Matthews International Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Share Based Payments (Tables)

Share Based Payments (Tables)

6 Months Ended

Mar. 31, 2014

The transactions for restricted stock for the six months ended March 31, 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		(225,503	)		29.44
Expired or forfeited		(77,417	)		30.84
Non-vested at March 31, 2014		539,704			31.60

Stock option activity

The transactions for shares under options for the six months ended March 31, 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		(62,653	)		32.37
Expired or forfeited		(20,214	)		39.12
Outstanding, March 31, 2014		661,957			38.23		1.8	$	1,710
Exercisable, March 31, 2014		349,183			37.77		1.6	$	1,063

Non-vested options activity

The transactions for non-vested options for the six months ended March 31, 2014 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		(18,981	)		12.23
Non-vested at March 31, 2014		312,774			11.23

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 periods ended March 31, 2014 and 2013.

	Six Months Ended March 31,
	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