Quarterly report pursuant to Section 13 or 15(d)

Share Based Payments (Tables)

v2.4.1.9
Share Based Payments (Tables)
3 Months Ended
Dec. 31, 2014
Share-Based Payments [Abstract]  
Restricted stock activity
The transactions for restricted stock for the three months ended December 31, 2014 were as follows:

       
Weighted-
 
       
average
 
       
grant-date
 
   
Shares
   
fair value
 
Non-vested at September 30, 2014
   
575,150
   
$
33.83
 
Granted
   
205,370
     
40.13
 
Vested
   
(138,584
)
   
34.76
 
Expired or forfeited
   
(32,739
)
   
24.23
 
Non-vested at December 31, 2014
   
609,197
     
36.26
 
Stock option activity
The transactions for shares under options for the quarter ended December 31, 2014 were as follows:

           
Weighted-
     
       
Weighted-
   
average
   
Aggregate
 
       
average
   
remaining
   
intrinsic
 
   
Shares
   
exercise price
   
contractual term
   
value
 
Outstanding, September 30, 2014
   
512,322
   
 
$38.62
         
Granted
   
-
     
-
         
Exercised
   
(97,844
)
   
38.09
         
Expired or forfeited
   
(68,557
)
   
36.52
         
Outstanding, December 31, 2014
   
345,921
     
39.19
     
1.4
   
 
$3,280
 
Exercisable, December 31, 2014
   
101,933
     
38.76
     
1.3
   
 
$1,010
 
Non-vested options activity
The transactions for non-vested options for the quarter ended December 31, 2014 were as follows:

   
Weighted-average
 
   
grant-date
 
Non-vested shares
Shares
 
fair value
 
Non-vested at September 30, 2014
   
312,442
   
 
$11.21
 
Expired or forfeited
   
(68,454
)
   
11.70
 
Non-vested at December 31, 2014
   
243,988
     
11.07
 
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, 2014 and 2013.

   
Three Months Ended December 31,
 
   
2014
   
2013
 
Expected volatility
   
22.2
%
   
26.6
%
Dividend yield
   
1.0
%
   
1.1
%
Average risk-free interest rate
   
1.7
%
   
1.4
%
Average expected term (years)
   
1.8
     
2.0