Members’/Shareholders' Equity

6 Months Ended

Mar. 31, 2021

Equity [Abstract]

Members’/Shareholders' Equity

Members’/Shareholders' Equity

On March 1, 2021, the Company granted 3,374 restricted shares, which vest over a 1-year period, under the 2021 LTIP to the newly-added, independent directors that joined the Board of Directors in conjunction with the Merger. See further discussion in Note 13 – Share-Based and Unit-Based Compensation.

Pursuant to the Merger Agreement and on February 26, 2021, the Company granted 198,024 restricted shares to certain executives under the 2021 LTIP. See further discussion in Note 13 – Share-Based and Unit-Based Compensation.

On October 1, 2020, REP LLC granted 13,309 restricted units to certain employees and executives which vest over a three-year period, which reduced the 2018 LTIP common units available for issuances to 135,241. See further discussion in Note 13 – Share-Based and Unit-Based Compensation.

On February 4, 2021, the Board of Managers of REP LLC declared a $3.8 million cash dividend, paid on February 5, 2021. The cash dividend was declared for all issued and outstanding common units, including vested and unvested under the Riley Exploration - Permian, LLC 2018 Long Term Incentive Plan (the "2018 LTIP") of REP LLC. The portion of the cash dividend attributable to the unvested restricted units was accrued and will be paid in cash once the unvested restricted units fully vest. See further discussion for the Company's restricted units in Note 13 – Share-Based and Unit-Based Compensation.

On March 4, 2021, the Board of Directors of the Company declared a $5 million cash dividend ($0.28 per share) payable on all issued and outstanding common shares of the Company as of April 16, 2021, and was paid on May 7, 2021. The portion of the cash dividend attributable to the unvested restricted common shares was accrued and will be paid once the unvested restricted units fully vest. Cash dividends are approved at the sole discretion of the Board of Directors. See further discussion for the Company's restricted shares in Note 13 – Share-Based and Unit-Based Compensation.

On March 15, 2021, the Company granted restricted shares and stock awards to certain employees and executives under the 2021 LTIP effective April 1, 2021. See further discussion in Note 13 – Share-Based and Unit-Based Compensation.