Stock-Based Compensation

9 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

. Stock-Based Compensation

During the nine months ended June 30, 2022, the Company issued 200,350 restricted stock units (“RSUs”) under its 2014 Long Term Incentive Plan, as amended (the “Plan”). The RSUs issued include both time-based and performance-based vesting provisions. The weighted average grant date fair value of each RSU was $8.49 per unit. The grant date fair value of the RSUs was $1.7 million, which will be charged to expense over the next four years as the restrictions lapse. Compensation expense for the RSUs was determined based on the closing market price of the Company’s stock on the date of grant applied to the total number of units that are anticipated to fully vest. Each RSU represents a contingent right to receive one share of the Company’s common stock upon vesting. As of June 30, 2022, the Company had unrecognized compensation expense of $2.6 million relating to RSUs that is expected to be recognized over a weighted average period of 2.5 years.

As of June 30, 2022, the Company had $11,000 of unrecognized compensation expense related to restricted stock awards (“RSAs”) that is expected to be recognized over a weighted average period of 0.2 years.

As of June 30, 2022, there were 369,859 RSUs and 5,625 RSAs outstanding. As of June 30, 2022, no nonqualified stock options were outstanding.