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Stock-Based Compensation (Tables)
6 Months Ended
Mar. 31, 2016
Stock-Based Compensation  
Summary of compensation cost for stock-based payment arrangements recognized in general and administrative expense

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2016

 

2015

 

2016

 

2015

 

 

 

(in thousands)

 

(in thousands)

 

Compensation expense

 

 

 

 

 

 

 

 

 

Stock options

 

$

1,776 

 

$

1,908 

 

$

5,326 

 

$

4,970 

 

Restricted stock

 

4,290 

 

4,189 

 

8,661 

 

8,109 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

6,066 

 

$

6,097 

 

$

13,987 

 

$

13,079 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of weighted-average assumptions utilized in determining the fair value of options granted

 

 

 

2016

 

2015

 

 

 

 

 

 

 

Risk-free interest rate

 

1.8 

%

1.7 

%

Expected stock volatility

 

37.6 

%

36.9 

%

Dividend yield

 

4.6 

%

3.9 

%

Expected term (in years)

 

5.5 

 

5.5 

 

 

Summary of stock option activity

 

 

 

Three Months Ended March 31, 2016

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Weighted-

 

Average

 

Aggregate

 

 

 

 

 

Average

 

Remaining

 

Intrinsic

 

 

 

Shares

 

Exercise

 

Contractual Term

 

Value

 

Options

 

(in thousands)

 

Price

 

(in years)

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2016

 

3,531

 

$

51.51

 

 

 

 

 

Granted

 

 

58.25

 

 

 

 

 

Exercised

 

(61

)

30.94

 

 

 

 

 

Forfeited/Expired

 

(14

)

58.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2016

 

3,456

 

$

51.85

 

6.2

 

$

31.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest at March 31, 2016

 

3,411

 

$

51.74

 

6.2

 

$

31.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at March 31, 2016

 

2,270

 

$

46.46

 

4.7

 

$

31.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
March 31, 2016

 

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

Shares

 

Exercise

 

Options

 

(in thousands)

 

Price

 

 

 

 

 

 

 

Outstanding at October 1, 2015

 

2,776

 

$

48.51

 

Granted

 

876

 

58.25

 

Exercised

 

(180

)

31.10

 

Forfeited/Expired

 

(16

)

57.74

 

 

 

 

 

 

 

Outstanding at March 31, 2016

 

3,456

 

$

51.85

 

 

 

 

 

 

 

 

 

Summary of restricted stock awards and changes in restricted stock outstanding

 

 

 

Six Months Ended

 

 

 

March 31, 2016

 

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

Shares

 

Grant-Date

 

Restricted Stock Awards

 

(in thousands)

 

Fair Value

 

 

 

 

 

 

 

Unvested at October 1, 2015

 

668

 

$

67.03

 

Granted

 

294

 

58.25

 

Vested (1)

 

(256

)

64.75

 

Forfeited

 

(9

)

63.18

 

 

 

 

 

 

 

Unvested at March 31, 2016

 

697

 

$

64.21

 

 

 

 

 

 

 

 

 

(1)

The number of restricted stock awards vested includes shares that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements.