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Share-Based Compensation | 12 Months Ended
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Sep. 30, 2020
Share-Based Compensation |
Share-Based Compensation | 11. Share-Based Compensation The Company provides compensation benefits to certain key employees under several share-based plans providing for performance-accelerated restricted share unit (PARS) awards, and to non-employee directors under a non-employee directors compensation plan. The Company has no stock options currently outstanding. As of September 30, 2020, the Company's equity compensation plans had a total of 782,412 shares authorized and available for future issuance. Performance-Accelerated Restricted Share Unit (PARS) Awards A PARS award represents the right to receive a specified number of shares of Company common stock if and when the award vests. A PARS award is not stock and does not give the recipient any rights as a shareholder until it vests and is paid out in shares of stock. PARS awards currently outstanding have a five-year vesting period, with accelerated vesting if certain targets based on market conditions are achieved. In these cases, if it is probable that the performance condition will be met, the Company recognizes compensation cost on a straight-line basis over the shorter performance period; otherwise, it will recognize compensation cost over the longer service period. Compensation cost for the outstanding PARS awards is being recognized over the shorter performance period, as it is probable the performance condition will be met. The PARS award grants were valued at the stock price on the date of grant. Pretax compensation expense related to the PARS awards for continuing operations was $4.3 million, $4.0 million and $3.9 million for 2020, 2019 and 2018, respectively. The following summary presents information regarding outstanding PARS awards as of the specified dates, and changes during the specified periods:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | FY 2020 | ​ | FY 2019 | ​ | FY 2018
​ |  | ​ |  | Estimated |  | ​ |  | Estimated |  | ​ |  | Estimated
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted
​ | ​ | Shares | ​ | Avg. Price | ​ | Shares | ​ | Avg. Price | ​ | Shares | ​ | Avg. Price
Nonvested at October 1, |  | 281,004 | ​ | $ | 59.72 |  | 315,544 | ​ | $ | 47.23 |  | 335,825 | ​ | $ | 40.35
Granted |  | 45,723 | ​ |  | 74.80 |  | 84,862 | ​ |  | 74.77 |  | 104,320 | ​ |  | 56.06
Vested |  | (89,822) | ​ |  | 50.51 |  | (113,402) | ​ |  | 37.00 |  | (121,301) | ​ |  | 35.59
Cancelled |  | (16,605) | ​ |  | 60.48 |  | (6,000) | ​ |  | 45.20 |  | (3,300) | ​ |  | 53.86
Nonvested at September 30, |  | 220,300 | ​ | $ | 66.55 |  | 281,004 | ​ | $ | 59.72 |  | 315,544 | ​ | $ | 47.23
​ Compensation Plan for Non-Employee Directors Through the first quarter of 2018, the Company's Compensation Plan for Non-Employee Directors provided to each non-employee director a retainer of 900 common shares per quarter. Beginning in the second quarter of 2018, the quarterly retainer was replaced by an annual retainer of Company stock having a grant date market value of $180,000. Non-employee director grants were valued at the NYSE closing price of the Company’s stock on the date of grant and were issued from the Company’s treasury stock. Compensation expense related to the non-employee director grants was $1.3 million, $1.1 million and $1.1 million for 2020, 2019 and 2018, respectively. Total Share-Based Compensation The total share-based compensation cost that has been recognized in results of operations and included within SG&A from continuing operations was $5.6 million, $5.1 million and $5.0 million for 2020, 2019 and 2018, respectively. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $1.2 million, $1.1 million and $1.3 million for 2020, 2019 and 2018, respectively. As of September 30, 2020, there was $8.2 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 2.0 years.

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