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Share-based Payments | 6 Months Ended
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Mar. 31, 2015
Share-based Payments |
Share-based Payments | 10.Share-based Payments The fair value of the Company’s employee stock option awards is estimated on the date of grant. The expected term of awards granted represents the period of time the awards are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury bond rates with maturities equal to the expected term of the option on the grant date. The Company uses historical data as a basis to estimate the probability of forfeitures. Stock option activity for the six months ended March 31 was as follows:
|  | 2015 |  | 2014 |
|  | Shares of stock under options |  | Weighted average exercise price |  | Shares of stock under options |  | Weighted average exercise price |
|  | (in millions) |  |  |  | (in millions) |  |  |
Outstanding at September 30, prior year |  | 1.6 |  | $ | 27.69 |  | 1.6 |  | $ | 24.73 |
Options granted |  | — |  | — |  | 0.6 |  | 31.62 |
Options exercised |  | (0.1 | ) | 25.82 |  | (0.2 | ) | 21.93 |
Options forfeited or expired |  | — |  | 27.08 |  | (0.1 | ) | 26.74 |
Outstanding at March 31 |  | 1.5 |  | 27.89 |  | 1.9 |  | 27.42 |
Vested and expected to vest in the future as of March 31 |  | 1.5 |  | $ | 27.89 |  | 1.9 |  | $ | 27.42 |
The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vesting over a three-year period. Additionally, the Company issues restricted stock units to employees which are earned based on service conditions. The grant date fair value of PEP awards and restricted stock unit awards is that day’s closing market price of the Company’s common stock. The weighted average grant date fair value of PEP awards were $32.32 and $29.32 during the six months ended March 31, 2015 and 2014, respectively. The weighted average grant date fair value of restricted stock unit awards were $31.02 and $29.33 during the six months ended March 31, 2015 and 2014, respectively. Included in the restricted stock unit grants during the six months ended March 31, 2015 were 2.6 million restricted stock units with a grant date fair value of $30.04 that were converted from unvested URS service based restricted stock awards assumed by the Company in connection with the acquisition of URS. Total compensation expense related to share-based payments was $77.9 million and $21.2 million during the six months ended March 31, 2015 and 2014, respectively. Included in total compensation expense during the six months ended March 31, 2015 was $43.9 million related to the settlement of accelerated URS equity awards with $17.6 million of Company stock and $26.3 million in cash which was classified as acquisition and integration expense. Unrecognized compensation expense related to total share-based payments outstanding was $155.6 million and $62.4 million as of March 31, 2015 and September 30, 2014, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years. Cash flows attributable to tax benefits resulting from tax deductions in excess of compensation cost recognized for those stock options (excess tax benefits) is classified as financing cash flows. Excess tax benefits of $2.6 million and $0.6 million for the six months ended March 31, 2015 and 2014, respectively, have been classified as financing cash inflows in the consolidated statements of cash flows.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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