XML 58 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock-based Compensation Expense Recognized
The following table summarizes all stock-based compensation expense recognized during the following fiscal years:
(Thousands)
2018
2017
2016
Stock-based compensation expense:
 
 
 
Performance share awards
$
3,526

$
2,614

$
3,188

Restricted and non-restricted stock
2,191

1,732

2,161

Deferred retention stock
7,128

1,461

1,885

Compensation expense included in operation and maintenance expense
12,845

5,807

7,234

Income tax benefit (1)
(3,734
)
(2,372
)
(2,955
)
Total, net of tax
$
9,111

$
3,435

$
4,279


(1)
Excludes additional tax benefit related to delivered shares of $3 million, $1.3 million and $1.8 million as of September 30, 2018, 2017 and 2016, respectively.
Summary of Performance Share Activity
The following table summarizes the performance share activity under the stock award and incentive plans for the past three fiscal years:
 
Shares (1)
Weighted Average
Grant Date
Fair Value
Total Fair Value of Vested Shares (in Thousands)
Non-vested and outstanding at September 30, 2015
214,464

 
$23.40
 
 
—

 
Granted
115,480

 
$27.37
 
 
—

 
Vested (2)
(137,053
)
 
$21.40
 
 
$
5,657

 
Cancelled/forfeited (3)
(12,975
)
 
$23.40
 
 
—

 
Non-vested and outstanding at September 30, 2016
179,916

 
$27.47
 
 
—

 
Granted
96,507

 
$33.57
 
 
—

 
Vested (4)
(95,407
)
 
$28.88
 
 
$
4,179

 
Cancelled/forfeited
(24,429
)
 
$29.14
 
 
—

 
Non-vested and outstanding at September 30, 2017
156,587

 
$30.12
 
 
—

 
Granted
91,177

 
$44.67
 
 
—

 
Vested (5)
(100,146
)
 
$29.49
 
 
$
4,714

 
Cancelled/forfeited
(2,442
)
 
$31.45
 
 
—

 
Non-vested and outstanding at September 30, 2018
145,176

 
$39.67
 
 
—

 
(1)
The number of common shares issued related to certain performance shares may range from zero to 150 percent of the number of shares shown in the table above based on the Company’s achievement of performance goals.
(2)
As certified by the Company’s Leadership and Compensation Committee on November 15, 2016, the number of common shares related to performance shares earned was 85 percent, or 55,702 shares, the number of common shares earned related to NFE performance was 150 percent or 71,808 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 23,649 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100 percent.
(3)
As certified by the Company’s Leadership and Compensation Committee on November 15, 2016, 9,366 shares were canceled due to not achieving a certain performance target. The remainder were forfeitures due to individuals departing the Company.
(4)
As certified by the Company’s Leadership and Compensation Committee on November 14, 2017, the number of common shares earned related to TSR performance was 108.44 percent or 39,595 shares, the number of common shares earned related to NFE performance was 119 percent or 36,498 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 28,223 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100 percent.
(5)
As certified by the Company’s Leadership and Compensation Committee on November 13, 2018, the number of common shares earned related to TSR performance was 99 percent or 38,660 shares, the number of common shares earned related to NFE performance was 121 percent or 39,694 shares and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 36,998 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100 percent.
Summary of Restricted Stock Activity
The following table summarizes the restricted stock activity under the stock award and incentive plans for the past three fiscal years:
 
Shares

Weighted Average
Grant Date
Fair Value
Total Fair Value of Vested Shares (in Thousands)
Non-vested and outstanding at September 30, 2015
81,492

 
$27.17
 
 
—

 
Granted
41,909

 
$30.03
 
 
—

 
Vested
(48,089
)
 
$26.66
 
 
$
1,469

 
Cancelled/forfeited
(2,241
)
 
$29.21
 
 
—

 
Non-vested and outstanding at September 30, 2016
73,071

 
$29.09
 
 
—

 
Granted
28,734

 
$35.79
 
 
—

 
Vested
(38,752
)
 
$28.92
 
 
$
1,344

 
Cancelled/forfeited
(11,899
)
 
$31.56
 
 
—

 
Non-vested and outstanding at September 30, 2017
51,154

 
$32.40
 
 
—

 
Granted
27,949

 
$45.00
 
 

 
Vested
(33,815
)
 
$31.23
 
 
$
1,438

 
Cancelled/forfeited
(1,120
)
 
$33.54
 
 

 
Non-vested and outstanding at September 30, 2018
44,168

 
$41.24
 
 
—

 
Summary of Deferred Retention Stock Award
The following table summarizes the deferred retention stock award under the stock award and incentive plans for the past three fiscal years:
 
Shares
Weighted Average
Grant Date
Fair Value
Total Fair Value of Vested Shares (in Thousands)
Outstanding at September 30, 2015
632,730

 
$27.03
 
 
—

 
Granted/Vested
159,831

 
$30.37
 
 
—

 
Delivered
(121,764
)
 
$20.31
 
 
$
3,751

 
Forfeited
(8,318
)
 
$28.14
 
 
—

 
Outstanding at September 30, 2016
662,479

 
$29.06
 
 
—

 
Granted/Vested
63,977

 
$35.64
 
 
—

 
Delivered
(53,878
)
 
$23.11
 
 
$
1,774

 
Outstanding at September 30, 2017
672,578

 
$29.54
 
 
—

 
Granted/Vested
24,167

 
$45.00
 
 

 
Delivered
(452,694
)
 
$29.42
 
 
$
19,581

 
Forfeited
(1,969
)
 
$35.56
 
 

 
Outstanding at September 30, 2018
242,082

 
$32.99
 
 
—

 
Schedule of Nonemployee Director Stock Award Plan Activity
The following summarizes non-employee director share awards for the past three fiscal years:
 
2018
2017
2016
Shares granted
26,524
(1) 
27,972
27,481
Weighted average grant date fair value
$39.85
 
$35.59
$32.75
(1)
$264,000 of expense remains as of September 30, 2018, to be recognized through December 31, 2018.