XML 56 R40.htm IDEA: XBRL DOCUMENT
v3.21.2

STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Stock-based Compensation Expense Recognized | The following table summarizes all stock-based compensation expense recognized during the following fiscal years:
(Thousands) | 2020 | 2019 | 2018
Stock-based compensation expense: |  |  |
Performance share awards | $ | 1,943 |  | $ | 5,804 |  | $ | 3,526 |
Restricted and non-restricted stock | 2,868 |  | 2,492 |  | 2,191 |
Deferred retention stock | 1,725 |  | 1,500 |  | 7,128 |
Compensation expense included in operation and maintenance expense | 6,536 |  | 9,796 |  | 12,845 |
Income tax benefit (1) | (1,900) |  | (2,848) |  | (3,734) |
Total, net of tax | $ | 4,636 |  | $ | 6,948 |  | $ | 9,111 |
(1)Excludes additional tax benefit related to delivered shares of $647,000, $1.3 million and $3 million as of September 30, 2020, 2019 and 2018, respectively.
Summary of Performance Share Activity | The following table summarizes the performance share activity under the stock award and incentive plans for the past three fiscal years:
| Shares (1) | Weighted Average Grant Date Fair Value | Total Fair Value of Vested Shares (in Thousands)
Non-vested and outstanding at September 30, 2017 | 156,587 |  |  | $30.12 |  |  | — |  |
Granted | 91,177 |  |  | $44.67 |  |  | — |  |
Vested (2) | (100,146) |  |  | $29.49 |  |  | $ | 4,714 |  |
Cancelled/forfeited | (2,442) |  |  | $31.45 |  |  | — |  |
Non-vested and outstanding at September 30, 2018 | 145,176 |  |  | $39.67 |  |  | — |  |
Granted | 100,262 |  |  | $47.98 |  |  | — |  |
Vested (3) | (103,009) |  |  | $38.52 |  |  | $ | 4,622 |  |
Cancelled/forfeited | (11,920) |  |  | $44.34 |  |  | — |  |
Non-vested and outstanding at September 30, 2019 | 130,509 |  |  | $46.53 |  |  | — |  |
Granted | 82,064 |  |  | $40.61 |  |  | — |  |
Vested (4) | (55,025) |  |  | $44.27 |  |  | $ | 2,083 |  |
Cancelled/forfeited | (1,817) |  |  | $44.38 |  |  | — |  |
Non-vested and outstanding at September 30, 2020 | 155,731 |  |  | $44.22 |  |  | — |  |
(1)The number of common shares issued related to certain performance shares may range from zero to 150 percent of the number of shares shown in the table above based on the Company’s achievement of performance goals. (2)As certified by the Company’s Leadership and Compensation Committee on November 13, 2018, the number of common shares related to performance shares earned was 99 percent, or 38,660 shares, the number of common shares earned related to NFE performance was 121 percent or 39,694 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 36,998 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100 percent. (3)As certified by the Company’s Leadership and Compensation Committee on November 12, 2019, the number of common shares earned related to TSR performance was 119 percent or 43,641 shares, the number of common shares earned related to NFE performance was 117 percent or 26,413 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 24,468 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100 percent. (4)As certified by the Company’s Leadership and Compensation Committee on November 9, 2020, there were no common shares earned related to TSR performance, the number of common shares earned related to NFE performance was 114 percent or 28,513 shares and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 11,139 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100 percent.
Summary of Restricted Stock Activity | The following table summarizes the restricted stock activity under the stock award and incentive plans for the past three fiscal years:
| Shares | Weighted Average Grant Date Fair Value | Total Fair Value of Vested Shares (in Thousands)
Non-vested and outstanding at September 30, 2017 | 51,154 |  |  | $32.40 |  |  | — |  |
Granted | 27,949 |  |  | $45.00 |  |  | — |  |
Vested | (33,815) |  |  | $31.23 |  |  | $ | 1,438 |  |
Cancelled/forfeited | (1,120) |  |  | $33.54 |  |  | — |  |
Non-vested and outstanding at September 30, 2018 | 44,168 |  |  | $41.24 |  |  | — |  |
Granted | 35,284 |  |  | $48.24 |  |  | — |  |
Vested | (20,748) |  |  | $39.26 |  |  | $ | 935 |  |
Cancelled/forfeited | (548) |  |  | $42.96 |  |  | — |  |
Non-vested and outstanding at September 30, 2019 | 58,156 |  |  | $46.18 |  |  | — |  |
Granted | 42,478 |  |  | $40.61 |  |  | — |  |
Vested | (25,973) |  |  | $44.71 |  |  | $ | 1,073 |  |
Cancelled/forfeited | (1,175) |  |  | $43.62 |  |  | — |  |
Non-vested and outstanding at September 30, 2020 | 73,486 |  |  | $43.52 |  |  | — |  |
Summary of Deferred Retention Stock Award | The following table summarizes the deferred retention stock award under the stock award and incentive plans for the past three fiscal years:
| Shares | Weighted Average Grant Date Fair Value | Total Fair Value of Vested Shares (in Thousands)
Outstanding at September 30, 2017 | 672,578 |  |  | $29.54 |  |  | — |  |
Granted/Vested | 24,167 |  |  | $45.00 |  |  | — |  |
Delivered | (452,694) |  |  | $29.42 |  |  | $ | 19,581 |  |
Forfeited | (1,969) |  |  | $35.56 |  |  |  |
Outstanding at September 30, 2018 | 242,082 |  |  | $32.99 |  |  | — |  |
Granted/Vested | 167,407 |  |  | $47.95 |  |  | — |  |
Delivered | (158,733) |  |  | $30.32 |  |  | $ | 7,145 |  |
Forfeited | (7,195) |  |  | $44.41 |  |  | — |  |
Outstanding at September 30, 2019 | 243,561 |  |  | $44.67 |  |  | — |  |
Granted/Vested | 42,358 |  |  | $40.72 |  |  | — |  |
Delivered | (57,673) |  |  | $35.25 |  |  | $ | 2,423 |  |
Outstanding at September 30, 2020 | 228,246 |  |  | $46.32 |  |  | — |  |
Schedule of Nonemployee Director Stock Award Plan Activity | The following summarizes non-employee director share awards for the past three fiscal years:
| 2020 | 2019 | 2018
Shares granted | 27,696 |  | (1) | 26,165 |  | 26,524 |
Weighted average grant date fair value | $42.88 |  | $44.80 | $39.85
(1)$311,000 of expense remains as of September 30, 2020, to be recognized through December 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock awards granted to nonemployee directors that were outstanding at the beginning and end of the year, and the number of awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationNonemployeeDirectorStockAwardPlanActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration