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STOCKHOLDERS' EQUITY
 6 Months Ended
Mar. 31, 2024
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; provided that, any unvested restricted stock would vest upon a director’s death, disability, a change in control of the Company resulting in the director not continuing as a director or the director not being renominated for election even though he was willing to stand for re-election.
The following table summarizes Barnwell’s restricted stock unit activity from October 1, 2023 through March 31, 2024:
Restricted Stock UnitsSharesWeighted-Average
Grant Date
Fair Value
Nonvested at October 1, 2023— $— 
Granted76,336 2.62 
Vested— — 
Forfeited— — 
Nonvested at March 31, 2024
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 and six months ended March 31, 2024, 2024, the Company recognized share-based compensation expense related to restricted stock units of $31,000 and $61,000, respectively. There was no share-based compensation expense related to restricted stock units recognized during the three and six months ended March 31, 2023. As of March 31, 2024, the total remaining unrecognized compensation cost related to nonvested restricted stock units was $139,000, which is expected to be recognized over the weighted-average remaining requisite service period of 1.7 years.
Cash Dividends

No dividends were declared or paid during the six months ended March 31, 2024.

In December 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.
In February 2023, the Company's Board of Directors declared a cash dividend of $0.015 per share that was paid on March 13, 2023 to stockholders of record on February 23, 2023.