Equity-Based Compensation |
6 Months Ended |
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Mar. 31, 2023 | |
| Share-Based Payment Arrangement [Abstract] | |
| Equity-Based Compensation | Equity-Based Compensation The Company measures and recognizes equity-based compensation expense, net of forfeitures, over the requisite vesting periods for all equity-based payment awards made, and recognizes forfeitures as they occur. Equity-based compensation is included in general and administrative expenses in the Consolidated Statements of Comprehensive Income.
Restricted Stock
During the three months ended March 31, 2023 and 2022, the Company recorded $2.2 million and $1.8 million, respectively, of compensation expense in connection with restricted stock awards. During the six months ended March 31, 2023 and 2022, the Company recorded $4.2 million and $3.2 million, respectively, of compensation expense in connection with restricted stock awards. At March 31, 2023, there was approximately $14.1 million of unrecognized compensation expense related to restricted stock awards.
Performance Stock Units
Performance stock units (“PSUs”) are eligible to vest at the end of the performance period based on achievement of certain performance metrics established by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”). The preliminary number of shares of common stock issuable upon vesting of PSUs can range from 0% to 150% of the number of shares subject to the award, depending on the level of achievement, as determined by the Compensation Committee. The preliminary number of vested shares may be increased or decreased by up to 15% based on a comparison of the Company’s total shareholder return over the performance period to that of the Russell 2000. The Company recognizes expense, net of estimated forfeitures, for PSUs based on the forecasted level of achievement of the applicable performance metrics, multiplied by the fair value of the total number of shares of Class A common stock underlying the PSUs that the Company anticipates will be delivered upon vesting based on such achievement.
During the three months ended March 31, 2023 and 2022, the Company recorded $0.5 million and $0.0 million, respectively, of compensation expense in connection with PSUs. During the six months ended March 31, 2023 and 2022, the Company recorded $1.0 million and $0.0 million, respectively, of compensation expense in connection with PSUs. At March 31, 2023, there was approximately $3.1 million of unrecognized compensation expense related to PSUs.
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