Annual report pursuant to Section 13 and 15(d)

SHARE-BASED PAYMENTS (Tables)

v3.8.0.1
SHARE-BASED PAYMENTS (Tables)
12 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Restricted Stock Activity
The transactions for restricted stock for the year ended September 30, 2017 were as follows:
 
Shares
 
Weighted-
average
Grant-date
Fair Value
Non-vested at September 30, 2016
522,710

 
$
45.10

Granted
216,655

 
66.61

Vested
(231,231
)
 
46.57

Expired or forfeited
(6,950
)
 
50.29

Non-vested at September 30, 2017
501,184

 
$
53.65

Stock Option Activity
The transactions for shares under options for the year ended September 30, 2017 were as follows:
 
Shares
 
Weighted-
average
Exercise Price
 
Weighted-
average
Remaining
Contractual Term
 
Aggregate
Intrinsic
Value
Outstanding, September 30, 2016
77,733

 
$
40.56

 
 
 
 
Exercised
(333
)
 
40.56

 
 
 
 
Expired or forfeited
(77,400
)
 
40.56

 
 
 
 
Outstanding, September 30, 2017

 
$

 

 
$

Exercisable, September 30, 2017

 
$

 

 
$

Non-vested Options Activity
The transactions for non-vested option shares for the year ended September 30, 2017 were as follows:
 
Shares
 
Weighted-
average
Grant-date
Fair Value
Non-vested at September 30, 2016
77,400

 
$
12.29

Expired or forfeited
(77,400
)
 
12.29

Non-vested at September 30, 2017

 
$

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, 2017, 2016 and 2015.
 
2017
 
2016
 
2015
Expected volatility
20.2
%
 
20.7
%
 
22.2
%
Dividend yield
1.1
%
 
1.0
%
 
1.0
%
Average risk-free interest rate
1.7
%
 
1.7
%
 
1.7
%
Average expected term (years)
2.1

 
2.1

 
1.8