have been granted, 1,978,550 shares have vested and 470,355 shares have been cancelled. From inception of the 2017 Plan, 31,255 shares have been granted, 10,412 have vested and 20,843 shares have been cancelled. In April 2019, the Company’s Board of Directors increased the number of authorized shares of common stock to management under the 2018 Plan from 2,500,000 to 3,500,000. From inception of the 2018 Plan, 2,571,073 shares have been awarded, 1,700,104 shares have vested and 22,995 shares have been cancelled.

The restricted stock activity for our years ended September 30, 2019, 2018 and 2017 is summarized as follows:

				Weighted-
				Average
	Number			Grant Date
2011 and 2017 Plans	of Shares			Fair Value
Restricted shares unvested at September 30, 2016		757,328		$	5.40
Granted		251,615			4.54
Vested		(233,190	)		5.06
Forfeited		—			—
Restricted shares unvested at September 30, 2017		775,753		$	5.22
Granted		—			—
Vested		(284,555	)		5.26
Cancelled		(491,198	)		5.20
Restricted shares unvested at September 30, 2018		—		$	—

				Weighted-
				Average
	Number			Grant Date
2018 Plan	of Shares			Fair Value
Restricted shares unvested at September 30, 2016		—			—
Granted		—			—
Vested		—			—
Forfeited		—			—
Restricted shares unvested at September 30, 2017		—		$	—
Exchanged Restricted Shares		491,198			5.20
Exchanged Phantom Stock		491,915			12.00
Exchanged SARs		1,266,034			12.00
Exchanged SARs vested prior to exchange		(966,022	)		12.00
Vested		(32,500	)		2.00
Cancelled		—			—
Restricted shares unvested at September 30, 2018		1,250,625		$	9.59
Granted		321,926			8.94
Vested		(701,582	)		9.25
Cancelled		(22,995	)		12.00
Restricted shares unvested at September 30, 2019		847,974		$	9.56

The Company has granted restricted stock awards ("RSAs") and restricted stock units ("RSUs") as part of its long-term incentive compensation to employees and non-employee members of the Board of Directors. RSAs and RSUs generally vest over a period of 3 to 5 years for employees and over one year for members of the Board of Directors. The restricted common stock underlying RSAs are deemed issued and outstanding upon grant, and carry the same voting rights of unrestricted outstanding common stock. The restricted common stock underlying RSUs are not deemed issued or outstanding upon grant, and do not carry any voting rights.

In 2014, the Company implemented a share-based payment plan under which certain executives and directors are eligible to receive grants of SARs (the "SARs Plan"). The SARs provide a participant with the right to receive the aggregate appreciation in stock price over the market price of the Company's common stock at the date of grant, payable in cash. The participant may exercise his or her SARs quarterly after the grant is vested but no later than 10 years after the date of grant. The SARs awards vest ratably over a three year period from the date of grant. The Company had authorized 5,000,000 shares under this plan and had granted 4,204,993 since inception of the plan. Since inception of the plan, 3,687,218 of SARs have vested and 2,088,333 of SARs have been exercised. In August 2018, upon IPO, 517,775 unvested SARs and 1,598,885 vested SARs were cancelled in exchange for 300,012 and 966,022 shares of restricted stock under the 2018 Plan, respectively.

The SARs activity for the years ended September 30, 2018 and 2017 is summarized as follows:

				Weighted-
	Number			Average
	of Shares			Fair Value
SARs unvested at September 30, 2016		2,223,333		$	1.19
Granted		384,160			—
Vested		(1,460,812	)		1.96
Forfeited		(6,668	)		—
SARs unvested at September 30, 2017		1,140,013			—
Granted		—			—
Vested		(622,238	)		—
Cancelled		(517,775	)		8.69
Forfeited		—			—
SARs unvested at September 30, 2018		—		$	—

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 had authorized 1,250,000 shares under this plan and had granted 536,538 since inception of the plan. Since inception of the plan, 44,623 RSUs have vested or settled. In August 2018, upon completion of our IPO, 491,915 unvested RSUs were cancelled in exchange for shares of restricted stock under the 2018 Plan.

The phantom stock activity for the years ended September 30, 2018 were summarized as follows:

				Weighted-
	Number			Average
	of Shares			Fair Value
Phantom stock unvested at September 30, 2017		—		$	—
Granted		536,538			6.14
Vested		(44,623	)		7.30
Cancelled		(491,915	)		12.00
Phantom stock unvested at September 30, 2018		—		$	—

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. The shares of restricted common stock issued under the 2018 Plan in exchange for the cancellation of restricted phantom stock units, unvested restricted shares and SARs are subject to vesting on the same terms set forth in the prior vesting schedules and are not subject to acceleration in connection with the 2018 Plan issuances.

As of September 30, 2019, there was $5.9 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 1.5 years.

Compensation cost for share-based awards are recognized on a straight-line basis over the vesting period. Share-based compensation expense for the years ended September 30, 2019, 2018 and 2017 was $5.5 million, $12.9 million and $2.3 million, respectively. Share-based compensation expenses are recorded in general and administrative expenses in the consolidated statements of operations.

The Company repurchased 205,235 shares of its common stock for $1.9 million to cover the income tax obligation on vested employee equity awards and warrant conversions during the fiscal year ended September 30, 2019. During the fiscal year ended September 30, 2018, the Company repurchased 438,541 shares of its common stock for $5.0 million to cover the income tax obligation on vested employee equity awards.