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Stock Award Plans | 12 Months Ended
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Sep. 30, 2019
Share-based Payment Arrangement [Abstract] |
Stock Award Plans | STOCK AWARD PLANS The Company's stock based compensation plan ("2011 Incentive Plan") provides for grants of stock options and restricted stock. Shareholders authorized 5,000,000 shares of common stock to be reserved pursuant to the 2011 Incentive Plan and 2,856,502 shares remain available for issuance as of September 30, 2019. 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 three to five 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. 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 356,343 stock options granted under the 2011 Incentive Plan during 2019 and no stock options granted in 2018 and 2017. 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 (Years) | Aggregate Intrinsic Value (In thousands)
Outstanding at September 30, 2018 | 51,060 |  | $ | 15.25 |  | 2 | $855
Granted | 356,343 |  | 28.16 |  |  |
Exercised | (22,975 | ) | 12.99 |  |  |
Forfeited | (64,141 | ) | 27.96 |  |  |
Outstanding at September 30, 2019 | 320,287 |  | $ | 27.21 |  | 8 | $ | 3,136 |
Exercisable at at September 30, 2019 | 27,620 |  | $ | 17.17 |  | 1.4 | $ | 547 |
The table below presents other information regarding stock options.
Year ended September 30, | 2019 | 2018 | 2017
| (In thousands, except grant date fair value per stock option)
Compensation cost for stock options | $ | 521 |  | $ | — |  | $ | — |
Weighted average grant date fair value per stock option | 5.21 |  | 3.15 |  | 3.06 |
Total intrinsic value of options exercised | 414 |  | 908 |  | 2,605 |
Grant date fair value of options exercised | 51 |  | 285 |  | 1,328 |
Cash received from option exercises | 298 |  | 1,338 |  | 7,238 |
The following is a summary of activity related to unvested stock options.
Year ended September 30, | 2019 |  | 2018 |  | 2017
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 | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
Granted | 356,343 |  | 5.33 |  |  | — |  | — |  |  | — |  | — |
Vested | — |  | — |  |  | — |  | — |  |  | — |  | — |
Forfeited | (63,176 | ) | 5.33 |  |  | — |  | — |  |  | — |  | — |
Outstanding at end of period | 293,167 |  | $ | 5.33 |  |  | — |  | $ | — |  |  | — |  | $ | — |
As of September 30, 2019, there was $1,042,000 of unrecognized compensation cost related to 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 market and performance conditions based upon meeting certain total shareholder return targets pre-established by the Board. The Company had a total of 435,838 shares of restricted stock outstanding as of September 30, 2019, with a total grant date fair value of $10,342,436. The following table summarizes information about unvested restricted stock activity.
Year ended September 30, | 2019 |  | 2018 |  | 2017
Non-vested Restricted Stock | Outstanding | Weighted Average Fair Value |  | Outstanding | Weighted Average Fair Value |  | Outstanding | Weighted Average Fair Value
Outstanding at beginning of period | 460,999 |  | $ | 22.52 |  |  | 466,681 |  | $ | 18.56 |  |  | 490,363 |  | $ | 16.00 |
Granted | 249,272 |  | 21.41 |  |  | 205,100 |  | $ | 26.11 |  |  | 238,450 |  | 18.89 |
Vested | (159,103 | ) | 26.09 |  |  | (198,620 | ) | 16.65 |  |  | (116,878 | ) | 20.95 |
Forfeited | (115,330 | ) | 10.61 |  |  | (12,162 | ) | 27.00 |  |  | (145,254 | ) | 8.56 |
Outstanding at end of period | 435,838 |  | $ | 23.73 |  |  | 460,999 |  | $ | 22.52 |  |  | 466,681 |  | $ | 18.56 |
Compensation expense related to restricted stock awards was $4,188,000, $4,259,000, and $3,659,000 for the years ended 2019, 2018 and 2017, respectively.

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