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Share-based Payments | 3 Months Ended
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Dec. 31, 2020
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 stock 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 | ​ | 2019
​ | ​ | Shares of stock | ​ | Weighted average | ​ | Shares of stock | ​ | Weighted average
​ |  | under options |  | exercise price |  | under options |  | exercise price
​ | ​ | (in millions) | ​ | ​ | ​ | ​ | (in millions) | ​ | ​ | ​
Outstanding at September 30 | ​ | 0.4 | ​ | $ | 36.41 |  | 0.1 | ​ | $ | 31.62
Options granted |  | — | ​ |  | — |  | — | ​ |  | —
Options exercised |  | — | ​ |  | — |  | — | ​ |  | —
Options forfeited or expired |  | — | ​ |  | — |  | — | ​ |  | —
Outstanding at December 31 |  | 0.4 | ​ |  | 36.41 |  | 0.1 | ​ |  | 31.62
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and expected to vest in the future as of December 31 | ​ | 0.1 | ​ | $ | 31.62 |  | 0.1 | ​ | $ | 31.62
​ 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 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 was $52.50 and $43.06 during the three months ended December 31, 2020 and 2019, respectively. The weighted average grant date fair value of restricted stock unit awards was $47.87 and $43.06 during the three months ended December 31, 2020 and 2019, respectively. Total compensation expense related to these share-based payments including stock options was $15.4 million and $21.3 million during the three months ended December 31, 2020 and 2019, respectively. Unrecognized compensation expense related to total share-based payments outstanding as of December 31, 2020 and September 30, 2020 was $68.0 million and $50.0 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 share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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