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<br />Table of Contents
<br />road -20210930
<br />Agreement also requires the Company to satisfy certain financial covenants, including a minimum fixed charge coverage ratio of 1.20 -
<br />to -1.00 and a maximum consolidated leverage ratio of 3.00 -to -1.00, subject to certain adjustments. At September 30, 2021 and 2020,
<br />the Company's fixed charge coverage ratio was 3.29 -to -1.00 and 2.85 -to -1.00, respectively, and the Company's consolidated leverage
<br />ratio was 1.99 -to -1.00 and 1.08 -to -1.00, respectively. At both September 30, 2021 and 2020, the Company was in compliance with all
<br />covenants under the Credit Agreement.
<br />From time to time, the Company has entered into interest rate swap agreements to hedge against the risk of changes in interest rates. At
<br />September 30, 2021 and 2020, the aggregate notional value of these interest rate swap agreements was $198.3 million and
<br />$46.5 million, respectively, and the fair value was $(0.8) million and $(1.7) million, respectively, which is included within other current
<br />liabilities or other long-term liabilities on the Company's Consolidated Balance Sheets.
<br />The scheduled contractual repayment terms of long-term debt at September 30, 2021 are as follows:
<br />Fiscal Year Amount
<br />2022 $ 10,000
<br />2023 10,000
<br />2024 11,250
<br />2025 15,000
<br />2026 171,250
<br />Total $ 217,500
<br />Interest expense was $2.5 million, $3.6 million and $3.3 million for the fiscal years ended September 30, 2021, 2020 and 2019,
<br />respectively. Amortization of deferred debt issuance costs and debt discounts included in interest expense was $0.3 million,
<br />$0.2 million and $0.1 million for the fiscal years ended September 30, 2021, 2020 and 2019, respectively.
<br />Note 12 - Equity
<br />Shares of Class A common stock and Class B common stock are identical, except with respect to voting rights, conversion rights and
<br />transfer restrictions applicable to shares of Class B common stock. The holders of Class A common stock are entitled to one vote per
<br />share, and the holders of Class B common stock are entitled to ten votes per share. The holders of Class A common stock and Class B
<br />common stock vote together as a single class on all matters submitted to a vote of stockholders, including the election of directors,
<br />unless otherwise required by applicable law or the Company's certificate of incorporation or bylaws. Shares of Class B common stock
<br />are convertible into shares of Class A common stock at any time at the option of the holder or upon any transfer, subject to certain
<br />limited exceptions. In addition, upon the election of the holders of a majority of the then -outstanding shares of Class B common stock,
<br />all outstanding shares of Class B common stock will be converted into shares of Class A common stock. Once converted into shares of
<br />Class A common stock, shares of Class B common stock will not be reissued. Class A common stock is not convertible into any other
<br />class of the Company's capital stock.
<br />Conversion of Class B Common Stock to Class A Common Stock
<br />During the fiscal year ended September 30, 2021, certain stockholders of the Company converted a total of 2,214,022 shares of Class B
<br />common stock into shares of Class A common stock on a one-for-one basis. As of September 30, 2021, there were 36,600,639 shares
<br />of Class A common stock and 15,691,839 shares of Class B common stock outstanding.
<br />Restricted Stock Awards
<br />During the fiscal year ended September 30, 2021, the Company awarded a total of 510,733 restricted shares of Class A common stock
<br />to certain members of Company management under the Construction Partners, Inc. 2018 Equity Incentive Plan (the "Equity Incentive
<br />Plan").
<br />Additional information about these transactions is set forth in Note 14 - Equity -Based Compensation.
<br />Registration Rights Agreement
<br />The Company is a party to a registration rights agreement (the "Registration Rights Agreement") with certain of the Company's
<br />directors and officers and affiliates of SunTx (collectively, the "RRA Holders"). Under the Registration Rights Agreement, the RRA
<br />Holders have "demand" registration rights, meaning that the Company must register under the Securities Act shares of the Company's
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