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Share-based Payments
 9 Months Ended
Jun. 30, 2024
Share-based Payments  
Share-based Payments

9.    Share-based Payments

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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 and directors which are earned based on service conditions. The grant date fair value of PEP awards and restricted stock unit awards is primarily based on that day’s closing market price of the Company’s common stock.

Restricted stock units and PEP units activity for the nine months ended June 30 was as follows:

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2024

    

2023

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Weighted

    

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Weighted

    

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Weighted

    

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Weighted

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Average 

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Average 

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Average 

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Average 

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Restricted 

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Grant-Date

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Grant-Date

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Restricted

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Grant-Date

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Grant-Date

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Stock Units

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Fair Value

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PEP Units

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Fair Value

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 Stock Units

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Fair Value

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PEP Units

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Fair Value

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(in millions)

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(in millions)

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(in millions)

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(in millions)

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Outstanding at September 30, 

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0.8

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$

68.34

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0.7

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$

75.54

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1.0

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$

53.05

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0.7

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$

60.60

Granted

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0.3

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$

92.30

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0.2

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$

104.82

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0.3

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$

83.64

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0.2

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$

94.64

PEP units earned

 

—

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$

—

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0.2

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$

52.49

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—

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$

—

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0.2

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$

43.19

Vested

 

(0.3)

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$

50.04

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(0.4)

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$

52.49

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(0.4)

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$

45.01

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(0.4)

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$

43.19

Outstanding at June 30, 

 

0.8

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$

83.95

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0.7

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$

95.37

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0.9

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$

65.96

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0.7

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$

75.67

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Total compensation expense related to these share-based payments including stock options was $44.8 million and $40.9 million during the nine months ended June 30, 2024 and 2023, respectively. Unrecognized compensation expense related to total share-based payments outstanding as of June 30, 2024 and September 30, 2023 was $70.3 million and $48.3 million, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years.