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Share-Based Compensation
 12 Months Ended
Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-Based Compensation

14.

Share-Based Compensation

Restricted Stock                     

The Company grants 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 three (3) to five (5) years for employees and one (1) 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.

The restricted stock activity for our years ended September 30, 2022, 2021, and 2020 is summarized as follows:

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

Number

 

 

Grant Date

 

2018 Plan

of Shares

 

 

Fair Value

 

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

 

Granted

 

718,959

 

 

 

3.20

 

Vested

 

(455,303

)

 

 

6.13

 

Cancelled

 

(97,369

)

 

 

2.97

 

Restricted shares unvested at September 30,

   2022

 

1,172,493

 

 

$

4.43

 

 

As of September 30, 2022, there was $4.4 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 1.7 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, 2022, 2021, and 2020 was $2.8 million, $3.1 million, and $4.4 million, respectively. Share-based compensation expense is recorded in general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income.

The Company repurchased 147,108 shares of its common stock for $0.5 million to cover the income tax obligation on vested employee equity awards during the fiscal year ended September 30, 2022. 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 and warrant conversions during the fiscal year ended September 30, 2021. During the fiscal year ended September 30, 2020, 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.