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STOCK OPTION PLAN
 3 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK OPTION PLAN
STOCK OPTION PLAN

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 the Company’s option and incentive plan for the three months ended December 31, 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, 2016
125,560

 
$
25.73

 
2.68

 
$
4,379

Granted
—

 
—

 
—

 
—

Exercised
(4,023
)
 
35.69

 
—

 
229

Forfeited or expired
(16,252
)
 
25.00

 
—

 
1,272

Options outstanding, December 31, 2016
105,285

 
$
25.52

 
2.47

 
$
8,147

 
 
 
 
 
 
 
 
Options exercisable, December 31, 2016
105,285

 
$
25.79

 
2.44

 
$
8,147


 
Number
of
Shares

 
Weighted
Average
Fair Value
at Grant

(Dollars in Thousands, Except Share and Per Share Data)
Nonvested shares outstanding, September 30, 2016
20,656

 
$
41.37

Granted
279,065

 
86.47

Vested
(13,927
)
 
64.72

Forfeited or expired
—

 
—

Nonvested shares outstanding, December 31, 2016
285,794

 
$
84.27



During the first quarter of fiscal 2017, stock awards were granted to the Company's three highest paid named executive officers in connection with their signing of employment agreements with the Company. These stock awards vest over eight years.

At December 31, 2016, stock based compensation expense not yet recognized in income totaled $21.9 million, which is expected to be recognized over a weighted average remaining period of 4.14 years.