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Share-based Payments | 3 Months Ended
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Dec. 31, 2016
Share-Based Payments |
Share-Based Payments | 9.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 three months ended December 31 was as follows:
|  | 2016 |  | 2015 |
|  | 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 |  | 0.9 |  | $ | 30.36 |  | 1.3 |  | $ | 28.26 |
Options granted |  | — |  | — |  | — |  | — |
Options exercised |  | (0.1 | ) | 25.46 |  | (0.2 | ) | 23.94 |
Options forfeited or expired |  | — |  | — |  | — |  | — |
Outstanding at December 31 |  | 0.8 |  | 30.86 |  | 1.1 |  | 28.92 |
Vested and expected to vest in the future as of December 31 |  | 0.8 |  | $ | 30.86 |  | 1.1 |  | $ | 28.92 |
The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established performance or market objectives and vest over a three-year service 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 $38.16 and $29.92 during the three months ended December 31, 2016 and 2015, respectively. The weighted average grant date fair value of restricted stock unit awards were $38.08 and $29.92 during the three months ended December 31, 2016 and 2015, respectively. Total compensation expense related to share-based payments including stock options was $21.3 million and $21.5 million during the three months ended December 31, 2016 and 2015, respectively. Unrecognized compensation expense related to total share-based payments outstanding as of December 31, 2016 and September 30, 2016 was $149.8 million and $91.8 million, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years.

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 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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