Quarterly report pursuant to Section 13 or 15(d)

Share Based Payments (Tables)

v2.4.0.8
Share Based Payments (Tables)
3 Months Ended
Dec. 31, 2013
Share-Based Payments [Abstract]  
Restricted stock activity
The transactions for restricted stock for the three months ended December 31, 2013 were as follows:

         
Weighted-
 
         
average
 
         
grant-date
 
   
Shares
   
fair value
 
Non-vested at September 30, 2013
    641,399       $29.46  
Granted
    201,225       35.71  
Vested
    (196,009 )     29.99  
Expired or forfeited
    (74,750 )     30.85  
Non-vested at December 31, 2013
    571,865       31.30  
Stock option activity
The transactions for shares under options for the quarter ended December 31, 2013 were as follows:

               
Weighted-
       
         
Weighted-
   
average
   
Aggregate
 
         
average
   
remaining
   
intrinsic
 
   
Shares
   
exercise price
   
contractual term
   
value
 
Outstanding, September 30, 2013
    744,824       $37.76              
Granted
    -       -              
Exercised
    (57,983 )     31.99              
Expired or forfeited
    (15,833 )     39.18              
Outstanding, December 31, 2013
    671,008       38.22       2.0       $2,944  
Exercisable, December 31, 2013
    354,420       37.76       1.9       $1,718  
Non-vested options activity
The transactions for non-vested options for the quarter ended December 31, 2013 were as follows:

         
Weighted-average
 
         
grant-date
 
Non-vested shares
 
Shares
   
fair value
 
Non-vested at September 30, 2013
    331,755       $11.29  
Granted
    -       -  
Vested
    -       -  
Expired or forfeited
    (15,167 )     12.25  
Non-vested at December 31, 2013
    316,588       11.24  
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, 2013 and 2012.

   
Three Months Ended December 31,
 
   
2013
   
2012
 
Expected volatility
    26.6 %     29.5 %
Dividend yield
    1.1 %     1.2 %
Average risk free interest rate
    1.4 %     0.6 %
Average expected term (years)
    2.0       2.0