Stock-Based Compensation

9 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based compensation expense is included in general and administrative expenses in our condensed consolidated statements of operations. The following table presents a summary of stock-based compensation expense related to stock options and restricted stock awards for the periods presented:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2025		2024		2025		2024
Stock-based compensation expense	$	1,817	$	2,474	$	5,442	$	5,536

Stock Options

Following is a summary of stock option activity for the nine months ended June 30, 2025:


	Nine Months Ended
	June 30, 2025
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	11,150	$	10.04
Granted	1,692	22.38
Exercised	(11,000)	9.79

Cancelled	(200)	20.27
Outstanding at end of period	1,642	23.14

As of June 30, 2025 and September 30, 2024, there was less than $0.1 million of total unrecognized compensation costs related to unvested stock options.

Restricted Stock Awards

During the nine months ended June 30, 2025, the Company issued time-based and performance-based restricted stock awards. The time-based restricted shares granted to our non-employee directors vest on the first anniversary of the grant, while the time-based restricted shares granted to our executive officers and other employees generally vest ratably over three years from the date of grant. Performance-based restricted share awards vest subject to the achievement of performance and market conditions over a three-year performance period.

Following is a summary of restricted stock activity for the nine months ended June 30, 2025:


	Nine Months Ended June 30, 2025
	Performance-Based Restricted Shares	Time-Based Restricted Shares	Total Restricted Shares
Beginning of period	303,712	415,787	719,499
Granted	96,603	189,186	285,789
Vested	(71,470)	(224,458)	(295,928)
Forfeited(a)	(21,357)	(10,832)	(32,189)
End of period	307,488	369,683	677,171

(a) Each of our performance shares represent a contingent right to receive one share of the Company's common stock if vesting is satisfied at the end of the three-year performance period. Our performance stock award plans provide that any performance shares earned in excess of the target number of performance shares issued may be settled in cash or additional shares at the discretion of the Human Capital Committee. We have no current plans to settle any additional performance-based restricted shares in the future in cash. During November 2024, the Company forfeited 17,875 of the 89,345 performance shares that remained outstanding under the fiscal 2022 performance-based award plan. The forfeiture was determined based on the performance level achieved under the terms of the plan.

As of June 30, 2025 and September 30, 2024, total unrecognized compensation costs related to unvested restricted stock awards were $10.3 million and $6.8 million, respectively. The costs remaining as of June 30, 2025 are expected to be recognized over a weighted average period of 1.9 years.