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Stock-based Compensation Plans

6 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Stock-based Compensation Plans

(7) Stock-Based Compensation Plans. As more fully described in Note 7 to the Company’s notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended September 30, 2011, the Company’s stock-based compensation plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number of common shares available for future issuance was 603,560 at March 31, 2012.

The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):

	THREE MONTHS		SIX MONTHS
	ENDED MARCH 31,		ENDED MARCH 31,
	2012	2011	2012	2011
Stock option grants	$ 91	79	227	211
Annual director stock award	320	334	320	334
	$ 411	413	547	545

A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):

		Weighted	Weighted	Weighted
	Number	Average	Average	Average
	of	Exercise	Remaining	Grant Date
Options	Shares	Price	Term (yrs)	Fair Value
Outstanding at
October 1, 2011	606,025	$ 14.96	3.5	$ 4,216
Granted	31,690	$ 22.25		$ 281
Exercised	76,541	$ 8.77		$ 363
Forfeited	3,000	$ 5.78		$ 10
Outstanding at
March 31, 2012	558,174	$ 16.27	3.8	$ 4,124
Exercisable at
March 31, 2012	467,930	$ 14.48	2.9	$ 3,159
Vested during
six months ended
March 31, 2012	23,274			$ 212

The aggregate intrinsic value of exercisable in-the-money options was $4,446,000 and the aggregate intrinsic value of all outstanding in-the-money options was $4,471,000 based on the market closing price of $23.29 on March 30, 2012 less exercise prices. Gains of $976,000 were realized by option holders during the six months ended March 31, 2012. The realized tax benefit from options exercised for the six months ended March 31, 2012 was $374,000. Total compensation cost of options granted but not yet vested as of March 31, 2012 was $752,000, which is expected to be recognized over a weighted-average period of 3.2 years.

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.

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