Schedule of stockholders' equity |
The changes in stockholders’ equity for the prior year comparable period are as follows:
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Additional |
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Accumulated Other |
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Common Stock |
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Paid-in |
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Treasury Stock |
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Comprehensive |
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Retained |
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Shares |
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Amount |
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Capital |
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Shares |
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Amount |
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Loss |
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Earnings |
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Total |
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Balance at September 30, 2021 |
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35,457,095 |
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$ |
35 |
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$ |
252,017 |
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(2,222,083 |
) |
$ |
(36,628 |
) |
$ |
(9,011 |
) |
$ |
(71,398 |
) |
$ |
135,015 |
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Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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3,602 |
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3,602 |
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Exercise of stock options, grants of restricted stock awards, and vesting of restricted stock units |
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131,070 |
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1 |
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— |
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— |
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— |
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— |
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— |
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1 |
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Taxes paid associated with net settlement of stock compensation awards |
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(40,239 |
) |
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— |
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(851 |
) |
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— |
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— |
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— |
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— |
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(851 |
) |
Forfeitures of restricted stock awards |
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(14,855 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Common stock repurchased |
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— |
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— |
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— |
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(147,185 |
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(2,963 |
) |
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— |
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— |
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(2,963 |
) |
Common stock surrendered in the exercise of stock options |
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— |
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— |
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100 |
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(4,678 |
) |
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(100 |
) |
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— |
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— |
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— |
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Stock compensation expense |
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— |
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— |
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2,270 |
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— |
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— |
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— |
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— |
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2,270 |
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Foreign currency translation and other |
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— |
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— |
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— |
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— |
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— |
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(131 |
) |
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136 |
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5 |
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Balance at December 31, 2021 |
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35,533,071 |
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$ |
36 |
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$ |
253,536 |
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(2,373,946 |
) |
$ |
(39,691 |
) |
$ |
(9,142 |
) |
$ |
(67,660 |
) |
$ |
137,079 |
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Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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11,970 |
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11,970 |
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Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units |
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320,943 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Taxes paid associated with net settlement of stock compensation awards |
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(47,124 |
) |
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— |
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(958 |
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— |
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— |
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— |
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— |
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(958 |
) |
Common stock repurchased |
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— |
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— |
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— |
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(1,011,881 |
) |
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(17,035 |
) |
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— |
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— |
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(17,035 |
) |
Stock compensation expense |
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— |
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— |
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2,102 |
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— |
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— |
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— |
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— |
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2,102 |
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Forfeiture of restricted stock awards |
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(242,902 |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Foreign currency translation |
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— |
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— |
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— |
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— |
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— |
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(169 |
) |
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— |
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(169 |
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Balance at March 31, 2022 |
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35,563,988 |
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$ |
36 |
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$ |
254,680 |
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(3,385,827 |
) |
$ |
(56,726 |
) |
$ |
(9,311 |
) |
$ |
(55,690 |
) |
$ |
132,989 |
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Summary of share-based compensation expense |
The table below presents the components of share-based compensation expense (in thousands):
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Three Months Ended March 31, |
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Six Months Ended March 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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Equity-classified awards: |
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Stock options |
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$ |
524 |
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$ |
534 |
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$ |
999 |
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$ |
1,591 |
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RSUs & RSAs |
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1,415 |
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1,569 |
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3,066 |
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2,782 |
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Total Equity-classified award |
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1,939 |
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2,103 |
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4,065 |
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4,373 |
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Liability-classified awards: |
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SARs |
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— |
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(111 |
) |
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(44 |
) |
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(101 |
) |
Total stock compensation expense: |
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$ |
1,939 |
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$ |
1,992 |
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$ |
4,021 |
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$ |
4,272 |
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The table below presents the components of share-based compensation expense by line item within our Condensed Consolidated Statements of Operations (in thousands):
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Three Months Ended March 31, |
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Six Months Ended March 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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Stock-compensation expense by function |
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Technology and operations |
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$ |
336 |
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$ |
282 |
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$ |
592 |
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$ |
585 |
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Sales and marketing |
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659 |
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542 |
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$ |
1,168 |
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1,032 |
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General and administrative |
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944 |
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1,168 |
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$ |
2,261 |
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2,655 |
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Total stock compensation expense: |
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$ |
1,939 |
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$ |
1,992 |
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$ |
4,021 |
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$ |
4,272 |
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Summary of stock options and restricted stock granted |
The following table presents stock option and RSUs & RSAs grant activity:
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Six Months Ended March 31, 2023 |
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Stock Options granted: |
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Options containing only service conditions: |
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178,048 |
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Weighted average exercise price |
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$ |
14.43 |
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Weighted average grant date fair value |
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$ |
7.50 |
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Options containing performance conditions: |
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175,910 |
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Weighted average exercise price |
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$ |
14.42 |
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Weighted average grant date fair value |
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$ |
7.48 |
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RSUs & RSAs granted: |
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RSUs & RSAs containing only service conditions: |
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472,813 |
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Weighted average grant date fair value |
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$ |
15.14 |
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RSUs & RSAs containing performance conditions: |
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288,420 |
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Weighted average grant date fair value |
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$ |
15.15 |
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Schedule of share-based payment award, stock options, valuation assumptions |
The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the six months ended March 31, 2023, were as follows:
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Six Months Ended |
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March 31, 2023 |
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Dividend yield |
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— |
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Expected volatility |
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56.87% - 62.16% |
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Risk-free interest rate |
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3.39% - 3.88% |
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Expected term |
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4.5 - 7.6 years |
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