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Share-Based Compensation
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The 2022 Omnibus Incentive Compensation Plan (the “Omnibus Plan”), authorizes the Company to issue up to 5.4 million shares in connection with the grants of stock options, restricted stock, and performance share units, and 4.4 million shares are available for issuance as of September 30, 2025. Share-based compensation expense is included in Compensation and benefits in the Consolidated Income Statements and totaled $49.0 million, $37.2 million and $28.0 million for the years ended September 30, 2025, 2024, and 2023, respectively.
Stock Options
The Company sponsors the Omnibus Plan for its directors, officers, employees and consultants. Shares underlying awards that expire or are canceled generally become available for issuance again under the Omnibus Plan. The Company settles stock option exercises with newly issued shares of common stock.
Fair value is estimated at the grant date based on a Black-Scholes-Merton option-pricing model using the following weighted-average assumptions:
Fiscal Year Ended September 30,
 202520242023
Expected stock price volatility36 %38 %42 %
Expected dividend yield— %— %— %
Risk free interest rate2.68 %2.21 %1.60 %
Average expected life (in years)4.916.324.25
Expected stock price volatility rates are primarily based on historical volatility. The Company has not paid dividends in the past and does not currently expect to do so in the future. Risk free interest rates are based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option or award. The average expected life represents the estimated period of time that options or awards granted are expected to be outstanding, based on the Company’s historical share option exercise experience for similar option grants. The weighted average fair value of options issued during the years ended September 30, 2025, 2024, and 2023 was $27.93, $26.77, and $22.14, respectively.
The following is a summary of stock option activity for the year ended September 30, 2025:
Number of
Options
Outstanding		Weighted
Average 
Exercise Price		Weighted
Average
Grant Date
Fair Value		Weighted
Average
Remaining
Term
(in years)		Aggregate
Intrinsic
Value
($ millions)
Balances as of September 30, 20244,591,552 $34.42 $12.86 5.06$88.7 
Granted533,127 $77.18 $27.93 
Exercised(407,084)$26.26 $8.43 
Forfeited(55,993)$39.62 $13.39 
Expired(851)$27.60 $10.84 
Balances as of September 30, 20254,660,751 $39.97 $14.96 4.47$284.1 
Exercisable at September 30, 20251,234,595 $23.47 $6.83 1.79$95.6 
The total compensation cost not yet recognized for non-vested awards of $45.9 million as of September 30, 2025 has a weighted-average period of 2.60 years over which the compensation expense is expected to be recognized. The total intrinsic value of options exercised during the years ended September 30, 2025, 2024, and 2023 was $22.4 million, $9.8 million and $4.2 million, respectively.
The options outstanding as of September 30, 2025 broken down by exercise price are as follows:
Exercise PriceNumber of Options OutstandingWeighted Average Exercise PriceWeighted Average Remaining Term
(in Years)
$15.00 -$20.00 1,080,000 $20.00 1.18
$25.00 -$30.00 517,508 $26.79 2.82
$40.00 -$45.00 2,155,294 $42.77 6.01
$45.00 -$50.00 386,670 $47.26 5.36
$50.00 -$85.00 521,279 $77.41 5.92
4,660,751 $39.97 4.47
Restricted Stock
The Company grants restricted stock under the Omnibus Plan to its directors, officers, and employees. Restricted stock awards that expire or are canceled generally become available for issuance again under the Omnibus Plan. The Company utilizes newly issued shares of common stock to make restricted stock grants.
Restricted Stock Units
The following is a summary of restricted stock activity through September 30, 2025:
Number of
Shares
Outstanding		Weighted
Average
Grant Date
Fair Value		Weighted
Average
Remaining
Term
(in years)		Aggregate
Intrinsic Value
($ millions)
Balances as of September 30, 20241,507,715 $41.42 1.13$81.0 
Granted749,809 $74.65 
Vested(748,398)$40.02 
Forfeited(1,327)$47.68 
Balances as of September 30, 20251,507,799 $58.64 1.24$152.2 
The total compensation cost not yet recognized of $63.7 million as of September 30, 2025 has a weighted-average period of 1.24 years over which the compensation expense is expected to be recognized. Compensation expense is amortized on a straight-line basis over the vesting period. Restricted stock grants are included in the Company’s total issued and outstanding common shares.
Performance Share Units
During the year ended September 30, 2025, the Company granted performance shares units (“PSU”), which are earned on the basis of pre-established performance goals approved by the Compensation Committee of the Company’s Board of Directors for a specified performance period. The performance shares are subject to a cliff vesting on the fourth anniversary of the grant date. The target amount of the award is 225,000 shares of Company common stock.The range of payout is zero to 337,500 shares, based on the outcome of the performance condition.
The following is a summary of performance share activity through September 30, 2025:
Number of
Shares
Outstanding		Weighted
Average
Grant Date
Fair Value		Weighted
Average
Remaining
Term
(in years)		Aggregate
Intrinsic Value
($ millions)
Balances as of September 30, 2024— n/an/an/a
Granted225,000 $76.12 
Balances as of September 30, 2025225,000 $76.12 3.50$22.7 
The total compensation cost not yet recognized for PSUs is $15.0 million as of September 30, 2025. This amount will be amortized on a straight-line basis over the vesting period.