STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense Recognized

The following table summarizes all stock-based compensation expense recognized during the following fiscal years:

(Thousands)	2022		2021		2020
Stock-based compensation expense:
Performance share awards	$	4,131	$	3,856	$	1,943
Restricted and non-restricted stock	3,189		3,193		2,868
Deferred retention stock	7,507		100		1,725
Compensation expense included in operation and maintenance expense	14,827		7,149		6,536
Income tax benefit (1)	(3,624)		(1,613)		(1,900)
Total, net of tax	$	11,203	$	5,536	$	4,636

(1)Excludes additional tax (expense) benefit related to delivered shares of $(144,000), $(159,000) and $647,000 as of September 30, 2022, 2021 and 2020, 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, 2019	130,509		$46.53		—
Granted	82,064		$40.61		—
Vested (2)	(55,025)		$44.27		$	2,083
Cancelled/forfeited	(1,817)		$44.38		—
Non-vested and outstanding at September 30, 2020	155,731		$44.22		—
Granted	116,951		$33.34		—
Vested (3)	(54,918)		$44.64		$	1,673
Cancelled/forfeited	(51,673)		$45.32		—
Non-vested and outstanding at September 30, 2021	166,091		$36.08		—
Granted	118,526		$38.84		—
Vested (4)	(76,708)		$39.57		$	2,765
Cancelled/forfeited	(15,788)		$37.33		—
Non-vested and outstanding at September 30, 2022	192,121		$36.29		—

(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 9, 2020, there were no common shares earned related to TSR performance, the number of common shares earned related to NFE performance was 114 percent or 28,513 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 11,139 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 10, 2021, there were no common shares earned related to TSR performance, the number of common shares earned related to NFE performance was 93 percent or 31,116 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 25,982 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100 percent.

(4)As certified by the Company’s Leadership and Compensation Committee on November 9, 2022, the number of common shares earned related to TSR performance was 112 percent or 30,472 shares, the number of common shares earned related to NFE performance was 105 percent or 26,282 shares and the number of common shares earned related to Performance Based Restricted Stock was 100 percent or 28,965 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, 2019	58,156		$46.18		—
Granted	42,478		$40.61		—
Vested	(25,973)		$44.71		$	1,073
Cancelled/forfeited	(1,175)		$43.62		—
Non-vested and outstanding at September 30, 2020	73,486		$43.52		—
Granted	67,726		$33.34		—
Vested	(34,000)		$44.30		$	996
Cancelled/forfeited	(5,591)		$36.34		—
Non-vested and outstanding at September 30, 2021	101,621		$36.87		—
Granted	54,826		$38.84		—
Vested	(47,867)		$39.01		$	1,824
Cancelled/forfeited	(10,756)		$37.06		—
Non-vested and outstanding at September 30, 2022	97,824		$36.90		—

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, 2019	243,561		$44.67		—
Granted/Vested	42,358		$40.72		—
Delivered	(57,673)		$35.25		$	2,423
Outstanding at September 30, 2020	228,246		$46.32		—
Granted/Vested	2,999		$33.34		—
Delivered	(22,389)		$45.00		$	641
Outstanding at September 30, 2021	208,856		$46.28		—
Granted/Vested	192,728		$38.95		—
Delivered	(163,499)		$47.95		$	6,167
Forfeited	(6,818)		40.33		—
Outstanding at September 30, 2022	231,267		$39.16		—

Schedule of Nonemployee Director Stock Award Plan Activity

The following summarizes non-employee director share awards for the past three fiscal years:

	2022		2021	2020
Shares granted	30,908	(1)	34,994	27,696
Weighted average grant date fair value	$39.09		$35.72	$42.88

(1)Approximately $300,000 of expense remains as of September 30, 2022, to be recognized through December 31, 2022.