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STOCK OPTION PLAN
 3 Months Ended
Dec. 31, 2014
STOCK OPTION PLAN [Abstract]  
STOCK OPTION PLAN
NOTE 8.STOCK OPTION PLAN
 
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 Stock Option Committee of the Board of Directors based on the performance of the award recipients or other relevant factors.
 
Compensation expense for share based awards is recorded over the vesting period at the fair value of the award at the time of grant.  The exercise price of options or fair value of nonvested shares granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date.  The Company assumes no projected forfeitures on its stock based compensation, since actual historical forfeiture rates on its stock based incentive awards has been negligible.

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 for the three months ended December 31, 2014:
 
 
 
Number
of
Shares
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Remaining
Contractual
Term (Yrs)
  
Aggregate
Intrinsic
Value
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
         
Options outstanding, September 30, 2014
  
235,766
  
$
25.20
   
3.78
  
$
2,507
 
Granted
  
-
   
-
   
-
   
-
 
Exercised
  
-
   
-
   
-
   
-
 
Forfeited or expired
  
-
   
-
   
-
   
-
 
Options outstanding, December 31, 2014
  
235,766
  
$
25.20
   
3.53
  
$
2,461
 
                 
Options exercisable, December 31, 2014
  
235,766
  
$
25.20
   
3.53
  
$
2,461
 

 
 
Number of
Shares
  
Weighted
Average
Fair Value
at Grant
 
(Dollars in Thousands, Except Share and Per Share Data)
 
     
Nonvested shares outstanding, September 30, 2014
  
4,000
  
$
28.61
 
Granted
  
1,350
   
34.82
 
Vested
  
(600
)
  
36.43
 
Forfeited or expired
  
-
   
-
 
Nonvested shares outstanding, December 31, 2014
  
4,750
  
$
29.38
 

At December 31, 2014, stock based compensation expense not yet recognized in income totaled $78,000, which is expected to be recognized over a weighted average remaining period of 1.86 years.