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Share-Based Compensation | 12 Months Ended
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Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation |
1 3. | Share-Based Compensation
Restricted Stock 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 the grant date based upon recent share transactions. 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. The maximum aggregate number of shares of common stock that may be issued under our 2018 Plan will be cumulatively increased on January 1, 2020 and on each subsequent January 1 through and including January 1, 2028, by a number of shares equal to the smaller of (a) 1% of the number of shares issued and outstanding on the immediately preceding December 31, or (b) an amount determined by our Board. From inception of the 2018 Plan, 3,827,493 shares have been awarded, 2,748,042 shares have vested and 73,245 shares have been cancelled. The restricted stock activity for our years ended September 30, 2021, 2020 and 2019 is summarized as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
| Number |  |  | Grant Date |
2018 Plan | of Shares |  |  | Fair Value |
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 |
Granted |  | 910,297 |  |  |  | 3.97 |
Vested |  | (555,473 | ) |  |  | 9.21 |
Cancelled |  | (7,250 | ) |  |  | 7.89 |
Restricted shares unvested at September 30, 2020 |  | 1,195,548 |  |  | $ | 5.47 |
Granted |  | 346,123 |  |  |  | 9.53 |
Vested |  | (492,465 | ) |  |  | 6.89 |
Cancelled |  | (43,000 | ) |  |  | 4.57 |
Restricted shares unvested at September 30, 2021 |  | 1,006,206 |  |  | $ | 6.22 |
The Company has granted restricted stock units ("RSUs") as part of its long-term incentive compensation to employees and non-employee members of the Board of Directors. RSUs generally vest over a period of 3 to 5 years for employees and one year for members of the Board of Directors. The restricted common stock underlying RSUs are not deemed issued or outstanding upon grant, and do not carry any voting rights. RSUs are measured based on the fair market value of the underlying common stock on the grant date. As of September 30, 2021, there was $5.1 million of total unrecognized compensation cost related to unvested share-based compensation arrangements, which is expected to be recognized over a weighted-average period of 1.9 years. Compensation cost for share-based awards are recognized on a straight-line basis over the vesting period. The Company recognizes forfeitures of share-based awards as they occur. Share-based compensation expense for the years ended September 30, 2021, 2020, and 2019 was $3.1 million, $4.4 million, and $5.5 million, respectively. Share-based compensation expense is recorded in general and administrative expenses in the consolidated statements of operations. The Company repurchased 155,174 shares of its common stock for $1.5 million to cover the income tax obligation on vested employee equity awards during the fiscal year ended September 30, 2021. The Company repurchased 142,439 shares of its common stock for $0.6 million to cover the income tax obligation on vested employee equity awards and warrant conversions during the fiscal year ended September 30, 2020. During the fiscal year ended September 30, 2019, 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.

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