XML 85 R27.htm IDEA: XBRL DOCUMENT v3.19.3
Employee Benefits (Tables)
 12 Months Ended
Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Black-Scholes Option Pricing Model to Determine Grant-date Fair Value for Stock Options We have elected to use the Black-Scholes option pricing model to determine grant-date fair value for stock options, with the following assumptions: (i) expected share price volatility based on the average of Meridian’s historical volatility over the options’ expected lives and implied volatility based on the value of tradable call options; (ii) expected life of options based on contractual lives, employees’ historical exercise behavior and employees’ historical post-vesting employment termination behavior; (iii) risk-free interest rates based on treasury rates that correspond to the expected lives of the options; and (iv) dividend yield based on the expected yield on underlying Meridian common stock.
                         
Year ended September 30,
 
2019
 
  
2018
    
2017
  
Risk-free interest rates
 
 
2.99
%
   
2.10
 %    
1.34
 %
Dividend yield
 
 
3.3
%
   
3.3
 %    
4.1
 %
Life of option
 
 
6.51 yrs.
 
    
6.47 yrs.
     
6.44 yrs.
 
Share price volatility
 
 
29
%
   
30
 %    
27
 %
Forfeitures (by employee group)
 
 
0%-16
%
    
0%-16
%
    
0%-19
%
 
 
 
 
 
 
 
 
Summary of Stock Option Plans
A summary of the status of our stock option plans as of September 30, 201
9
, and changes during the year ended September 30, 2019, is presented in the table and narrative below:
                                 
 
Options
   
Wtd Avg
Exercise
Price
   
Wtd Avg
Remaining
Life (Yrs)
   
Aggregate
Intrinsic
Value
 
Outstanding beginning of period
   
1,095
     $
  17.56
      
     
 
Grants
   
77
      
16.07
      
     
 
Exercises
   
(30
 )    
15.13
      
     
 
Forfeitures
   
(52
 )    
15.03
      
     
 
Cancellations
   
(100
 )    
20.48
      
     
 
                                 
Outstanding end of period
   
990
     $
17.36
      
6.37
     $
1
  
                                 
Exercisable end of period
   
782
     $
17.99
      
5.86
     $
—  
  
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Nonvested Options
A summary of the status of our nonvested options as of September 30, 2019, and changes during the year ended September 30, 201
9
, is presented below:
                 
 
Options
   
Weighted-
Average
Grant Date
Fair Value
 
Nonvested beginning of period
   
389
     $
3.24
  
Granted
   
77
      
3.61
  
Vested
   
(205
 )    
3.39
  
Forfeitures
   
(52
 )    
3.25
  
                 
Nonvested end of period
   
209
     $
3.24