Compensation Related Costs, Postemployment Benefits

12 Months Ended

Sep. 30, 2022

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 $0.8 million, $0.6 million and $0.4 million for matching contributions in fiscal 2022, 2021 and 2020, respectively, which is included in in selling, general and administrative expense in the Company's consolidated statements of operations.

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 2022, 2021 and 2020, 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,
	2022			2021			2020
	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 year	387,154	$	20.70	285,863	$	17.47	200,960	$	19.68
Granted	394,786	17.76		234,000	23.13		181,325	16.11
Vested	(123,389)	19.98		(92,159)	19.08		(79,432)	19.58
Cancelled	(36,600)	19.98		(40,550)	19.66		(16,990)	19.10
Outstanding at end of year	621,951	$	18.94	387,154	$	20.70	285,863	$	17.47

The total fair value of shares vested on the vesting date was $2.5 million during fiscal 2022 and $1.6 million during both fiscal 2021 and 2020. Total stock-based compensation expense related to the Company's restricted stock units for fiscal 2022, 2021 and 2020 was $3.3 million, $2.6 million and $2.0 million, respectively. These expenses are included in selling, general and administrative expense in the Company's consolidated statements of operations. At September 30, 2022, there was $8.0 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 2.9 years.