Compensation Related Costs, Postemployment Benefits

12 Months Ended

Sep. 30, 2020

Employee Benefit Plans

Retirement Plans

The Company has a 401(k) plan for all employees who have been with the Company for a period of six months or more. The Company matches portions of employees’ voluntary contributions. Additional employer contributions in the form of profit sharing may also be made at the Company’s discretion. The Company recorded expense of $0.4 million, $0.2 million and $0.1 million for matching contributions in fiscal 2020, 2019 and the nine months ended September 30, 2018, respectively.

Restricted Stock Units (RSUs)

The Company’s Stock Incentive Plan provides for the granting of stock options and restricted stock units to executive officers, other key employees and non-management directors. Restricted stock unit awards may be based on performance (performance-based) or on service over a requisite time period (time-based). RSU equity awards represent the contingent right to receive one share of the Company’s common stock per RSU if the vesting conditions and/or performance criteria are satisfied and have no voting rights during the vesting period.

During fiscal 2020, 2019 and in the nine months ended September 30, 2018, the Company granted time-based RSUs that vest annually in equal installments over periods of three to five years. The following table provides additional information related to time-based RSU activity during those periods.


	Year Ended September 30,						Nine Months Ended September 30, 2018
	2020			2019
	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of period	200,960	$	19.68	86,500	$	18.09	85,994	$	17.54
Granted	181,325	16.11		149,400	20.24		12,000	22.35
Vested	(79,432)	19.58		(23,740)	18.03		(500)	18.40
Cancelled	(16,990)	19.10		(11,200)	18.39		(10,994)	18.40
Outstanding at end of period	285,863	$	17.47	200,960	$	19.68	86,500	$	18.09

The total fair value of shares vested on the vesting date during fiscal 2020 and 2019 was $1.6 million and $0.4 million, respectively. Total stock-based compensation expense related to the Company's restricted stock units for fiscal 2020, 2019 and the nine months ended September 30, 2018 was $2.0 million, $1.3 million and $0.3 million, respectively, and fiscal 2020 and 2019 included $0.5 million and $0.6 million, respectively, of expense recognized for employees that were retirement eligible on the date of grant. These expenses are included in selling, general and administrative expense in the Company's consolidated statements of operations. At September 30, 2020, there was $3.2 million of unrecognized compensation expense related to unvested time-based RSU awards. This expense is expected to be recognized over a weighted average period of 2.6 years.