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Stock-Based Compensation
9 Months Ended
Jun. 30, 2014
Stock-Based Compensation

10.   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 “1997 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. On February 6, 2014, the Company issued 3,000 shares of restricted stock under the 2014 Long Term Incentive Plan (as amended, the “2014 Plan”). The fair value of the Company’s common stock on the date of grant was $69.96 per share, and the unrecognized compensation cost on the date of grant related to these awards, net of estimated forfeitures, was $0.2 million and will be charged to expense over four years as the restrictions lapse. Under the terms of the 2014 Plan, recipients of restricted stock awards are entitled to vote such shares and are entitled to dividends if paid.

During the nine months ended June 30, 2014, 8,000 shares of restricted stock were forfeited.

Compensation expense for restricted stock awards is 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 are anticipated to fully vest. As of June 30, 2014, we had unrecognized compensation expense of approximately $14.0 million related to restricted stock awards.