Equity-Based Compensation

12 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Restricted Stock Awards

During the fiscal year ended September 30, 2019, the Company awarded a total of 292,534 restricted shares of Class A common stock to its non-employee directors under the Equity Incentive Plan. The grants are classified as equity awards. The aggregate grant date fair value of these restricted stock awards was $3.8 million. During the fiscal years ended September 30, 2021, 2020 and 2019, the Company recorded $1.3 million, $1.6 million and $0.5 million, respectively, of compensation expense in connection with these grants, which is reflected as general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Income. At September 30, 2021, there was approximately $0.4 million of unrecognized compensation expense related to these awards.

During the fiscal year ended September 30, 2021, the Company awarded a total of 510,733 restricted shares of Class A common stock to certain members of Company management under the Equity Incentive Plan. The grants are classified as equity awards. The aggregate grant date fair value of these restricted awards was $13.6 million. During the fiscal year ended September 30, 2021, the Company recorded compensation expense in connection with these grants in the amount of $2.2 million, which is reflected as general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Income. At September 30, 2021, there was approximately $11.4 million of unrecognized compensation expense related to these awards.

The underlying shares subject to awards granted under the Equity Incentive Plan will vest, as applicable, as follows:


Fiscal Year						Number of Shares
2022						110,195
2023						12,683
2024						242,683
2025						230,000
Total						595,561