XML 64 R40.htm IDEA: XBRL DOCUMENT
v3.24.3

STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2024
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) | 2024 | 2023 | 2022
Stock-based compensation expense: |  |  |
Performance share awards | $ | 5,437 |  | $ | 4,882 |  | $ | 4,131 |
Restricted and non-restricted stock | 3,958 |  | 3,647 |  | 3,189 |
Deferred retention stock | 6,633 |  | 6,187 |  | 7,507 |
Compensation expense included in operation and maintenance expense | 16,028 |  | 14,716 |  | 14,827 |
Income tax benefit (1) | (3,898) |  | (3,563) |  | (3,624) |
Total, net of tax | $ | 12,130 |  | $ | 11,153 |  | $ | 11,203 |
(1)Excludes additional tax expense related to delivered shares of $1.2M, $0.6M and $0.1M as of September 30, 2024, 2023 and 2022, 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, 2021 | 166,091 |  |  | $36.08 |  |  | — |  |
Granted | 118,526 |  |  | $38.84 |  |  | — |  |
Vested (2) | (76,708) |  |  | $39.57 |  |  | $ | 2,765 |  |
Cancelled/forfeited | (15,788) |  |  | $37.33 |  |  | — |  |
Non-vested and outstanding at September 30, 2022 | 192,121 |  |  | $36.29 |  |  | — |  |
Granted | 112,661 |  |  | $46.00 |  |  | — |  |
Vested (3) | (105,197) |  |  | $35.07 |  |  | $ | 4,126 |  |
Cancelled/forfeited | (9,330) |  |  | $38.64 |  |  | — |  |
Non-vested and outstanding at September 30, 2023 | 190,255 |  |  | $42.60 |  |  | — |  |
Granted | 142,800 |  |  | $42.55 |  |  | — |  |
Vested (4) | (112,183) |  |  | $39.91 |  |  | $ | 5,271 |  |
Cancelled/forfeited | (1,913) |  |  | $43.83 |  |  | — |  |
Non-vested and outstanding at September 30, 2024 | 218,959 |  |  | $43.93 |  |  | — |  |
(1)The number of common shares issued related to certain performance shares may range from zero to 150% 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 9, 2022, the number of common shares earned related to TSR performance was 112% or 30,472 shares, the number of common shares earned related to NFE performance was 105% or 26,282 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 28,965 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%. (3)As certified by the Company’s Leadership and Compensation Committee on November 15, 2023, the number of common shares earned related to TSR performance was 150% or 59,192 shares, the number of common shares earned related to NFE performance was 150% or 55,832 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 30,598 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%. (4)As certified by the Company’s Leadership and Compensation Committee on November 6, 2024, the number of common shares earned related to TSR performance was 150% or 60,092 shares, the number of common shares earned related to NFE performance was 124% or 49,269 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 37,603 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%.
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, 2021 | 101,621 |  |  | $36.87 |  |  | — |  |
Granted | 54,826 |  |  | $38.84 |  |  | — |  |
Vested | (47,867) |  |  | $39.01 |  |  | $ | 1,824 |  |
Cancelled/forfeited | (10,756) |  |  | $37.06 |  |  | — |  |
Non-vested and outstanding at September 30, 2022 | 97,824 |  |  | $36.90 |  |  | — |  |
Granted | 64,080 |  |  | $46.00 |  |  | — |  |
Vested | (48,312) |  |  | $40.30 |  |  | $ | 1,910 |  |
Cancelled/forfeited | (4,716) |  |  | $38.77 |  |  | — |  |
Non-vested and outstanding at September 30, 2023 | 108,876 |  |  | $41.55 |  |  | — |  |
Granted | 70,987 |  |  | $42.59 |  |  | — |  |
Vested | (53,393) |  |  | $39.74 |  |  | $ | 2,256 |  |
Cancelled/forfeited | (970) |  |  | $44.52 |  |  | — |  |
Non-vested and outstanding at September 30, 2024 | 125,500 |  |  | $42.89 |  |  | — |  |
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, 2021 | 208,856 |  |  | $46.28 |  |  | — |  |
Granted/Vested | 192,728 |  |  | $38.95 |  |  | — |  |
Delivered | (163,499) |  |  | $47.95 |  |  | $ | 6,167 |  |
Forfeited | (6,818) |  |  | $40.33 |  |  | — |  |
Outstanding at September 30, 2022 | 231,267 |  |  | $39.16 |  |  | — |  |
Granted/Vested | 134,941 |  |  | $45.85 |  |  | — |  |
Delivered | (38,115) |  |  | $40.67 |  |  | $ | 1,517 |  |
Outstanding at September 30, 2023 | 328,093 |  |  | $41.74 |  |  | — |  |
Granted/Vested | 155,188 |  |  | $42.55 |  |  | — |  |
Delivered | (5,089) |  |  | $35.86 |  |  | $ | 213 |  |
Forfeited | (235) |  |  | $42.55 |  |  | — |  |
Outstanding at September 30, 2024 | 477,957 |  |  | $42.07 |  |  | — |  |
Schedule of Nonemployee Director Stock Award Plan Activity | The following summarizes non-employee director share awards for the past three fiscal years:
| 2024 | 2023 | 2022
Shares granted | 29,996 |  | 24,044 |  | 30,908 |
Weighted average grant date fair value | $41.67 | $49.58 | $39.09

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 -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationNonemployeeDirectorStockAwardPlanActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration