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EQUITY-BASED INCENTIVE AWARDS: | 12 Months Ended
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Sep. 30, 2014
EQUITY-BASED INCENTIVE AWARDS: |
EQUITY-BASED INCENTIVE AWARDS: | 13. EQUITY-BASED INCENTIVE AWARDS: Omnibus Plan The Company has an Omnibus Incentive Plan ("the Omnibus Plan") which provides for equity incentives to employees. The Omnibus Plan was designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plan permits the issuance of up to 150,000 shares of the Company's common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plan is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company's common stock. At September 2014, awards with respect to a total of 146,600 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plan and awards with respect to another 3,400 shares may be awarded under the plan. Stock Options During fiscal 2013, the Company issued 8,000 incentive stock options to various employees pursuant to the provisions of the Company's Omnibus Plan. These awards vest over service periods ranging from three to five years and had an estimated fair value at the time of award of approximately $0.1 million using the Black-Scholes option pricing model. No incentive stock options were issued during fiscal 2014. The following assumptions were used in connection with the Black-Scholes option pricing calculation as it relates to the fiscal 2013 incentive stock option awards:
|  | Stock Option Pricing Assumptions |
|  | 2013 |
Risk-free interest rate |  |  | 1.46 | %
Dividend yield |  |  | 1.10 | %
Expected volatility |  |  | 25.00 | %
Expected life in years |  |  | 6 |
The stock options issued by the Company expire ten years from the grant date and include graded vesting schedules ranging between three and five years. Stock options issued and outstanding at September 2014 are summarized as follows:
|  |  |  |  |  |  |  |  |  | Exercisable |
|  | Exercise Price |  | Number Outstanding |  | Remaining Weighted-Average Contractual Life |  | Weighted-Average Exercise Price |  | Number Exercisable |  | Weighted-Average Exercise Price |
Fiscal 2007 |  | $18.00 |  |  | 25,000 |  | 2.20 years |  | $ | 18.00 |  |  | 25,000 |  | $ | 18.00 |
Fiscal 2010 |  | $51.50 |  |  | 4,000 |  | 5.58 years |  | $ | 51.50 |  |  | 3,000 |  | $ | 51.50 |
Fiscal 2012 |  | $53.80 - $65.97 |  |  | 5,400 |  | 7.09 years |  | $ | 54.93 |  |  | 1,800 |  | $ | 55.15 |
Fiscal 2013 |  | $62.33 |  |  | 7,200 |  | 8.07 years |  | $ | 62.33 |  |  | 1,400 |  | $ | 62.33 |
|  |  |  |  | 41,600 |  |  |  | $ | 33.69 |  |  | 31,200 |  | $ | 25.35 |
The following is a summary of stock option activity during fiscal 2014:
|  | Number of Shares |  | Weighted Average Exercise Price |
Outstanding at September 2013 |  |  | 45,000 |  | $ | 35.28 |
Granted |  |  | — |  |  | — |
Exercised |  |  | (2,600 | ) |  | 53.87 |
Forfeited/Expired |  |  | (800 | ) |  | 57.78 |
Outstanding at September 2014 |  |  | 41,600 |  | $ | 33.69 |
Net income before income taxes included compensation expense related to the amortization of the Company's stock option awards of $0.1 million during both fiscal 2014 and fiscal 2013. At September 2014, total unamortized compensation expense related to stock options was approximately $0.1 million. This unamortized compensation expense is expected to be amortized over approximately the next 27 months. The aggregate intrinsic value of stock options outstanding was approximately $2.1 million in both September 2014 and September 2013, respectively. The aggregate intrinsic value of stock options exercisable was approximately $1.8 million and $1.7 million at September 2014 and September 2013, respectively. The total intrinsic value of stock options exercised was less than $0.1 million in both fiscal 2014 and fiscal 2013. The total fair value of stock options vested during fiscal 2014 and fiscal 2013 was $0.4 million and $0.2 million, respectively. Restricted Stock Units At September 2014, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company's management team pursuant to the provisions of the Company's Omnibus Plan:
|  | Restricted Stock Units(1) |  | Restricted Stock Units(2) |  | Restricted Stock Units(3)
Date of award: |  | October 26, 2011 |  | October 23, 2012 |  | October 22, 2013
Original number of awards issued: |  | 15,900 |  | 15,000 |  | 17,600
Service period: |  | 36 months |  | 36 months |  | 36 - 60 months
Estimated fair value of award at grant date: |  | $855,000 |  | $935,000 |  | $1,486,000
Awards outstanding at September 2014 |  | 5,300 |  | 10,000 |  | 17,600
Fair value of non-vested awards at September 2014: |  | $449,000 |  | $848,000 |  | $1,492,000
(1) | 10,600 of the restricted stock units were vested as of September 2014. The remaining 5,300 restricted stock units will vest on October 25, 2014.
(2) | 5,000 of the restricted stock units were vested as of September 2014. The remaining 10,000 will vest in equal amounts on October 23, 2014, and October 23, 2015
(3) | 14,000 restricted stock units will vest in equal amounts on October 22, 2014, October 22, 2015, and October 22, 2016. The remaining 3,600 restricted stock units will vest in equal amounts on October 22, 2014, October 22, 2015, October 22, 2016, October 22, 2017, and October 22, 2018.
There is no direct cost to the recipients of the restricted stock units, except for any applicable taxes. The recipients of the restricted stock units are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company's common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The restricted stock units provide that the recipients can elect, at their option, to receive either common stock in the Company, or a cash settlement based upon the closing price of the Company's shares, at the time of vesting. Based on these award provisions, the compensation expense recorded in the Company's Statement of Operations reflects the straight-line amortized fair value based on the period end closing price. Net income before income taxes included compensation expense related to the amortization of the Company's restricted stock unit awards of approximately $1.3 million and $1.2 million during fiscal 2014 and fiscal 2013, respectively. The tax benefit related to this compensation expense was approximately $0.5 million in both fiscal 2014 and 2013, respectively. The total intrinsic value of restricted stock units vested during fiscal 2014 and fiscal 2013 was approximately $1.2 million and $1.4 million, respectively. Total unamortized compensation expense for these awards based on the September 2014 closing price was approximately $1.5 million. This unamortized compensation expense, plus any changes in the fair value of the awards through the settlement date, are expected to be amortized over approximately the next 11 months (the weighted-average period). The following summarizes restricted stock unit activity under the Omnibus Plan during fiscal 2014:
|  | Number of Shares |  | Weighted Average Fair Value |
Nonvested restricted stock units at September 2013 |  |  | 29,600 |  | $ | 81.89 |
Granted |  |  | 17,900 |  | $ | 83.03 |
Vested |  |  | (14,300 | ) | $ | 80.67 |
Expired |  |  | (300 | ) | $ | 81.75 |
Nonvested restricted stock units at September 2014 |  |  | 32,900 |  | $ | 84.75 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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