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Share-Based Compensation (Notes)
 9 Months Ended
Jun. 30, 2015
Stock-Based Compensation [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Share-Based Compensation
Share-based compensation expense is included in ‘compensation and benefits’ in the condensed consolidated income statements and totaled $1.0 million and $1.0 million for the three months ended June 30, 2015 and 2014, respectively, and $2.8 million and $3.2 million for the nine months ended June 30, 2015 and 2014, respectively.
Stock Option Plan
The Company sponsors a stock option plan for its directors, officers and employees. The 2013 Stock Option Plan, which was approved by the Company’s Board of Directors and shareholders, authorizes the Company to issue stock options covering up to 1.0 million shares of the Company’s common stock. As of June 30, 2015, there were 0.8 million shares available for future grant under this plan. Awards that expire or are forfeit 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:
 
Nine Months Ended June 30, 2015
Expected stock price volatility
34%
Expected dividend yield
—%
Risk free interest rate
0.80%
Average expected life (in years)
2.88

Expected stock price volatility rates are based primarily 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 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 the nine months ended June 30, 2015 was $4.31.
The following is a summary of stock option activity for the nine months ended June 30, 2015:
 
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 as of September 30, 2014
913,500

 
1,578,056

 
$
25.38

 
$
11.58

 
4.16
 
$
1.9

Granted
(91,000
)
 
91,000

 
$
20.54

 
$
4.31

 
 
 
 
Exercised
 
 
(315,131
)
 
$
11.85

 
$
6.43

 
 
 
 
Forfeited
3,665

 
(7,332
)
 
$
19.10

 
$
4.99

 
 
 
 
Expired
—

 
(45,359
)
 
$
27.92

 
$
12.08

 
 
 
 
Balances as of June 30, 2015
826,165

 
1,301,234

 
$
28.26

 
$
12.34

 
4.48
 
$
10.5

Exercisable as of June 30, 2015
 
 
356,267

 
$
37.88

 
$
13.52

 
1.54
 
$
2.3


The total compensation cost not yet recognized for non-vested awards of $7.0 million as of June 30, 2015 has a weighted-average period of 4.60 years over which the compensation expense is expected to be recognized. Compensation expense is amortized on a straight-line basis over the vesting period. The total intrinsic value of options exercised during the nine months ended June 30, 2015 and 2014 was $3.6 million and $1.8 million, respectively.
Restricted Stock Plan
The Company sponsors a restricted stock plan for its directors, officers and employees. As of June 30, 2015, 1.0 million shares were authorized for future grant under the 2012 Restricted Stock Plan. Awards that are forfeit 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 for the nine months ended June 30, 2015:
 
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 as of September 30, 2014
1,096,325

 
229,851

 
$
20.03

 
1.79
 
$
4.0

Granted
(116,024
)
 
116,024

 
$
20.48

 
 
 
 
Vested
 
 
(108,083
)
 
$
21.42

 
 
 
 
Forfeited
470

 
(470
)
 
$
18.08

 
 
 
 
Balances as of June 30, 2015
980,771

 
237,322

 
$
19.62

 
2.30
 
$
7.9


The total compensation cost not yet recognized of $3.5 million as of June 30, 2015 has a weighted-average period of 2.30 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.