On March 2, 2022, the Company awarded shares of common stock in the form of time-based and market-based restricted stock to the directors, employees and officers of the Company. Non-employee directors received 138,249 time-based shares with a fair value on the award date of $387,095. These shares vest in December of 2022. Officers were awarded 402,086 market-based shares with a fair value on their award date of $1,679,757. Upon vesting, the market-based shares that do not meet certain performance criteria are forfeited. Both employees and certain officers were also awarded 126,013 time-based shares with a fair value on the award date of $352,838. The shares issued to employees time-vest ratably over a three-year period ending in December of 2024, and the shares awarded to the officers cliff vest at the end of a three-year period ending in December of 2024. All shares awarded on March 2, 2022 have voting rights during the vesting period.

Compensation expense for the restricted stock awards is recognized in G&A. Forfeitures of awards are recognized when they occur. The following table summarizes the Company’s pre-tax compensation expense for the three and six months ended March 31, 2022 and 2021 related to the Company’s market-based, time-based and performance-based restricted stock:

	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
Market-based, restricted stock	$	313,872	$	79,118	$	391,354	$	89,365
Time-based, restricted stock		119,265		82,052		297,627		194,783
Performance-based, restricted stock		-		-		-		-
Total compensation expense	$	433,137	$	161,170	$	688,981	$	284,148

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 is shown in the following table:

	As of March 31, 2022
	Unrecognized Compensation Cost		Weighted Average Period (in years)
Market-based, restricted stock	$	1,934,912		1.71
Time-based, restricted stock		815,269		1.54
Performance-based, restricted stock		-
Total	$	2,750,181