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Stock Compensation Plans (Tables)

12 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Stock Option Activity

Stock option activity for the years ended September 30, 2020, 2019 and 2018 is summarized as follows:

			Number of Shares						Weighted Average Exercise Price
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
Options granted			46,840						27.14
Options exercised			(43,856)						9.14
Options forfeited			(5,500)						19.89
Outstanding September 30, 2019			378,304						18.15
Options granted			69,150						17.01
Options exercised			(37,975)						10.31
Options forfeited			(14,130)						25.36
Outstanding September 30, 2020			395,349						$	18.45

Schedule of Fair Value Assumptions

The weighted average assumptions for options granted during the years ended September 30, 2020, 2019 and 2018 were as follows:

			2020						2019						2018
Expected volatility			33		%				29		%				17		%
Expected life (in years)			5						5						5
Expected dividend yield			5.36		%				3.28		%				2.61		%
Risk free interest rate			0.28		%				1.53		%				2.97		%
Grant date fair value per share			$	2.70					$	5.12					$	4.48

Schedule of Stock Option Plans, by Exercise Price Range

Additional information regarding options outstanding at September 30, 2020 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												1,000						$	4.01					1.2						1,000						$	4.01					1.2
5.86			-			6.00						19,100						5.97						2.1						19,100						5.97						2.1
9.00												37,425						9.00						3.1						37,425						9.00						3.1
10.26			-			10.71						89,064						10.59						4.6						89,064						10.59						4.6
15.67			-			16.87						110,150						16.41						8.5						32,500						15.67						6.0
26.50			-			27.14						45,240						27.13						9.0						8,848						27.14						9.0
29.69												51,800						29.69						7.0						31,400						29.69						7.0
31.80												41,570						31.80						8.0						16,820						31.80						8.0
												395,349						$	18.45					6.6						236,157						$	15.31					5.1

X

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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