STOCK BASED COMPENSATION

3 Months Ended

Dec. 31, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

STOCK-BASED COMPENSATION

On November 16, 2011, the Company granted 49,171 deferred restricted shares that vested immediately and 1,929 shares that will vest in October 2014, all of which will be distributed in lump sum payments in October 2014. Also, on November 16, 2011, the Company granted 28,418 performance shares, which vest on September 30, 2014, subject to the Company meeting certain performance conditions. Each of the agreements governing the share awards has provisions that can result in forfeiture of shares, either prior to vesting or delivery of shares, as applicable, when certain events occur. As of December 31, 2011, 1,821,506 and 71,962 shares remain available for future issuance to employees and directors, respectively.

During the three months endedDecember 31, 2011, included in operation and maintenance expense is $624,000 related to stock-based compensation compared with $400,000 during the three months endedDecember 31, 2010. As of December 31, 2011, there remains $3.1 million of deferred compensation related to unvested restricted and performance shares that is expected to be recognized over the next two years.