Stock-Based Compensation

3 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

(7) Stock-Based Compensation    

On March 26, 2014, the Company adopted, and the Company’s shareholders approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Plan”). Under the Plan, participants may be granted restricted stock units (“RSUs”), representing an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Plan vest over four years, at a rate of 25 percent per year. The Company recognizes compensation expense on a straight-line basis over the four-year vesting term of each award. There were no RSUs granted under the Plan during the three months ended December 31, 2016 or 2015. RSU activity for the three months ended December 31, 2016, was as follows:

	Restricted Stock Unit Activity Three Months Ended December 31, 2016
	Number of Restricted Share Units			Weighted Avg. Fair Value Per Share at Each Date
Non-vested Balance at September 30, 2016		252,976		$	24.28
Granted		—			—
Vested (1)		(25,388	)		20.82
Forfeited		—			—
Non-vested Balance at December 31, 2016		227,588		$	24.66

(1) The restricted share units vested includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation costs have been charged to expense. There were 17,537 net shares of common stock issued for restricted stock units vested in the three months ended December 31, 2016.

Restricted Stock Unit Compensation
Three Months Ended December 31, 2016
	(In thousands)
Total expected compensation expense related to Restricted Stock Units	$	10,608
Compensation expense recognized through December 31, 2016		(4,995	)
Unrecognized compensation expense related to RSUs at December 31, 2016	$	5,613

As of December 31, 2016, there was $5.6 million of total RSU compensation expense related to non-vested awards not yet recognized, which is expected to be recognized over a weighted-average vesting period of 2.7 years.