Share-based compensation expense is included in Compensation and benefits in the Consolidated Income Statements and totaled $17.8 million, $13.9 million and $10.3 million for the years ended September 30, 2022, 2021, and 2020, respectively.

The Company sponsors a stock option plan for its directors, officers, employees and consultants. 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 3.0 million shares of the Company’s common stock. As of September 30, 2022, there were 1.4 million shares 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.


	Year Ended September 30,
	2022		2021		2020 (1)
Expected stock price volatility	39	%	38	%	—	%
Expected dividend yield	—	%	—	%	—	%
Risk free interest rate	1.54	%	1.68	%	—	%
Average expected life (in years)	5.21		4.50		0.00

Expected stock price volatility rates are primarily based on 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 the years ended September 30, 2022, 2021, and 2020 was $22.82, $19.83, and $0.00, respectively.


	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 as of September 30, 2021	1,569,798	1,229,600	$	45.17	$	12.82	4.21	$	25.5
Additional shares authorized by shareholders		—
Granted	(240,500)	240,500	$	62.04	$	22.82
Exercised	—	(212,356)	$	31.31	$	12.72
Forfeited	43,389	(43,389)	$	59.89	$	21.65
Expired	15,010	(15,010)	$	46.39	$	10.69
Balances as of September 30, 2022	1,387,697	1,199,345	$	50.46	$	14.57	4.54	$	39.0
Exercisable at September 30, 2022		233,655	$	46.14	$	11.78	3.33	$	8.6

The total compensation cost not yet recognized for non-vested awards of $10.6 million as of September 30, 2022 has a weighted-average period of 4.84 years over which the compensation expense is expected to be recognized. The total intrinsic value of options exercised during the years ended September 30, 2022, 2021, and 2020 was $39.0 million, $11.7 million and $4.2 million, respectively.


Exercise Price					Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Term (in Years)
$	—	-	$	5.00	—	n/a		n/a
$	5.00	-	$	10.00	—	n/a		n/a
$	10.00	-	$	15.00	—	n/a		n/a
$	15.00	-	$	20.00	—	n/a		n/a
$	20.00	-	$	25.00	—	n/a		n/a
$	25.00	-	$	30.00	—	n/a		n/a
$	30.00	-	$	35.00	—	n/a		n/a
$	35.00	-	$	40.00	53,627	$	39.79	0.37
$	40.00	-	$	45.00	700,000	$	45.00	4.18
$	45.00	-	$	50.00	—	n/a		n/a
$	50.00	-	$	55.00	—	n/a		n/a
$	55.00	-	$	60.00	—	n/a		n/a
$	60.00	-	$	65.00	445,718	$	60.33	5.61
					1,199,345	$	50.46	4.54

The Company sponsors a restricted stock plan for its directors, officers and employees. The Company’s 2017 restricted stock plan, which was approved by the Company’s Board of Directors and shareholders, authorizes up to 1.5 million shares to be issued. As of September 30, 2022, 0.3 million 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.


	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, 2021	558,298	577,041	$	50.57	1.26	$	38.0


Granted	(269,129)	269,129	$	69.41
Vested	—	(265,862)	$	48.60
Forfeited	642	(642)	$	53.44
Balances as of September 30, 2022	289,811	579,666	$	60.22	1.22	$	48.1

The total compensation cost not yet recognized of $25.2 million as of September 30, 2022 has a weighted-average period of 1.22 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.