Stock-Based Compensation

6 Months Ended

Mar. 31, 2026

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				Six Months Ended
	March 31,				March 31,
in thousands	2026		2025		2026		2025
Stock-based compensation expense	$	1,876	$	1,712	$	3,430	$	3,625

Stock Options

Following is a summary of stock option activity for the six months ended March 31, 2026:


	Six Months Ended
	March 31, 2026
	Shares	Weighted Average Exercise Price
Outstanding at beginning of period	1,642	$	23.14
Granted	20,769	22.92



Outstanding at end of period	22,411	22.93
Exercisable at end of period	100	$	27.98

As of March 31, 2026 and September 30, 2025, total unrecognized compensation cost related to unvested stock options was $0.2 million and less than $0.1 million, respectively. The remaining cost as of March 31, 2026 is expected to be recognized over a weighted average period of 2.6 years.

Restricted Stock Awards

During the six months ended March 31, 2026, 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 six months ended March 31, 2026:


	Six Months Ended March 31, 2026
	Performance-Based Restricted Shares	Time-Based Restricted Shares	Total Restricted Shares
Beginning of period	307,097	402,025	709,122
Granted	174,243	388,707	562,950
Vested	(140,035)	(219,548)	(359,583)
Forfeited(a)	(4,624)	(2,491)	(7,115)
End of period	336,681	568,693	905,374

(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 2025, 3,599 of the 143,634 performance-based shares issued under the fiscal 2023 performance-based award plan were forfeited by the holders of the awards based on the performance level achieved under the terms of the plan.

As of March 31, 2026 and September 30, 2025, total unrecognized compensation costs related to unvested restricted stock awards were $14.5 million and $9.1 million, respectively. The costs remaining as of March 31, 2026 are expected to be recognized over a weighted average period of 2.1 years.