Stock-Based Compensation (Notes)

12 Months Ended

Sep. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [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 $5.9 million, $2.3 million and $1.9 million for the fiscal years ended 2012, 2011 and 2010, respectively.

Stock Option Plans

The Company sponsors a stock option plan for its directors, officers, employees and consultants. On February 23, 2012, the Company's shareholders approved an amendment to the stock option plan that increased the maximum number of shares that may be issued under the stock option plan from 2,250,000 to 3,250,000 shares. As of September 30, 2012, 921,412 shares were authorized for future grant under this plan. Awards that expire or are canceled generally become available for issuance again under the plan. The Company settles 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,
	2012		2011		2010
Expected stock price volatility	57	%	77	%	85	%
Expected dividend yield	—	%	—	%	—	%
Risk free interest rate	1.53	%	0.72	%	1.45	%
Average expected life (in years)	7.86		2.94		2.80

Expected stock price volatility rates are primarily based on the historical volatility. 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 2012, 2011 and 2010 was $13.57, $11.66 and $8.12, respectively.

The following is a summary of stock option activity for the year ended September 30, 2012:

	Shares Available for Grant		Number of Options Outstanding		Weighted Average  Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)	Aggregate Intrinsic Value ($ millions)
Balances at September 30, 2011	750,481		1,344,646		$	21.05	$	8.93	3.06	$	9.8
Additional shares authorized by shareholders	1,000,000
Granted	(925,000	)	925,000		$	25.71	$	13.57
Exercised			(212,160	)	$	8.68	$	6.11
Forfeited	46,500		(46,500	)	$	25.74	$	13.53
Expired	49,431		(120,352	)	$	40.56	$	13.54
Balances at September 30, 2012	921,412		1,890,634		$	23.36	$	11.11	5.45	$	6.0
Exercisable at September 30, 2012			695,702		$	26.84	$	11.13	2.63	$	2.7

The total compensation cost not yet recognized for non-vested awards of $11.6 million as of September 30, 2012 has a weighted-average period of 6.09 years over which the compensation expense is expected to be recognized. The total intrinsic value of options exercised during fiscal years 2012, 2011 and 2010 was $3.0 million, $1.6 million and $1.4 million, respectively.

The options outstanding as of September 30, 2012 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	68,374	$	2.50	0.43
$	5.00	-	$	10.00	379,830	$	7.03	2.13
$	10.00	-	$	15.00	8,560	$	14.60	0.63
$	15.00	-	$	20.00	276,269	$	18.12	2.75
$	20.00	-	$	25.00	127,876	$	23.51	4.07
$	25.00	-	$	30.00	800,000	$	25.91	9.22
$	30.00	-	$	35.00	—	n/a		n/a
$	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	229,725	$	54.23	3.49
					1,890,634	$	23.36	5.45

Restricted Stock Plan

The Company sponsors a restricted stock plan for its directors, officers and employees. On January 31, 2012, the Company's 2007 restricted stock plan expired. On February 23, 2012, shareholders approved the Company's 2012 restricted stock plan authorizing up to 1.5 million shares to be issued. As of September 30, 2012, 1,420,114 shares were authorized for future grant under the 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, 2012:

	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, 2011	290,963		299,118		$	17.71	1.92	$	6.2
Termination of 2007 Plan	(22,075	)
Additional shares authorized by shareholders	1,500,000
Granted	(348,961	)	348,961		$	23.82
Vested			(135,627	)	$	16.89
Forfeited	187		(328	)	$	23.02
Balances at September 30, 2012	1,420,114		512,124		$	22.09	1.81	$	9.8

The total compensation cost not yet recognized of $7.7 million as of September 30, 2012 has a weighted-average period of 1.81 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.