7) Equity

Amended and Restated 2013 Omnibus Incentive Plan

The Company has adopted, and the Company’s shareholders have approved, an Amended and Restated 2013 Omnibus Incentive Plan (the “Omnibus Plan”). Under the Omnibus Plan, participants may be granted 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 Omnibus Plan vest over four years, at a rate of 25% per year. The Company recognizes stock-based compensation expense on a straight-line basis over the four-year vesting term of each award. There were no RSUs granted under the Omnibus Plan during the six months ended March 31, 2018 or 2017.

RSU activity for the six months ended March 31, 2018, was as follows:


	RSU Activity
	Six Months Ended March 31, 2018
	Number of RSUs			Weighted Avg. Fair Value Per Share at Each Date
Non-vested balance at September 30, 2017		358,291		$	16.48
Granted		—			—
Vested (1)		(78,901	)		15.78
Forfeited		—			—

Non-vested balance at March 31, 2018		279,390		$	16.67

(1)

The number of vested RSUs includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation expense has been booked. There were 29,384 net shares of common stock issued for vested and issued RSUs in the six months ended March 31, 2018.


RSU Compensation Six Months Ended March 31, 2018
RSU Compensation Six Months Ended March 31, 2018
	(In thousands)
Total expected compensation expense related to RSUs	$	12,490
Compensation expense recognized at reporting date		(7,831	)

Unrecognized compensation expense related to RSUs at reporting date	$	4,659

As of March 31, 2018, there was $4.7 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 2.5 years.

Dividend Reinvestment and Stock Purchase Plan

In January 2018, the Company adopted an updated Dividend Reinvestment and Stock Purchase Plan (the “DRSPP”), replacing the previous Dividend Reinvestment and Stock Purchase Plan established in March 2015, to provide shareholders and new investors with a convenient and economical means of purchasing shares of the Company’s common stock and reinvesting cash dividends paid on the Company’s common stock. Under the DRSPP and its predecessor, the Company issued 1,647 and 933 shares of common stock during the six months ended March 31, 2018 and 2017, respectively.

Stock Buyback Program

In August 2010, the Company adopted a stock buyback program. The program provides that the Company may repurchase up to 1,500,000 shares of its common stock and has no expiration date. Share repurchases may be made in the open market, in privately-negotiated transactions, or otherwise. The Company did not repurchase any shares pursuant to the stock buyback program during the six months ended March 31, 2018 or 2017.