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Stock-Based Compensation Plans | 6 Months Ended
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Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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, 2014, 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 419,170 at March 31, 2015. As a result of the Spin-off and pursuant to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding FRP stock options. All outstanding options held by the Company directors, Company officers and key employees on January 30, 2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the when issued market value of the Company on that day. For FRP officers additional options were issued rather than issuing Patriot options for the 24.86% market value attributed to Patriot. The adjusted stock options are subject to the same vesting conditions and other terms that applied to the original FRP award immediately prior to the Spin-off, except as otherwise described above. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. The Company recorded the following stock compensation expense (including unallocated to Patriot in periods prior to the Spin-off) in its consolidated statements of income (in thousands):
|  | Three Months ended |  | Six Months ended
|  | March 31, |  | March 31,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Stock option grants |  | $ | 46 |  |  |  | 93 |  |  |  | 218 |  |  |  | 262 |
Annual director stock award |  |  | 536 |  |  |  | 698 |  |  |  | 536 |  |  |  | 698 |
|  | $ | 582 |  |  |  | 791 |  |  |  | 754 |  |  |  | 960 |
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, 2014 |  | 326,830 |  |  | $ | 25.43 |  |  |  | 5.0 |  |  | $ | 3,481 |
Spin-off adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  | (865 | )
Spin-off conversion |  | 17,795 |  |  |  | 20.63 |  |  |  |  |  |  |  | 155 |
Granted |  | 39,425 |  |  | $ | 26.97 |  |  |  |  |  |  | $ | 432 |
Forfeited |  | (6,000 | ) |  |  | 14.97 |  |  |  |  |  |  | $ | (35 | )
Exercised |  | (51,300 | ) |  | $ | 13.27 |  |  |  |  |  |  | $ | (297 | )
Outstanding at |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2015 |  | 326,750 |  |  | $ | 21.35 |  |  |  | 6.0 |  |  | $ | 2,871 |
Exercisable at |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2015 |  | 234,847 |  |  | $ | 20.21 |  |  |  | 5.1 |  |  | $ | 1,884 |
Vested during |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
six months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2015 |  | 37,546 |  |  |  |  |  |  |  |  |  |  | $ | 329 |
The aggregate intrinsic value of exercisable in-the-money options was $3,083,000 and the aggregate intrinsic value of all outstanding in-the-money options was $4,917,000 based on the market closing price of $36.40 on March 31, 2015 less exercise prices. The realized tax benefit to the Company or Patriot from options exercised in the six months ended March 31, 2015 was $406,000. The unrecognized compensation cost of options granted but not yet vested as of March 31, 2015 was $823,000, which is expected to be recognized over a weighted-average period of 3.6 years. Gains of $1,048,000 were realized by option holders during the six months ended March 31, 2015.

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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 Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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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