Company: ONEW
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001772921-25-000013
Chunk: 30

Company: OneWater Marine Inc.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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, 2024, the Board approved the grant of 211,978 time-based restricted stock units. Of this amount, 36,596 restricted stock units fully vest on October 1, 2025 and the remaining 175,382 restricted stock units vest in three equal annual installments commencing on October 1, 2025. Compensation cost for time-based restricted stock units is based on the closing price of our common stock on the date immediately preceding the grant and is recognized on a graded basis over the applicable vesting periods. Compensation cost for performance share units is based on the closing price of our common stock on the date immediately preceding the grant and the ultimate performance level achieved and is recognized on a graded basis over the applicable vesting period. The Company recognized $2.0 million and $2.3 million of compensation expense for the three months ended December 31, 2024 and 2023, respectively, which includes $0.8 million and $0.9 million of compensation expense for the three months ended December 31, 2024 and 2023, respectively, for performance-based units.The following table further summarizes activity related to restricted stock units for the three months ended December 31, 2024:Restricted Stock Unit AwardsNumber of Shares Weighted Average Grant Date Fair ValueUnvested at September 30, 2024542,119$27.20 Awarded364,05023.91 Vested(238,352)27.54 Forfeited— — Unvested at December 31, 2024667,817$25.29 As of December 31, 2024, the total unrecognized compensation expense related to outstanding equity awards was $9.8 million, which the Company expects to recognize over a weighted-average period of 1.4 years.We issue shares of our Class A common stock upon the vesting of performance-based restricted stock units and time-based restricted stock units. These shares are issued from our authorized and not outstanding common stock. In addition, in connection with the vesting of restricted stock units, we repurchase a portion of shares equal to the amount of employee income tax withholding. We recognize forfeitures of performance-based restricted stock units and time-based restricted stock units as the forfeitures occur.

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Net Loss Per ShareBasic and diluted net loss per share of Class A common stock is computed by dividing net income (loss) attributable to OneWater Inc by the weighted-average number of shares of Class A common stock outstanding during