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Stock-Based Compensation
3 Months Ended
Dec. 31, 2013
Stock-Based Compensation

4. Stock-Based Compensation:

On November 21, 2013, the Company issued 184,000 shares of restricted stock under the 1997 Key Employee Stock Option Plan (as amended, the “Plan”).  The fair value of the Company’s common stock on the date of grant was $98.68 per share, and the unrecognized compensation cost on the date of grant related to these awards, net of estimated forfeitures, was $17.3 million and will be charged to expense over four years as the restrictions lapse. Under the terms of the Plan, recipients of restricted stock awards are entitled to vote such shares and are entitled to dividends, if paid.

The compensation expense for these awards was determined based on the closing market price of the Company’s stock on the date of grant applied to the total number of shares that were anticipated to fully vest. As of December 31, 2013, we had unrecognized compensation expense of approximately $16.6 million related to restricted stock awards.