Share-Based Compensation and Stock Repurchases

3 Months Ended

Dec. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation and Stock Repurchases

13.Share-Based Compensation and Stock Repurchases

Restricted Stock

We grant restricted stock units (“RSUs”) as part of our long-term incentive compensation to employees and non-employee members of the Board of Directors. RSUs generally vest over a period of 3 to 5 years for employees and one year for members of the Board of Directors. The restricted common stock underlying RSUs are not deemed issued or outstanding upon grant, and do not carry any voting rights.

The restricted share activity for the three months ended December 31, 2022 is summarized as follows:

				Weighted-
				Average
	Number			Grant Date
	of Shares			Fair Value
Restricted shares unvested at September 30, 2022		1,172,493		$	4.43
Granted		—		$	—
Vested		(2,500	)	$	1.37
Forfeited		—		$	—
Restricted shares unvested at December 31, 2022		1,169,993		$	4.44

As of December 31, 2022, there was $3.7 million of total unrecognized compensation cost related to unvested share-based compensation arrangements, which is expected to be recognized over a weighted-average period of 1.8 years.

Compensation cost for share-based awards is recognized on a straight-line basis over the vesting period. Share-based compensation expense for the three months ended December 31, 2022 and 2021 was $0.7 million and $0.7 million, respectively.

We repurchased 847 shares of our common stock for $1.0 thousand to cover the income tax obligation on vested employee equity awards during the three months ended December 31, 2022.