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Stock-Based Compensation (Tables)
12 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of allocation of share-based compensation costs by plan The following table summarizes stock-based compensation expense related to stock options and restricted stock awards for the fiscal years ended 2021, 2020, and 2019, respectively.
Fiscal Year Ended September 30,
in thousands202120202019
Stock options expense$25 $133 $178 
Restricted stock awards expense12,142 9,903 10,348 
Stock-based compensation expense$12,167 $10,036 $10,526 
Schedule of assumptions for stock option activity We used the following valuation assumptions for stock options granted for the following prior periods presented:
Fiscal Year Ended September 30,
20202019
Expected life of options5.7 years5.0 years
Expected volatility51.52 %46.69 %
Expected dividends— — 
Weighted-average risk-free interest rate0.43 %2.70 %
Weighted-average fair value$4.99 $4.50 
For the Company and each member of the peer group, the following inputs were used, as applicable, in the Monte Carlo valuation model to determine the fair value as of the grant date for performance-based restricted stock granted in each of the fiscal years ended. The methodology used to determine these assumptions is similar to the Black-Scholes Model; however, the expected term is determined by the model in the Monte Carlo simulation.
Fiscal Year Ended September 30,
202120202019
Expected volatility
26.1% - 67.0%
21.2% - 54.8%
21.0% - 57.1%
Risk-free interest rate0.23 %1.61 %2.92 %
Dividend yield — — 
Grant-date stock price$14.07 $15.62 $9.82 
Schedule of stock options and SSARs outstanding
A summary of stock option activity for the periods presented is as follows:
 202120202019
 SharesWeighted-
Average
Exercise
Price
SharesWeighted-
Average
Exercise
Price
SharesWeighted-
Average
Exercise
Price
Outstanding at beginning of period392,465 $15.47 523,754 $14.34 533,052 $14.26 
Granted  950 10.67 30,782 10.23 
Exercised(278,206)14.48 (128,921)11.01 (31,450)10.00 
Forfeited  (3,318)9.55 (8,630)10.45 
Outstanding at end of period114,259 $17.89 392,465 $15.47 523,754 $14.34 
Exercisable at end of period113,309 $17.95 354,796 $15.90 470,501 $14.42 
Schedule of stock options and SSARS outstanding and exercisable
The following table summarizes information about stock options outstanding and exercisable as of September 30, 2021:
Stock Options OutstandingStock Options Exercisable
Range of Exercise PriceNumber OutstandingWeighted-Average Contractual Remaining Life (Years)Weighted-Average Exercise PriceNumber ExercisableWeighted-Average Contractual Remaining Life (Years)Weighted-Average Exercise Price
$1 - $10
15,436 4.6$9.17 14,536 4.5$9.09 
$11 - $15
315 3.511.61 265 2.911.36 
$16 -$20
98,508 0.619.28 98,508 0.619.28 
$1 - $20
114,259 1.2$17.89 113,309 1.1$17.95 
Schedule of stock options exercised and vested
Information pertaining to the intrinsic value of options exercised and the fair market value of options that vested is below:
Fiscal Year Ended September 30,
in thousands202120202019
Intrinsic value of options exercised$1,402 $587 $90 
Fair market value of options vested173 144 178 
Schedule of nonvested stock awards and performance shares
Activity relating to all restricted stock awards for the periods presented is as follows:
Year Ended September 30, 2021
 
Performance-Based(a)
Time-BasedTotal
 SharesWeighted-
Average
Grant
Date Fair
Value
SharesWeighted-
Average
Grant
Date Fair
Value
SharesWeighted-
Average
Grant
Date Fair
Value
Beginning of period796,024 $14.71 610,130 $13.85 1,406,154 $14.34 
Granted164,296 17.90 251,788 14.21 416,084 15.67 
Vested(222,165)22.40 (346,856)14.36 (569,021)17.50 
Forfeited  (28,488)11.77 (28,488)11.77 
End of period738,155 $13.45 486,574 $13.79 1,224,729 $13.59 
(a) Grant and vesting activity during the year ended September 30, 2021 include 60,930 shares that were issued above target based on performance level achieved under performance-based restricted stock vesting in the current period.
Year Ended September 30, 2020
 Performance-BasedTime-BasedTotal
 SharesWeighted-
Average
Grant
Date Fair
Value
SharesWeighted-
Average
Grant
Date Fair
Value
SharesWeighted-
Average
Grant
Date Fair
Value
Beginning of period778,814 $13.60 611,607 $12.11 1,390,421 $16.53 
Granted260,131 16.98 327,571 15.29 587,702 16.04 
Vested (242,921)13.60 (302,255)11.89 (545,176)12.65 
Forfeited— — (26,793)13.79 (26,793)13.79 
End of period796,024 $14.71 610,130 $13.85 1,406,154 $14.34 

Year Ended September 30, 2019
 
Performance-Based(a)
Time-BasedTotal
 SharesWeighted-
Average
Grant
Date Fair
Value
SharesWeighted-
Average
Grant
Date Fair
Value
SharesWeighted-
Average
Grant
Date Fair
Value
Beginning of period644,785 $16.47 431,783 $16.60 1,076,568 $16.53 
Granted467,819 9.95 448,657 9.82 916,476 9.89 
Vested(321,833)15.36 (212,558)16.41 (534,391)15.78 
Forfeited(11,957)13.44 (56,275)12.20 (68,232)12.42 
End of period778,814 $13.60 611,607 $12.11 1,390,421 $16.53 
(a) Grant and vesting activity during the year ended September 30, 2019 include 86,050 shares that were issued above target based on performance level achieved under performance-based restricted stock vesting in the current period.