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SHARE BASED COMPENSATION PLANS | 12 Months Ended
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Sep. 30, 2014
SHARE BASED COMPENSATION PLANS [Abstract] |
SHARE BASED COMPENSATION PLANS | NOTE 12. SHARE BASED COMPENSATION PLANS The Company maintains the 2002 Omnibus Incentive Plan which, among other things, provides for the awarding of stock options and nonvested (restricted) shares to certain officers and directors of the Company. Awards are granted by the Compensation Committee of the Board of Directors based on the performance of the award recipients or other relevant factors. The following table shows the effect to income, net of tax benefits, of share-based expense recorded in the years ended September 30, 2014, 2013 and 2012.
Year Ended September 30, |  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (Dollars in Thousands) |
Total employee stock-based compensation expense recognized in income, net of tax effects of $66, $51 and $30, respectively |  | $ | 120 |  |  | $ | 103 |  |  | $ | 76 |
As of September 30, 2014, stock-based compensation expense not yet recognized in income totaled $56,000 which is expected to be recognized over a weighted average remaining period of 1.90 years. At grant date, the fair value of options awarded to recipients is estimated using a Black-Scholes valuation model. The exercise price of stock options equals the fair market value of the underlying stock at the date of grant. Options are issued for 10 year periods with 100% vesting generally occurring either at grant date or over a four year period. No options were granted during the years ended September 30, 2014, 2013 and 2012. The intrinsic value of options exercised during the years ended September 30, 2014, 2013 and 2012 were $1.4 million, $807,000 and $117,000, respectively. Shares are granted each year to Directors which vest immediately. The fair value is determined based on the fair market value of the Company’s stock on the grant date. The total fair value of director’s shares granted during the years ended September 30, 2014, 2013 and 2012 was $124,000, $113,000 and $79,000, respectively. In addition to the Company’s 2002 Omnibus Incentive Plan, the Company also maintains the 1995 Stock Option and Incentive Plan. No new options were, or could have been, awarded under the 1995 plan during the year ended September 30, 2014; however, previously awarded options were exercised under this plan during the year. The following tables show the activity of options and nonvested (restricted) shares granted, exercised, or forfeited under all of the Company’s option and incentive plans during the years ended September 30, 2014 and 2013.
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  |  |
|  | Number |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | of |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Term (Yrs) |  |  | Value |
|  | (Dollars in Thousands, Except Share and Per Share Data) |
Options outstanding, September 30, 2013 |  |  | 318,648 |  |  | $ | 24.44 |  |  |  | 4.18 |  |  | $ | 4,376 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (82,882 | ) |  |  | 22.31 |  |  |  | - |  |  |  | 1,389 |
Forfeited or expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options outstanding, September 30, 2014 |  |  | 235,766 |  |  | $ | 25.20 |  |  |  | 3.78 |  |  | $ | 2,507 |
Options exercisable end of year |  |  | 235,766 |  |  | $ | 25.20 |  |  |  | 3.78 |  |  | $ | 2,507 |
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |
|  | Number |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | of |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Term (Yrs) |  |  | Value |
|  | (Dollars in Thousands, Except Share and Per Share Data) |
Options outstanding, September 30, 2012 |  |  | 389,358 |  |  | $ | 23.52 |  |  |  | 5.08 |  |  | $ | 1,199 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (65,399 | ) |  |  | 18.09 |  |  |  |  |  |  |  | 807 |
Forfeited or expired |  |  | (5,311 | ) |  |  | 35.06 |  |  |  |  |  |  |  | - |
Options outstanding, September 30, 2013 |  |  | 318,648 |  |  | $ | 24.44 |  |  |  | 4.18 |  |  | $ | 4,376 |
Options exercisable end of year |  |  | 315,898 |  |  | $ | 24.40 |  |  |  | 4.16 |  |  | $ | 4,352 |
The following tables show the activity of nonvested (restricted) shares granted, vested, or forfeited under all of the Company’s option and incentive plans during the years ended September 30, 2014 and 2013.
|  | Number of |  |  | Weighted Average |
|  | Shares |  |  | Fair Value At Grant |
|  | (Dollars in Thousands, Except Share and Per Share Data) |
Nonvested shares outstanding, September 30, 2013 |  |  | 4,000 |  |  | $ | 25.67 |
Granted |  |  | 4,267 |  |  |  | 37.82 |
Vested |  |  | (4,267 | ) |  |  | 35.07 |
Forfeited or expired |  |  | - |  |  |  | - |
Nonvested shares outstanding, September 30, 2014 |  |  | 4,000 |  |  | $ | 28.61 |
|  | Number of |  |  | Weighted Average |
|  | Shares |  |  | Fair Value At Grant |
|  | (Dollars in Thousands, Except Share and Per Share Data) |
Nonvested shares outstanding, September 30, 2012 |  |  | - |  |  | $ | - |
Granted |  |  | 8,900 |  |  |  | 24.20 |
Vested |  |  | (4,900 | ) |  |  | 23.00 |
Forfeited or expired |  |  | - |  |  |  | - |
Nonvested shares outstanding, September 30, 2013 |  |  | 4,000 |  |  | $ | 25.67 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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