Quarterly report pursuant to Section 13 or 15(d)

Share Based Payments (Tables)

v2.4.0.8
Share Based Payments (Tables)
9 Months Ended
Jun. 30, 2014
Share-Based Payments [Abstract]  
Restricted stock activity
The transactions for restricted stock for the nine months ended June 30, 2014 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
    (236,888     29.48  
Expired or forfeited
    (77,417     30.84  
Non-vested at June 30, 2014
    528,319       31.63  

Stock option activity
The transactions for shares under options for the nine months ended June 30, 2014 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
    (63,121 )     32.40              
Expired or forfeited
    (20,546 )     39.08              
Outstanding, June 30, 2014
    661,157       38.23       1.5       $2,213  
Exercisable, June 30, 2014
    348,715       37.77       1.4       $1,326  

Non-vested options activity
The transactions for non-vested options for the nine months ended June 30, 2014 were as follows:

         
Weighted-average
 
         
grant-date
 
   
Shares
   
fair value
 
Non-vested at September 30, 2013
    331,755       $11.29  
Granted
    -       -  
Vested
    -       -  
Expired or forfeited
    (19,313 )     12.65  
Non-vested at June 30, 2014
    312,442       11.21  

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 nine months ended June 30, 2014 and 2013.

   
Nine Months Ended June 30,
 
   
2014
   
2013
 
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