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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Mar. 31, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Compensation Cost for Stock-Based Payment Arrangements | A summary of compensation cost for stock-based payment arrangements recognized in contract drilling services operating expense and selling, general and administrative expense is as follows:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Stock-based compensation expense |  |  |  |  |  |  |
Stock options | $ | 416 |  |  | $ | 938 |  |  | $ | 987 |  |  | $ | 2,354 |
Restricted stock | 8,273 |  |  | 6,861 |  |  | 15,643 |  |  | 12,603 |
Performance share units | 2,062 |  |  | 1,632 |  |  | 4,322 |  |  | 1,632 |
| $ | 10,751 |  |  | $ | 9,431 |  |  | $ | 20,952 |  |  | $ | 16,589 |
Summary of Stock Option Activity | A summary of stock option activity under all existing long-term incentive plans for the three and six months ended March 31, 2020 is presented in the following tables:
| Three Months Ended March 31, 2020
(in thousands, except per share amounts and years) | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term in Years |  | Aggregate Intrinsic Value
Outstanding at December 31, 2019 | 3,028 |  |  | $ | 62.44 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited/Expired | — |  |  | — |  |  |  |  |
Outstanding at March 31, 2020 | 3,028 |  |  | $ | 62.44 |  |  | 5.05 |  | $ | — |
Vested and expected to vest at March 31, 2020 | 3,028 |  |  | $ | 62.44 |  |  | 5.05 |  | $ | — |
Exercisable at March 31, 2020 | 2,633 |  |  | $ | 62.44 |  |  | 4.68 |  | $ | — |
| Six Months Ended March 31, 2020
(in thousands, except per share amounts and years) | Shares |  | Weighted Average Exercise Price
Outstanding at September 30, 2019 | 3,238 |  | $ | 60.86 |
Exercised | (202) |  | 38.02 |
Forfeited/Expired | (8) |  | 39.37 |
Outstanding at March 31, 2020 | 3,028 |  | $ | 62.44 |
Summary of Restricted Stock Awards and Performance Share Units and Changes in Restricted Stock and Performance Share Units Outstanding | A summary of the status of our performance share units as of March 31, 2020 and changes in non-vested performance share units outstanding during the six months then ended is presented below:
| Six Months Ended March 31, 2020
(in thousands, except per share amounts) | Shares |  | Weighted Average Grant Date Fair Value per Share
Non-vested performance share units outstanding at September 30, 2019 | 145 |  |  | $ | 62.66 |
Granted | 259 |  |  | 43.40 |
Non-vested performance share units outstanding at March 31, 2020 | 404 |  |  | $ | 50.31 |
A summary of the status of our restricted stock awards as of March 31, 2020 and changes in non-vested restricted stock outstanding during the six months then ended is presented below:
| Six Months Ended March 31, 2020
(in thousands, except per share amounts) | Shares |  | Weighted Average Grant Date Fair Value per Share
Non-vested restricted stock outstanding at September 30, 2019 | 1,085 |  |  | $ | 61.28 |
Granted | 781 |  |  | 39.99 |
Vested (1) | (415 | ) |  | 62.15 |
Forfeited | (15 | ) |  | 50.75 |
Non-vested restricted stock outstanding at March 31, 2020 | 1,436 |  |  | $ | 49.56 |
(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.
Weighted-Average Assumptions Used in the Calculation of the Fair Value of Awards | The weighted-average fair value calculation for performance share units granted during the six months ended March 31, 2020 is based on the following weighted-average assumptions set forth in the table below.
| Six Months Ended March 31, 2020
Risk-free interest rate (1) | 1.6 | %
Expected stock volatility (2) | 34.8 | %
Expected term (in years) | 3.2 |
(1) | The risk-free interest rate is based on U.S. Treasury securities for the expected term of the performance share units.
(2) Expected volatilities are based on the daily closing price of our stock based upon historical experience over a period which approximates the expected term of the performance share units.

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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