STOCKHOLDERS' EQUITY

3 Months Ended

Dec. 31, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

Restricted Stock Units

On November 2, 2023, the Board of Directors of the Company granted a total of 76,336 restricted stock units to the independent directors of the Board as partial payment of director fees for their service as members of the Board. The restricted stock units vest ratably over a three-year period, subject to the director’s continued service through the applicable vesting dates.

The following table summarizes Barnwell’s restricted stock unit activity from October 1, 2023 through December 31, 2023:

Restricted Stock Units	Shares	Weighted-Average Grant Date Fair Value
Nonvested at October 1, 2023	—	$	—
Granted	76,336	2.62
Vested	—	—
Forfeited	—	—
Nonvested at December 31, 2023	76,336	$	2.62

Compensation cost for restricted stock unit awards is measured at fair value and is recognized as an expense over the requisite service period. During the three months ended December 31, 2023, the Company recognized share-based compensation expense related to restricted stock units of $30,000. There was no share-based compensation expense related to restricted stock units recognized during the three months ended December 31, 2022. As of December 31, 2023, the total remaining unrecognized compensation cost related to nonvested restricted stock units was $170,000, which is expected to be recognized over the weighted-average remaining requisite service period of 1.8 years.

Cash Dividend

No dividends were declared or paid during the three months ended December 31, 2023. During the three months ended December 31, 2022, the Company's Board of Directors declared a cash dividend of $0.015 per share that was paid on January 11, 2023 to stockholders of record on December 27, 2022.