|12 Months Ended|
Sep. 30, 2023
|Share-Based Payment Arrangement [Abstract]|
We grant restricted stock units ("RSUs") and performance stock units ("PSUs") to eligible participants under our 2021 Omnibus Incentive Plan, which was approved by the Board of Directors and the Company's shareholders. The RSUs granted to employees vest ratably over to five years and one year for members of the board of directors, in each case from the grant date. PSU vesting is subject to the achievement of certain performance and market conditions, and the number of PSUs earned could vary from 0% to 200% of the number of PSUs awarded. The PSUs will vest at the end of a three-year performance period. We issue new shares to satisfy our obligations under these plans. The fair value of each RSU and PSU is calculated at the date of the grant.
In addition to the non-vested shares, as part of individual elections made in the deferred compensation plan, certain directors and employees held approximately 286,000 vested but not issued awards as of September 30, 2023. These vested unissued units are included in outstanding shares for basic and diluted earnings per share but are not reported as issued and outstanding in the Consolidated Balance Sheets and Consolidated Statements of Changes in Shareholders' Equity.
As of September 30, 2023, the intrinsic value of RSUs and PSUs expected to vest was $48.7 million.
For the years ended September 30, 2023, 2022, and 2021, we recognized share-based compensation expenses of $29.5 million, $30.5 million, and $28.6 million, respectively. The income tax benefit recorded on these charges for the same years was $8.1 million, $6.9 million, and $13.5 million, respectively. The expenses related to share-based compensation awards are recorded in selling and administrative expenses. As of September 30, 2023, there was $42.1 million of total estimated unrecognized compensation cost related to non-vested RSUs and PSUs. This cost is expected to be recognized over four years.
The weighted-average grant-date fair value of RSUs granted in years ended September 30, 2022 and 2021, was $79.75 and $76.80, respectively. The total fair value of RSUs vested during the years ended September 30, 2023, 2022, and 2021, was $29.8 million, $23.5 million, and $28.9 million, respectively.
Stock Repurchase Programs
Under a resolution adopted in March 2020, the Board of Directors authorized the purchase, at management's discretion, of up to $200.0 million of our common stock. During the years ended September 30, 2022 and 2021, we purchased 1.4 million and 0.1 million common shares at a cost of $96.1 million and $3.4 million, respectively. We made no purchases during fiscal year 2023. As of September 30, 2023, $50.6 million remained available for future stock purchases.
The entire disclosure for share-based payment arrangement.
Reference 1: http://www.xbrl.org/2003/role/exampleRef