STOCK OPTION PLAN

9 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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.

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 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 nine months ended June 30, 2016:



	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	(56,580	)	25.12			1,316
Forfeited or expired	—		—			—
Options outstanding, June 30, 2016	132,508		$	26.01	2.90	$	3,306

Options exercisable, June 30, 2016	132,508		$	26.01	2.90	$	3,306



	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	7,571		41.68
Vested	(26,085	)	40.52
Forfeited or expired	4,547		44.25
Nonvested shares outstanding, June 30, 2016	30,035		$	41.42

At June 30, 2016, stock based compensation expense not yet recognized in income totaled $291,017, which is expected to be recognized over a weighted average remaining period of 1.83 years.