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EQUITY-BASED INCENTIVE AWARDS (Tables)
 9 Months Ended
Jun. 30, 2012
EQUITY-BASED INCENTIVE AWARDS  
Schedule of assumptions used in connection with the Black-Scholes option pricing calculation

During the nine month period ended June 2012, the Company issued 6,500 incentive stock options to various employees pursuant to the provisions of the Company’s Omnibus Plan. These awards vest in equal installments over a five year service period and had an estimated fair value of approximately $0.1 million using the Black-Scholes option pricing model. The following assumptions were used in connection with the Black-Scholes option pricing calculation:

 

 

 

Stock Option Pricing
Assumptions

 

Risk-free interest rate

 

2.39

%

Dividend yield

 

1.10

%

Expected volatility

 

27.90

%

Expected life in years

 

6

 
Schedule of stock options issued and outstanding by grant year

The stock options issued by the Company expire ten years from the grant date and include graded vesting schedules up to five years in length.  Stock options issued and outstanding at June 2012 are summarized as follows:

 

 

 

 

 

 

 

Remaining

 

 

 

Exercisable

 

 

 

Exercise
Price

 

Number
Outstanding

 

Weighted-Average
Contractual Life

 

Weighted-Average
Exercise Price

 

Number
Exercisable

 

Weighted-Average
Exercise Price

 

Fiscal 2003

 

$28.80

 

42

 

0.32 years

 

$

28.80

 

42

 

$

28.80

 

Fiscal 2007

 

$18.00

 

25,000

 

4.45 years

 

$

18.00

 

25,000

 

$

18.00

 

Fiscal 2010

 

$51.50

 

5,500

 

7.83 years

 

$

51.50

 

2,200

 

$

51.50

 

Fiscal 2012

 

$53.80 - $65.97

 

6,500

 

9.33 years

 

$

54.74

 

—

 

$

—

 

 

 

 

 

37,042

 

 

 

$

29.43

 

27,242

 

$

20.72

 
Summary of stock options activity

 

 

 

 

Number
of
Shares

 

Weighted
Average
Exercise
Price

 

Outstanding at September 2011

 

30,583

 

$

24.05

 

Granted

 

6,500

 

54.74

 

Exercised

 

(41

)

28.80

 

Forfeited/Expired

 

—

 

—

 

Outstanding at June 2012

 

37,042

 

$

29.43

 
Schedule of restricted stock units issued and outstanding

 

 

 

 

Restricted Stock Units (1)

 

Restricted Stock Units (2)

 

Restricted Stock Units (3)

 

Date of award:

 

November 22, 2010

 

November 22, 2010

 

October 26, 2011

 

Original number of awards issued:

 

38,400

 

12,000

 

15,900

 

Service period:

 

24 months

 

36 months

 

36 months

 

Estimated fair value of award at grant date:

 

$

2,765,000

 

$

864,000

 

$

855,000

 

Awards outstanding at June 2012

 

 

12,800

 

 

8,000

 

 

15,900

 

Fair value of non-vested awards at June 2012:

 

$

719,000

 

$

450,000

 

$

894,000

 

 

 

(1)

25,600 of the restricted stock unit awards were vested as of Q3 2012. The remaining 12,800 restricted stock units will vest on October 26, 2012.

 

 

(2)

4,000 of the restricted stock units were vested as of Q3 2012. The remaining 8,000 restricted stock units will vest in equal amounts (4,000 per year) on November 22, 2012 and November 22, 2013.

 

 

(3)

The 15,900 restricted stock units will vest in equal amounts (5,300 per year) on October 25, 2012, October 25, 2013 and October 25, 2014.
Summary of restricted stock unit activity

 

 

 

 

Number
of
Shares

 

Weighted Average
Fair Value

 

Nonvested restricted stock units at September 2011

 

37,600

 

$

57.00

 

Granted

 

15,900

 

$

53.80

 

Vested

 

(16,800

)

$

56.58

 

Expired

 

—

 

$

—

 

Nonvested restricted stock units at June 2012

 

36,700

 

$

64.40