Annual report pursuant to Section 13 and 15(d)

SHARE-BASED PAYMENTS (Tables)

v3.2.0.727
SHARE-BASED PAYMENTS (Tables)
12 Months Ended
Sep. 30, 2014
SHARE-BASED PAYMENTS [Abstract]  
Restricted Stock Activity
The transactions for restricted stock for the year ended September 30, 2014 were as follows:

       
Weighted-
 
       
average
 
       
grant-date
 
   
Shares
   
fair value
 
Non-vested at September 30, 2013
   
641,399
   
 
$29.46
 
Granted
   
296,231
     
38.23
 
Vested
   
(285,063
)
   
29.39
 
Expired or forfeited
   
(77,417
)
   
30.84
 
Non-vested at September 30, 2014
   
575,150
     
33.83
 
Stock Option Activity
The transactions for shares under options for the year ended September 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
   
(211,956
)
   
35.54
         
Expired or forfeited
   
(20,546
)
   
39.08
         
Outstanding, September 30, 2014
   
512,322
     
38.62
     
1.4
   
 
$2,699
 
Exercisable, September 30, 2014
   
199,880
     
38.43
     
1.4
   
 
$1,091
 
Non-vested Options Activity
The transactions for non-vested option shares for the year ended September 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 September 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 years ended September 30, 2014, 2013 and 2012.

   
2014
   
2013
   
2012
 
Expected volatility
   
26.6
%
   
29.5
%
   
30.4
%
Dividend yield
   
1.1
%
   
1.2
%
   
1.0
%
Average risk-free interest rate
   
1.4
%
   
0.6
%
   
0.9
%
Average expected term (years)
   
2.0
     
2.0
     
2.0