Stock-Based Compensation

9 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

(7) Stock-Based Compensation

On March 26, 2014, the Company adopted, and the Company’s shareholders approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Plan”). Under the Plan, participants may be granted restricted stock units (“RSUs”), representing an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Plan vest over four years, at a rate of 25 percent per year. The Company recognizes compensation expense on a straight-line basis over the four-year vesting term of each award. There were 62,500 RSUs granted during the nine months ended June 30, 2015 under the Plan and 32,800 granted during the nine months ended June 30, 2014 under the 2013 Omnibus Incentive Plan. RSU activity for the nine months ended June 30, 2015 was as follows:

	Restricted Stock Unit Activity Nine Months Ended June 30, 2015
	Number of Restricted Share Units			Weighted Avg. Fair Value Per Share at Each Date
Non-vested Balance at September 30, 2014		112,963		$	12.53
Granted		62,500			17.46
Vested (1)		(36,577	)		13.61
Forfeited		(600	)		9.01
Non-vested Balance at June 30, 2015		138,286		$	14.49

(1) The restricted share units vested includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation costs have been charged to expense. There were 6,095 shares of common stock issued for restricted stock units vested in the nine months ended June 30, 2015.

Restricted Stock Unit Compensation Nine Months Ended June 30, 2015
	(In Thousands)
Total expected compensation expense related to Restricted Stock Units	$	4,859
Compensation expense recognized through June 30, 2015		(2,856	)
Unrecognized compensation expense related to RSU’s at June 30, 2015	$	2,003

As of June 30, 2015, there was $2.0 million of total RSU compensation expense related to non-vested awards not yet recognized, which is expected to be recognized over a weighted-average vesting period of 2.9 years.