11. EQUITY-BASED INCENTIVE AWARDS:

Omnibus Plan

The Company has two equity-based incentive plans, the 2007 Omnibus Incentive Plan and 2014 Omnibus Incentive Plan (collectively "the Omnibus Plans"), which provide for equity incentives to employees. Each Omnibus Plan was designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plans together permit the issuance of up to 225,000 shares of the Company's common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company's common stock. At September 2015, awards with respect to a total of 161,588 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 63,412 shares may be awarded under the Omnibus Plans.

Stock Options

During fiscal 2015, the Company issued 6,000 incentive stock options to various employees, pursuant to the provisions of the Company's 2014 Omnibus Plan. These awards vest in equal installments over a five year service period. The awards had an estimated fair value at the grant date of approximately $0.1 million using the Black-Scholes option pricing model. No incentive stock options were issued during fiscal 2014. The following assumptions were used in connection with the Black-Scholes option pricing calculation as it relates to the fiscal 2015 incentive stock option awards:

	Stock Option Pricing Assumptions 2015
Risk-free interest rate		1.93	%
Dividend yield		0.9	%
Expected volatility		22.70	%
Expected life in years		6

The stock options issued by the Company expire ten years from the grant date and include graded vesting schedules ranging between three and five years. Stock options issued and outstanding at September 2015 are summarized as follows:

							Exercisable
	Exercise Price	Number Outstanding		Remaining Weighted-Average Contractual Life	Weighted-Average Exercise Price		Number Exercisable		Weighted-Average Exercise Price
Fiscal 2010	$51.50		3,500	4.58 years	$	51.50		3,500	$	51.50
Fiscal 2012	$53.80 - $65.97		4,900	6.09 years	$	55.15		2,700	$	55.04
Fiscal 2013	$62.33		6,700	7.07 years	$	62.33		2,900	$	62.33
Fiscal 2015	$81.03		6,000	9.33 years	$	81.03		—		—

			21,100		$	64.16		9,100	$	56.03

The following is a summary of stock option activity during fiscal 2015:

	Number of Shares			Weighted Average Exercise Price
Outstanding at September 2014		41,600		$	33.69
Granted		6,000		$	81.03
Exercised		(26,500	)	$	20.14
Forfeited/Expired		—			—

Outstanding at September 2015		21,100		$	64.16

Net income before income taxes included compensation expense related to the amortization of the Company's stock option awards of $0.1 million during both fiscal 2015 and fiscal 2014. At September 2015, total unamortized compensation expense related to stock options was approximately $0.1 million. This unamortized compensation expense is expected to be amortized over approximately the next 41 months.

The aggregate intrinsic value of stock options outstanding was approximately $0.3 million and $2.1 million at September 2015 and September 2014, respectively. The aggregate intrinsic value of stock options exercisable was approximately $0.2 million and $1.8 million at September 2015 and September 2014, respectively.

The total intrinsic value of stock options exercised was $1.6 million and $0.1 million in fiscal 2015 and fiscal 2014, respectively. The total fair value of stock options vested was $0.4 million during both fiscal 2015 and fiscal 2014. During Fiscal 2015, the Company's Chief Executive Officer and Chairman exercised 25,000 non-qualified stock options with a strike price of $18.00 which were set to expire in December 2016.

Restricted Stock Units

At September 2015, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company's management team pursuant to the provisions of the Company's Omnibus Plan:

	Restricted Stock Units(1)	Restricted Stock Units(2)	Restricted Stock Units(3)
Date of award:	October 2012	October 2013	October - December 2014
Original number of awards issued:	15,000	17,600	13,000
Service period:	36 months	36 - 60 months	36 months
Estimated fair value of award at grant date:	$935,000	$1,486,000	$1,083,000
Awards outstanding at September 2015	5,000	11,977	13,000
Fair value of non-vested awards at September 2015:	$400,000	$958,000	$1,040,000


(1)	10,000 of the restricted stock units were vested as of September 2015. The remaining 5,000 will vest in October 2015.
(2)	5,623 of the restricted stock units were vested as of September 2015. 9,337 restricted stock units will vest in equal amounts in October 2015, and October 2016. The remaining 2,640 restricted stock units will vest in equal amounts in October 2015, October 2016, October 2017, and October 2018.
(3)	13,000 restricted stock units will vest in equal amounts in October 2015, October 2016, and October 2017.

There is no direct cost to the recipients of the restricted stock units, except for any applicable taxes. The recipients of the restricted stock units are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company's common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met.

The restricted stock units provide that the recipients can elect, at their option, to receive either common stock in the Company, or a cash settlement based upon the closing price of the Company's shares, at the time of vesting. Based on these award provisions, the compensation expense recorded in the Company's Statement of Operations reflects the straight-line amortized fair value based on the period end closing price.

Net income before income taxes included compensation expense related to the amortization of the Company's restricted stock unit awards of approximately $1.2 million and $1.3 million during fiscal 2015 and fiscal 2014, respectively. The tax benefit related to this compensation expense was approximately $0.5 million in both fiscal 2015 and 2014, respectively. The total intrinsic value of restricted stock units vested during fiscal 2015 and fiscal 2014 was approximately $1.3 million and $1.2 million, respectively.

Total unamortized compensation expense for these awards based on the September 2015 closing price was approximately $1.2 million. This unamortized compensation expense, plus any changes in the fair value of the awards through the settlement date, are expected to be amortized over approximately the next 18 months (the weighted-average period). The following summarizes restricted stock unit activity under the Omnibus Plan during fiscal 2015:

	Number of Shares			Weighted Average Fair Value
Nonvested restricted stock units at September 2014		32,900		$	84.75
Granted		13,000		$	83.30
Vested		(15,923	)	$	82.93
Expired		—			—

Nonvested restricted stock units at September 2015		29,977		$	80.00