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EQUITY-BASED INCENTIVE AWARDS (Tables)
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9 Months Ended |
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Jun. 30, 2012
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| EQUITY-BASED INCENTIVE AWARDS |
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| Schedule of assumptions used in connection with the Black-Scholes option pricing calculation |
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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:
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Stock Option Pricing
Assumptions |
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Risk-free interest rate |
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2.39 |
% |
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Dividend yield |
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1.10 |
% |
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Expected volatility |
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27.90 |
% |
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Expected life in years |
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6 |
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| Schedule of stock options issued and outstanding by grant year |
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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:
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Remaining |
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Exercisable |
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Exercise
Price |
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Number
Outstanding |
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Weighted-Average
Contractual Life |
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Weighted-Average
Exercise Price |
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Number
Exercisable |
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Weighted-Average
Exercise Price |
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Fiscal 2003 |
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$28.80 |
|
42 |
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0.32 years |
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$ |
28.80 |
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42 |
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$ |
28.80 |
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Fiscal 2007 |
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$18.00 |
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25,000 |
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4.45 years |
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$ |
18.00 |
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25,000 |
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$ |
18.00 |
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Fiscal 2010 |
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$51.50 |
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5,500 |
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7.83 years |
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$ |
51.50 |
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2,200 |
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$ |
51.50 |
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Fiscal 2012 |
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$53.80 - $65.97 |
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6,500 |
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9.33 years |
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$ |
54.74 |
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— |
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$ |
— |
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|
|
|
|
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37,042 |
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|
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$ |
29.43 |
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27,242 |
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$ |
20.72 |
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| Summary of stock options activity |
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Number
of
Shares |
|
Weighted
Average
Exercise
Price |
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Outstanding at September 2011 |
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30,583 |
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$ |
24.05 |
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Granted |
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6,500 |
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54.74 |
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Exercised |
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(41 |
) |
28.80 |
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Forfeited/Expired |
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— |
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— |
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Outstanding at June 2012 |
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37,042 |
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$ |
29.43 |
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| Schedule of restricted stock units issued and outstanding |
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Restricted Stock Units (1) |
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Restricted Stock Units (2) |
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Restricted Stock Units (3) |
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Date of award: |
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November 22, 2010 |
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November 22, 2010 |
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October 26, 2011 |
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Original number of awards issued: |
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38,400 |
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12,000 |
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15,900 |
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Service period: |
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24 months |
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36 months |
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36 months |
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Estimated fair value of award at grant date: |
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$ |
2,765,000 |
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$ |
864,000 |
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$ |
855,000 |
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Awards outstanding at June 2012 |
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12,800 |
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8,000 |
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15,900 |
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Fair value of non-vested awards at June 2012: |
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$ |
719,000 |
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$ |
450,000 |
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$ |
894,000 |
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(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. |
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(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. |
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(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. | |
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| Summary of restricted stock unit activity |
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Number
of
Shares |
|
Weighted Average
Fair Value |
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Nonvested restricted stock units at September 2011 |
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37,600 |
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$ |
57.00 |
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Granted |
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15,900 |
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$ |
53.80 |
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Vested |
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(16,800 |
) |
$ |
56.58 |
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Expired |
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— |
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$ |
— |
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Nonvested restricted stock units at June 2012 |
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36,700 |
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$ |
64.40 |
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