XML 34 R21.htm IDEA: XBRL DOCUMENT v3.23.4
Share-Based Compensation
 12 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation

14.Share-Based Compensation

Restricted Stock

The Company grants restricted stock units ("RSUs") as part of its long-term incentive compensation to employees and non-employee members of the Board of Directors. RSUs generally vest over a period of three to five years for employees and one year for members of the Board of Directors. The restricted common stock underlying RSUs are not deemed issued or outstanding upon grant, and do not carry any voting rights. RSUs are measured based on the fair market value of the underlying common stock on the grant date.

The restricted stock activity for our years ended September 30, 2023, 2022, and 2021 is summarized as follows:

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

Number

 

 

Grant Date

 

2018 Plan

 

of Shares

 

 

Fair Value

 

Restricted shares unvested at September 30, 2020

 

 

1,195,548

 

 

$

5.47

 

Granted

 

 

346,123

 

 

$

9.53

 

Vested

 

 

(492,465

)

 

$

6.89

 

Forfeited

 

 

(43,000

)

 

$

4.57

 

Restricted shares unvested at September 30, 2021

 

 

1,006,206

 

 

$

6.22

 

Granted

 

 

718,959

 

 

$

3.20

 

Vested

 

 

(455,303

)

 

$

6.13

 

Forfeited

 

 

(97,369

)

 

$

2.97

 

Restricted shares unvested at September 30, 2022

 

 

1,172,493

 

 

$

4.43

 

Granted

 

 

495,087

 

 

$

2.43

 

Vested

 

 

(585,755

)

 

$

4.58

 

Forfeited

 

 

(344,934

)

 

$

4.05

 

Restricted shares unvested at September 30, 2023

 

 

736,891

 

 

$

3.35

 

 

As of September 30, 2023, there was $1.7 million of total unrecognized compensation cost related to unvested share-based compensation arrangements, which is expected to be recognized over a weighted-average period of 1.3 years.

Compensation cost for share-based awards are recognized on a straight-line basis over the vesting period. The Company recognizes forfeitures of share-based awards as they occur. Share-based compensation expense for the years ended September 30, 2023, 2022, and 2021 was approximately $2.3 million, $2.8 million, and $3.1 million, respectively. Share-based compensation expense is recorded in general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income.

The Company repurchased 204,486 shares of its common stock for approximately $0.4 million to cover the income tax obligation on vested employee equity awards during the fiscal year ended September 30, 2023. The Company repurchased 147,108 shares of its common stock for approximately $0.5 million to cover the income tax obligation on vested employee equity awards and warrant conversions during the fiscal year ended September 30, 2022. During the fiscal year ended September 30, 2021, the Company repurchased 155,174 shares of its common stock for approximately $1.5 million to cover the income tax obligation on vested employee equity awards.