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Share-Based Compensation and Stock Repurchases | 9 Months Ended
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Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation and Stock Repurchases |
1 3. | Share-Based Compensation and Stock Repurchases
Restricted Stock We grant restricted stock units (“RSUs”) as part of our 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. The restricted share activity for the nine months ended June 30, 2022 is summarized as follows:
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average |
|  | Number |  |  | Grant Date |
|  | of Shares |  |  | Fair Value |
Restricted shares unvested at September 30, 2021 |  |  | 1,006,206 |  |  | $ | 6.22 |
Granted |  |  | 664,414 |  |  | $ | 3.46 |
Vested |  |  | (412,226 | ) |  | $ | 6.28 |
Forfeited |  |  | (28,695 | ) |  | $ | 10.08 |
Restricted shares unvested at June 30, 2022 |  |  | 1,229,699 |  |  | $ | 4.62 |
As of June 30, 2022, there was $3.8 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 1.6 years. Compensation cost for share-based awards is recognized on a straight-line basis over the vesting period. Share-based compensation expense for the three months ended June 30, 2022 and 2021 was $0.7 million and $0.7 million, respectively, and for the nine months ended June 30, 2022 and 2021 was $2.1 million and $2.4 million, respectively. We repurchased 132,151 shares of our common stock for $0.4 million to cover the income tax obligation on vested employee equity awards during the nine months ended June 30, 2022.

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