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STOCK COMPENSATION
 9 Months Ended
Jun. 30, 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 the grant. The exercise price of options or fair value of non-vested (restricted) shares granted under the Company’s incentive plan is equal to the fair market value of the underlying stock at the grant date. The Company has elected, with the adoption of ASU 2016-09, to record forfeitures as they occur.

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 nine months ended June 30, 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, June 30, 2017
82,956

 
$
23.76

 
2.34
 
$
5,412

 
 
 
 
 
 
 
 
Options exercisable, June 30, 2017
82,956

 
$
23.76

 
2.34
 
$
5,412


 
Number
of
Shares

 
Weighted
Average
Fair Value
at Grant

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

 
$
41.37

Granted
306,604

 
87.91

Vested
(22,071
)
 
71.37

Forfeited or expired
(442
)
 
56.25

Nonvested (restricted) shares outstanding, June 30, 2017
304,747

 
$
86.00



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 June 30, 2017, stock-based compensation expense not yet recognized in income totaled $19.0 million, which is expected to be recognized over a weighted average remaining period of 4.07 years.