Stock-Based Compensation

6 Months Ended

Mar. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

9.   Stock-Based Compensation

During the six months ended March 31, 2018, the Company issued 155,450 shares of restricted stock under its 2014 Long Term Incentive Plan, as amended.  The weighted average grant date fair value of the restricted stock was $15.21 per share.  The grant date fair value of these awards was $2.4 million, which will be charged to expense over the next four years as the restrictions lapse.  Compensation expense for restricted stock awards was determined based on the closing market price of the Company’s stock on the date of grant applied to the total number of shares that are anticipated to fully vest.  Recipients of restricted stock awards are entitled to vote such shares and are entitled to dividends, if paid.    

As of March 31, 2018, the Company had unrecognized compensation expense of $4.6 million relating to restricted stock awards.  This unrecognized compensation expense is expected to be recognized over a weighted average period of 2.9 years.  In addition, the Company had $0.2 million of unrecognized compensation expense related to nonqualified stock option awards which is expected to be recognized over a weighted average period of 1.0 years.       

As of March 31, 2018, a total of 312,600 shares of restricted stock and 194,600 nonqualified stock options shares were outstanding.