Stock-Based Compensation

12 Months Ended

Sep. 30, 2011

Stock-Based Compensation [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-Based Compensation

Stock-based compensation expense is included within Compensation and benefits in the consolidated income statements and totaled $2.3 million, $1.9 million and $1.9 million for the fiscal years ended 2011, 2010 and 2009, respectively.

Stock Option Plans

The Company sponsors a stock option plan for its directors, officers, employees and consultants. As of September 30, 2011, 750,481 shares were authorized for future grant under this plan. Awards that expire or are canceled generally become available for issuance again under the plan. We settle stock option exercises with newly issued shares of common stock.

Fair value is estimated at the grant date based on a Black-Scholes-Merton option-pricing model using the following weighted-average assumptions:

	Year Ended September 30,
	2011		2010		2009
Expected stock price volatility	77	%	85	%	114	%
Expected dividend yield	—	%	—	%	—	%
Risk free interest rate	0.72	%	1.45	%	2.23	%
Average expected life (in years)	2.94		2.80		4.70

Expected stock price volatility rates are based on the historical volatility of the Company’s common stock. The Company has not paid dividends in the past and does not currently expect to do so in the future. Risk free interest rates are based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option or award. The average expected life represents the estimated period of time that options or awards granted are expected to be outstanding, based on the Company’s historical share option exercise experience for similar option grants. The weighted average fair value of options issued during fiscal years ended 2011, 2010 and 2009 was $11.66, $8.12 and $10.21, respectively.

The following is a summary of stock option activity for the year ended September 30, 2011:

	Shares Available for Grant		Number of Options Outstanding		Weighted Average Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)	Aggregate Intrinsic Value ($ millions)
Balances at September 30, 2010	744,871		1,476,500		$	20.42	$	8.93	3.68	$	8.4
Granted	(49,323	)	49,323		$	23.45	$	11.66
Exercised			(126,244	)	$	11.44	$	7.79
Forfeited	8,333		(8,333	)	$	24.69	$	10.90
Expired	46,600		(46,600	)	$	28.81	$	14.43
Balances at September 30, 2011	750,481		1,344,646		$	21.05	$	8.93	3.06	$	9.8
Exercisable at September 30, 2011			846,117		$	27.99	$	11.67	3.03	$	4.0

The total compensation cost not yet recognized for non-vested awards of $1.1 million as of September 30, 2011 has a weighted-average period of 2.08 years over which the compensation expense is expected to be recognized. The total intrinsic value of options exercised during fiscal years 2011, 2010 and 2009 was $1.6 million, $1.4 million and $0.6 million, respectively.

The options outstanding as of September 30, 2011 broken down by exercise price are as follows:

Exercise Price					Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Term (in Years)
$	—	-	$	5.00	168,874	$	2.48	1.42
$	5.00	-	$	10.00	420,664	$	7.04	3.11
$	10.00	-	$	15.00	8,823	$	14.56	1.64
$	15.00	-	$	20.00	355,889	$	18.19	3.32
$	20.00	-	$	25.00	55,536	$	23.48	2.86
$	25.00	-	$	30.00	41,481	$	27.56	0.19
$	30.00	-	$	35.00	1,476	$	34.25	0.84
$	35.00	-	$	40.00	—	n/a		n/a
$	40.00	-	$	45.00	—	n/a		n/a
$	45.00	-	$	50.00	—	n/a		n/a
$	50.00	-	$	55.00	291,903	$	54.23	4.10
					1,344,646	$	21.05	3.06

Restricted Stock Plan

The Company sponsors a restricted stock plan for its directors, officers and employees. As of September 30, 2011, 290,963 shares were authorized for future grant under our restricted stock plan. Awards that expire or are canceled generally become available for issuance again under the plan. The Company utilizes newly issued shares of common stock to make restricted stock grants.

The following is a summary of restricted stock activity through September 30, 2011:

	Shares Available for Grant		Number of Shares Outstanding		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)	Aggregate Intrinsic  Value ($ millions)
Balances at September 30, 2010	430,882		240,368		$	13.66	2.13	$	4.4
Granted	(139,919	)	139,919		$	24.27
Vested			(81,169	)	$	17.01
Balances at September 30, 2011	290,963		299,118		$	17.71	1.92	$	6.2

The total compensation cost not yet recognized of $3.8 million as of September 30, 2011 has a weighted-average period of 1.92 years over which the compensation expense is expected to be recognized. Compensation expense is amortized on a straight-line basis over the vesting period. Restricted stock grants are included in the Company’s total issued and outstanding common shares.