Stock Compensation Plans (Tables)

12 Months Ended

Sep. 30, 2018

Stock option activity for the years ended September 30, 2018, 2017 and 2016 is summarized as follows:



	Number of Shares		Weighted Average Exercise Price
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

Options granted	45,950		31.80
Options exercised	(40,100	)	7.92
Options forfeited	(5,150	)	13.39
Outstanding September 30, 2018	380,820		$	16.03

The weighted average assumptions for options granted during the years ended September 30, 2018, 2017 and 2016 were as follows:



	2018			2017			2016
Expected volatility	17		%	16		%	16		%
Expected life (in years)	5			5			5
Expected dividend yield	2.61		%	1.85		%	3.00		%
Risk free interest rate	2.97		%	1.89		%	1.12		%
Grant date fair value per share	$	4.48		$	3.84		$	1.46

Additional information regarding options outstanding at September 30, 2018 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	2,500	$	4.23	2.3	2,500	$	4.23	2.3
5.86 - 6.00	28,550	5.96		4.1	28,550	5.96		4.1
9.00	72,800	9.00		5.1	54,600	9.00		5.1
10.26 - 10.71	121,320	10.58		6.5	67,420	10.56		6.5
15.67	52,200	15.67		8.0	19,500	15.67		8.0
29.69	57,500	29.69		9.0	11,500	$	29.69	9.0
31.80	45,950	31.80		10.0	—	N/A		N/A
	380,820	$	16.03	7.0	184,070	$	11.04	5.9