Stock Compensation Plans (Tables)

12 Months Ended

Sep. 30, 2017

Stock option activity for the years ended September 30, 2017, 2016 and 2015 is summarized as follows:



	Number of Shares		Weighted Average Exercise Price
Outstanding September 30, 2014	221,400		$	7.49
Options granted	128,000		10.62
Options exercised	(6,300	)	4.84
Options forfeited	(1,800	)	4.55
Outstanding September 30, 2015	341,300		8.73

Options granted	55,750		15.67
Options exercised	(21,020	)	7.56
Options forfeited	(2,900	)	9.96
Outstanding September 30, 2016	373,130		9.82

Options granted	58,250		29.69
Options exercised	(46,310	)	7.17
Options forfeited	(4,950	)	6.28
Outstanding September 30, 2017	380,120		$	13.23

The weighted average assumptions for options granted during the years ended September 30, 2017, 2016 and 2015 were as follows:



	2017			2016			2015
Expected volatility	16		%	16		%	28		%
Expected life (in years)	5			5			5
Expected dividend yield	1.85		%	3.00		%	3.31		%
Risk free interest rate	1.89		%	1.12		%	1.43		%
Grant date fair value per share	$	3.84		$	1.46		$	1.88

Additional information regarding options outstanding at September 30, 2017 is as follows:



	Options Outstanding				Options Exercisable
Range of Exercise Prices ($)	Number	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Number	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
$ 4.01 - 4.55	10,000	$	4.28	3.1	10,000	$	4.28	3.1
5.86 - 6.00	40,600	5.93		5.0	35,100	5.92		5.0
9.00	80,800	9.00		6.1	42,400	9.00		6.1
10.26 - 10.71	136,270	10.58		7.5	50,570	10.57		7.5
15.67	54,200	15.67		9.0	10,200	15.67		9.0
29.69	58,250	29.69		10.0	—	N/A		N/A
	380,120	$	13.23	7.4	148,270	$	8.95	6.3