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SHARE BASED COMPENSATION PLANS
 12 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS
 
The Company maintains the 2002 Omnibus Incentive Plan, as amended and restated, 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, 2016, 2015 and 2014.
 
Year Ended September 30,
2016
 
2015
 
2014
 
(Dollars in Thousands)
Total employee stock-based compensation expense recognized in income, net of tax effects of $192, $66 and $51, respectively
$
559

 
$
334

 
$
120



As of September 30, 2016, stock-based compensation expense not yet recognized in income totaled $0.2 million, which is expected to be recognized over a weighted-average remaining period of 1.86 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, 2016, 2015 and 2014.  The intrinsic value of options exercised during the years ended September 30, 2016, 2015 and 2014 were $1.5 million, $0.9 million and $1.4 million, respectively.
 
Shares are granted each year to executives and senior leadership members under the Company incentive plan. These shares vest at various times ranging from immediately to four years based on circumstances at time of grant. The fair value is determined based on the fair market value of the Company’s stock on the grant date.  Director shares are issued to the Company’s directors, and these shares vest immediately.  The total fair value of director’s shares granted during the years ended September 30, 2016, 2015 and 2014 was $0.2 million, $0.1 million and $0.1 million, 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, 2016; 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, 2016 and 2015.
 
 
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, 2015
189,088

 
$
25.74

 
3.16

 
$
3,027

Granted
—

 
—

 
—

 
—

Exercised
(63,528
)
 
25.77

 
—

 
1,510

Forfeited or expired
—

 
—

 
—

 
—

Options outstanding, September 30, 2016
125,560

 
$
25.73

 
2.68

 
$
4,379

 
 
 
 
 
 
 
 
Options exercisable end of year
125,560

 
$
25.73

 
2.68

 
$
4,379


 
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
(46,678
)
 
22.98

 
—

 
925

Forfeited or expired
—

 
—

 
—

 
—

Options outstanding, September 30, 2015
189,088

 
$
25.74

 
3.16

 
$
3,027

 
 
 
 
 
 
 
 
Options exercisable end of year
189,088

 
$
25.74

 
3.16

 
$
3,027



 
Number of
Shares

 
Weighted Average
Fair Value At Grant

 
(Dollars in Thousands, Except Share and Per Share Data)
 
 
 
 
Nonvested shares outstanding, September 30, 2015
44,002

 
$
40.80

Granted
8,154

 
42.49

Vested
(33,666
)
 
40.93

Forfeited or expired
2,166

 
46.98

Nonvested shares outstanding, September 30, 2016
20,656

 
$
41.37


 
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
51,217

 
41.10

Vested
(11,215
)
 
37.81

Forfeited or expired
—

 
—

Nonvested shares outstanding, September 30, 2015
44,002

 
$
40.80