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Stock-Based Compensation Plans | 12 Months Ended
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Sep. 30, 2011
Notes to Financial Statements |
Stock-Based Compensation Plans | 7. Stock-Based Compensation Plans. The Company has two Stock Option Plans (the 2000 Stock Option Plan and the 2006 Stock Option Plan) under which options for shares of common stock were granted to directors, officers and key employees. The 2006 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. In February 2006, 15,960 shares of restricted stock were granted subject to forfeiture restrictions, tied to continued employment that lapsed 25% annually beginning on January 1, 2007 and were fully vested on January 1, 2010. The number of common shares available for future issuance was 647,250 at September 30, 2011. The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 37% and 53%, risk-free interest rate of 1.5% to 4.9% and expected life of 4.0 to 7.0 years. The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. The Company recorded the following stock compensation expense in its consolidated statement of income (in thousands):
| Years Ended September 30
| 2011 | 2010 | 2009
Stock option grants | $ 370 | 402 | 381
Restricted stock awards granted in 2006 | - | 48 | 193
Annual non-employee Director stock award | 334 | 354 | 294
| $ 704 | 804 | 868
A summary of changes in outstanding options is presented below:
|  |  |  | Weighted
|  | Weighted | Weighted | Average
| Number | Average | Average | Grant Date
| of | Exercise | Remaining | Fair Value
Options | Shares | Price | Term (yrs) | (000's)
Outstanding at |  |  |  |
October 1, 2008 | 696,240 | $ 11.24 | 5.0 | $ 3,900
Granted | 54,000 | $ 24.81 |  | $ 556
Exercised | (31,650) | $ 11.73 |  | $ 180
Forfeited | (4,800) | $ 13.28 |  |
Outstanding at |  |  |  |
September 30, 2009 | 713,790 | $ 12.23 | 4.5 | $ 4,246
Granted | 27,210 | $ 32.16 |  | $ 349
Exercised | (107,100) | $ 6.83 |  | $ 389
Forfeited | - | $ - |  | $ -
Outstanding at |  |  |  |
September 30, 2010 | 633,900 | $ 14.00 | 4.1 | $ 4,206
Granted | 29,160 | $ 25.60 |  | $ 293
Exercised | (54,035) | $ 9.95 |  | $ 274
Forfeited | (3,000) | $ 5.84 |  | $ 9
Outstanding at |  |  |  |
September 30, 2011 | 606,025 | $ 14.96 | 3.5 | $ 4,216
Exercisable at |  |  |  |
September 30, 2011 | 524,197 | $ 13.08 | 2.8 | $ 3,295
Vested during |  |  |  |
twelve months ended |  |  |
September 30, 2011 | 28,242 |  |  | $ 298
The following table summarizes information concerning stock options outstanding at September 30, 2011:
|  | Weighted | Weighted
| Shares | Average | Average
Range of Exercise | under | Exercise | Remaining
Prices per Share | Option | Price | Life (years)
Non-exercisable: |  |  |
$18.01 - $27.00 | 54,060 | 25.12 | 8.3
$27.01 - $32.16 | 27,768 | 30.16 | 7.5
| 81,828 | $27.01 | 8.1
Exercisable: |  |  |
$ 5.75 - $ 8.00 | 105,605 | 7.40 | 1.0
$ 8.01 - $12.00 | 210,000 | 10.10 | 2.0
$12.01 - $18.00 | 126,050 | 14.75 | 3.3
$18.01 - $27.00 | 53,100 | 22.81 | 6.2
$27.01 - $32.16 | 29,442 | 30.07 | 7.3
| 524,197 | $13.08 | 2.8
Total | 606,025 | $14.96 | 3.5
The aggregate intrinsic value of exercisable in-the-money options was $4,167,000 and the aggregate intrinsic value of outstanding in-the-money options was $4,167,000 based on the market closing price of $20.21 on September 30, 2011 less exercise prices. Gains of $869,000 were realized by option holders during the twelve months ended September 30, 2011. The realized tax benefit from options exercised for the twelve months ended September 30, 2011 was $333,000. Total compensation cost of options granted but not yet vested as of September 30, 2011 was $698,000, which is expected to be recognized over a weighted-average period of 2.2 years. A summary of changes in restricted stock awards is presented below:
|  |  |  | Weighted
|  | Weighted | Weighted | Average
| Number | Average | Average | Grant Date
| of | Exercise | Remaining | Fair Value
Restricted stock | Shares | Price | Term (yrs) | (000's)
Outstanding at |  |  |  |
September 30, 2008 | 18,600 | $ 21.22 | 1.3 | $ 395
Granted | - | $ - |  | $ -
Vested | (9,150) | $ 21.22 |  | $ 194
Forfeited | (1,800) | $ 21.18 |  | $ 38
Outstanding at |  |  |  |
September 30, 2009 | 7,650 | $ 21.23 | 0.3 | $ 163
Granted | - | $ - |  | $ -
Vested | (7,530) | $ 21.22 |  | $ 160
Forfeited | (120) | $ 22.03 |  | $ 3
Outstanding at |  |  |  |
September 30, 2010 | - | $ - | - | $ -

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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