STOCK AWARD PLANS

The Company's stock based compensation plan ('2011 Incentive Plan') provides for grants of stock options and restricted stock. Stockholders authorized 5,000,000 shares of common stock to be reserved pursuant to the 2011 Incentive Plan and 3,348,400 shares remain available for issuance as of September 30, 2016.

When applicable, stock options are granted with an exercise price equal to the market price of the Company's stock at the date of grant; those option awards generally vest based on 5 years of continuous service and have 10-year contractual terms. The Company's policy is to issue new shares upon option exercises. The fair value of stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. This model requires input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Expected volatility is based on the historical volatility of the Company's stock. The risk-free interest rate is based on the U.S. Treasury yield curve that is in effect at the time of grant with a remaining term equal to the options' expected life. The expected term represents the period of time that options granted are expected to be outstanding.

Stock Option Awards:

There were no stock options granted under the 2011 Incentive Plan during 2016, 2015 and 2014.

A summary of stock option activity and changes during the year are as follows.



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In thousands)
Outstanding at September 30, 2015	1,027,374		$	21.64	3	$1,867
Granted	—		—
Exercised	(438,456	)	21.51
Forfeited	(129,475	)	22.32
Outstanding at September 30, 2016	459,443		$	21.47	2	$	2,392
Exercisable at September 30, 2016	459,443		$	21.47	2	$	2,392

The table below presents other information regarding stock options.



Year ended September 30,	2016		2015		2014
	(In thousands, except fair value of options granted)
Compensation cost for stock options	$	89	$	232	$	324
Weighted average grant date fair value per stock option	2.73		2.96		2.95
Total intrinsic value of options exercised	1,651		831		1,136
Grant date FV of options exercised	1,422		368		1,962
Cash received from option exercises	9,283		2,069		10,142
Tax benefit realized for option exercises	—		—		159

The following is a summary of activity related to non-vested stock options.



Year ended September 30,	2016				2015				2014
Non-vested Stock Options	Options Outstanding		Weighted Average Grant Date Fair Value		Options Outstanding		Weighted Average Grant Date Fair Value		Options Outstanding		Weighted Average Grant Date Fair Value
Outstanding at beginning of period	69,287		$	3.85	145,795		$	3.87	287,750		$	3.44
Granted	—		—		—		—		—		—
Vested	(62,227	)	3.91		(61,018	)	3.88		(119,520	)	2.88
Forfeited	(7,060	)	3.89		(15,490	)	3.90		(22,435	)	3.63
Outstanding at end of period	—		$	—	69,287		$	3.85	145,795		$	3.87

As of September 30, 2016, there was no remaining unrecognized compensation cost for stock options.

Restricted Stock Awards:

The Company grants shares of restricted stock pursuant to the 2011 Incentive Plan. The restricted stock grants are subject to a service condition and vest over a period of one to seven years.

Certain grants of restricted stock to executive officers are also subject to additional performance conditions based upon meeting certain total shareholder return targets pre-established by the Board. The Company had a total of 490,363 shares of restricted stock outstanding as of September 30, 2016, with a fair market value at the date of grant of $7,845,808.

The following table summarizes information about nonvested restricted stock activity.



Year ended September 30,	2016				2015				2014
Non-vested Restricted Stock	Outstanding		Weighted Average Fair Value		Outstanding		Weighted Average Fair Value		Outstanding		Weighted Average Fair Value
Outstanding at beginning of period	521,302		$	15.03	515,845		$	14.10	480,904		$	11.52
Granted	229,450		17.20		301,750		$	14.26	300,500		15.43
Vested	(165,965	)	15.96		(223,043	)	13.24		(202,014	)	11.68
Forfeited	(94,424	)	13.64		(73,250	)	10.72		(63,545	)	8.50
Outstanding at end of period	490,363		$	16.00	521,302		$	15.03	515,845		$	14.10

Compensation expense related to restricted stock awards was $3,357,108, $3,271,564, and $3,085,081 for the years ended 2016, 2015 and 2014, respectively.