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Stock-Based Compensation
9 Months Ended
Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

11.   Stock-Based Compensation

During the nine months ended June 30, 2019, the Company issued 8,000 shares of restricted stock awards (“RSAs”) under its 2014 Long Term Incentive Plan, as amended (the “Plan”).   The weighted average grant date fair value of each RSA was $14.59 per share.  The total grant date fair value of all RSAs issued was $0.1 million, which will be charged to expense over the next four years as the RSA vesting restrictions lapse.  Compensation expense for the RSAs 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 RSAs are entitled to vote such shares and are entitled to any dividends paid.  As of June 30, 2019, the Company had unrecognized compensation expense of $2.7 million relating to RSAs that is expected to be recognized over a weighted average period of 2.1 years.

During the nine months ended June 30, 2019, the Company issued 161,800 restricted stock units (“RSUs”) under 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 $15.11 per unit.  The grant date fair value of the RSUs was $2.4 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, 2019, the Company had unrecognized compensation expense of $2.1 million relating to RSUs that is expected to be recognized over a weighted average period of 3.4 years.

As of June 30, 2019, the Company had $22,000 of unrecognized compensation expense related to nonqualified stock option awards that is expected to be recognized over a weighted average period of 0.4 year.

As of June 30, 2019, there were 226,537 RSAs, 161,300 RSUs and 165,600 nonqualified stock options unvested and outstanding.