Incentive Compensation

12 Months Ended

Sep. 30, 2019

Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]

Incentive Compensation

Incentive Compensation

The Company has an equity incentive plan which provides that the Board of Directors may make awards of equity appreciation units (“EAU”) and equity participation units (“EPU”) to employees from time to time, subject to vesting provisions as determined for each award. There are no EAUs outstanding. The EPUs are valued in accordance with the agreement which is based on the book value per unit of the Company. The Company had 69.7 unvested EPUs outstanding under this plan as of September 30, 2019, which will vest three years from the dates of the awards.  

During the Fiscal 2019 and 2018, the Company recorded compensation expense related to this plan of approximately $164,000and $100,000, respectively.  As of September 30, 2019 and 2018, the Company had a liability of approximately $908,000 and $944,000, respectively, recorded within accrued expenses on the balance sheet. The incentive compensation expense is

recognized over three years from the date of the awards. The amounts to be recognized over future periods at September 30, 2020 and 2019 was $232,000 and $225,000, respectively.