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Employee Benefit Plans
3 Months Ended
Dec. 31, 2015
Compensation Related Costs [Abstract]  
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS

Restricted Stock Units (RSUs)

The Company’s Stock Incentive Plan provides for the granting of stock options and restricted stock units by the Compensation Committee of the Board of Directors to executive officers, other key employees and non-management directors. Restricted stock unit awards may be based on performance (performance-based) or on service over a requisite time period (time-based).

In November 2015, a total of 330,000 performance-based RSU equity awards were granted to the Company's Chairman, its Chief Executive Officer and its Chief Operating Officer. These awards vest at the end of a three-year performance period ending September 30, 2018. The number of units that ultimately vest depends on the Company's relative position as compared to its peers at the end of the three-year period in achieving certain performance criteria and can range from 0% to 200% of the number of units granted. The performance criteria are total shareholder return; return on investment; selling, general and administrative expense containment; and gross profit. The performance-based RSUs have no dividend or voting rights during the performance period. Each performance-based RSU represents the contingent right to receive one share of the Company's common stock if the vesting conditions are satisfied. The fair value of these equity awards on the date of grant was $30.81 per unit. Compensation expense related to these grants was $1.1 million for the three months ended December 31, 2015 based on the Company's performance against the peer group, the elapsed portion of the performance period and the grant date fair value of the award.

In November 2015, 30,000 time-based RSUs were granted to the Company's Chief Financial Officer. These time-based RSUs vest annually in equal installments over a three-year period ending in November 2018 and have no dividend or voting rights during the vesting period. Each time-based RSU represents the contingent right to receive one share of the Company's common stock if the vesting conditions are satisfied. The fair value of this equity award on the date of grant was $28.98 per unit.