Annual report pursuant to Section 13 and 15(d)

SHARE-BASED PAYMENTS (Tables)

v3.5.0.2
SHARE-BASED PAYMENTS (Tables)
12 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Restricted Stock Activity
The transactions for restricted stock for the year ended September 30, 2016 were as follows:

 
Shares
 
Weighted-
average
Grant-date
Fair Value
Non-vested at September 30, 2015
570,567

 
$
35.66

Granted
227,125

 
51.89

Vested
(270,317
)
 
30.93

Expired or forfeited
(4,665
)
 
42.06

Non-vested at September 30, 2016
522,710

 
$
45.10

Stock Option Activity
The transactions for shares under options for the year ended September 30, 2016 were as follows:
 
Shares
 
Weighted-
average
Exercise Price
 
Weighted-
average
Remaining
Contractual Term
 
Aggregate
Intrinsic
Value
Outstanding, September 30, 2015
337,938

 
$
39.19

 
 
 
 
Exercised
(161,460
)
 
39.68

 
 
 
 
Expired or forfeited
(98,745
)
 
37.33

 
 
 
 
Outstanding, September 30, 2016
77,733

 
$
40.56

 
0.1
 
$
1,571

Exercisable, September 30, 2016
333

 
$
40.56

 
0.1
 
$
7

Non-vested Options Activity
The transactions for non-vested option shares for the year ended September 30, 2016 were as follows:
 
Shares
 
Weighted-
average
Grant-date
Fair Value
Non-vested at September 30, 2015
166,406

 
$
12.43

Expired or forfeited
(89,006
)
 
12.56

Non-vested at September 30, 2016
77,400

 
$
12.29

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, 2016, 2015 and 2014.
 
2016
 
2015
 
2014
Expected volatility
20.7
%
 
22.2
%
 
26.6
%
Dividend yield
1.0
%
 
1.0
%
 
1.1
%
Average risk-free interest rate
1.7
%
 
1.7
%
 
1.4
%
Average expected term (years)
2.1

 
1.8

 
2.0