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STOCK COMPENSATION
 6 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK COMPENSATION
STOCK COMPENSATION

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 2002 Omnibus Incentive Plan for the six months ended March 31, 2017:

 
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
(26,352
)
 
32.63

 

 
1,682

Forfeited or expired
(16,252
)
 
24.61

 

 
1,272

Options outstanding, March 31, 2017
82,956

 
$
23.76

 
2.58
 
$
5,371

 
 
 
 
 
 
 
 
Options exercisable, March 31, 2017
82,956

 
$
23.76

 
2.58
 
$
5,371


 
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
306,603

 
87.91

Vested
(20,629
)
 
72.34

Forfeited or expired
(442
)
 
56.25

Nonvested shares outstanding, March 31, 2017
306,188

 
$
85.86



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

At March 31, 2017, stock-based compensation expense not yet recognized in income totaled $21.4 million, which is expected to be recognized over a weighted average remaining period of 4.05 years.