Quarterly report pursuant to Section 13 or 15(d)

Share Based Payments (Tables)

v2.4.0.6
Share Based Payments (Tables)
3 Months Ended
Dec. 31, 2012
Share-Based Payments [Abstract]  
Restricted stock activity
The transactions for restricted stock for the three months ended December 31, 2012 were as follows:

         
Weighted-
 
         
average
 
         
grant-date
 
   
Shares
   
fair value
 
Non-vested at September 30, 2012
    551,389     $ 32.56  
Granted
    227,580       24.92  
Vested
    (72,210 )     37.31  
Expired or forfeited
    (40,591 )     30.77  
Non-vested at December 31, 2012
    666,168       29.55  

Stock option activity
The transactions for shares under options for the quarter ended December 31, 2012 were as follows:

               
Weighted-
       
         
Weighted-
   
average
   
Aggregate
 
         
average
   
remaining
   
intrinsic
 
   
Shares
   
exercise price
   
contractual term
   
value
 
Outstanding, September 30, 2012
    840,282     $ 37.15              
Granted
    -       -              
Exercised
    (21,440 )     22.12              
Expired or forfeited
    (9,284 )     34.62              
Outstanding, December 31, 2012
    809,558       37.58       2.9     $ -  
Exercisable, December 31, 2012
    456,854       36.68       2.6     $ -  

Non-vested options activity
The transactions for non-vested options for the quarter ended December 31, 2012 were as follows:

         
Weighted-average
 
         
grant-date
 
Non-vested shares
 
Shares
   
fair value
 
Non-vested at September 30, 2012
    355,872     $ 11.35  
Granted
    -       -  
Vested
    -       -  
Expired or forfeited
    (3,168 )     10.91  
Non-vested at December 31, 2012
    352,704       11.35  

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 granted during the periods ended December 31, 2012 and 2011.

   
Three Months Ended December 31,
 
   
2012
   
2011
 
Expected volatility
    29.5 %     30.4 %
Dividend yield
    1.2 %     1.0 %
Average risk free interest rate
    0.6 %     0.9 %
Average expected term (years)
    2.0       2.0