On March 22, 2021, the Company awarded 125,000 time-based shares of the Company’s common stock as restricted stock to its non-employee directors. These time-based shares had a fair value on their award date of $396,252. On January 5, 2021, the Company awarded 303,750 market-based shares of the Company’s common stock as restricted stock to certain officers. Upon vesting, the market-based shares that do not meet certain performance criteria are forfeited. The market-based shares contain non-forfeitable rights to receive dividends and to vote the shares during the vesting period. These market-based shares had a fair value on their award date of $826,457.

Compensation expense for the restricted stock awards is recognized in G&A. Forfeitures of awards are recognized when they occur. The dilutive impact of all restricted stock plans is immaterial for all periods presented.

The following table summarizes the Company’s pre-tax compensation expense for the three and six months ended March 31, 2021 and 2020, related to the Company’s market-based, time-based and performance-based restricted stock:

	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Market-based, restricted stock	$	79,118	$	200,761	$	89,365	$	274,903
Time-based, restricted stock		82,052		142,340		194,783		216,713
Performance-based, restricted stock		-		-		-		-
Total compensation expense	$	161,170	$	343,101	$	284,148	$	491,616

A summary of the Company’s unrecognized compensation cost for its unvested market-based, time-based and performance-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table:

	As of March 31, 2021
	Unrecognized Compensation Cost		Weighted Average Period (in years)
Market-based, restricted stock	$	804,745		2.67
Time-based, restricted stock		764,298		1.21
Performance-based, restricted stock		-
Total	$	1,569,043