Annual report pursuant to Section 13 and 15(d)

SHARE-BASED PAYMENTS (Tables)

v3.10.0.1
SHARE-BASED PAYMENTS (Tables)
12 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Restricted Stock Activity
The transactions for restricted stock for the year ended September 30, 2018 were as follows:
 
Shares
 
Weighted-
average
Grant-date
Fair Value
Non-vested at September 30, 2017
501,184

 
$
53.65

Granted
234,100

 
57.05

Vested
(174,295
)
 
51.41

Expired or forfeited
(6,756
)
 
59.72

Non-vested at September 30, 2018
554,233

 
$
55.71

Assumptions Used in Estimating Fair Value
The fair value of each restricted stock grant is estimated on the date of grant using a binomial lattice valuation model.  The following table indicates the assumptions used in estimating fair value of restricted stock for the years ended September 30, 2018, 2017 and 2016.
 
2018
 
2017
 
2016
Expected volatility
20.5
%
 
20.2
%
 
20.7
%
Dividend yield
1.0
%
 
1.1
%
 
1.0
%
Average risk-free interest rate
2.0
%
 
1.7
%
 
1.7
%
Average expected term (years)
2.1

 
2.1

 
2.1