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Capitalization
9 Months Ended
Jun. 30, 2013
Capitalization [Abstract]  
Capitalization

Note 5 - Capitalization

 

Common Stock.  During the nine months ended June 30, 2013, the Company issued 457,091 original issue shares of common stock as a result of stock option and SARs exercises.  In addition, the Company issued 97,554 original issue shares of common stock for the Direct Stock Purchase and Dividend Reinvestment Plan.  The Company also issued 12,380 original issue shares of common stock to the non-employee directors of the Company who receive compensation under the Company’s 2009 Non-Employee Director Equity Compensation Plan, as partial consideration for the directors’ services during the nine months ended June 30, 2013.  Holders of stock options, SARs or restricted stock will often tender shares of common stock to the Company for payment of option exercise prices and/or applicable withholding taxes.  During the nine months ended June 30, 2013, 309,307 shares of common stock were tendered to the Company for such purposes.  The Company considers all shares tendered as cancelled shares restored to the status of authorized but unissued shares, in accordance with New Jersey law.

 

Current Portion of Long-Term Debt.  Current Portion of Long-Term Debt at September 30, 2012 consisted of $250 million of 5.25% notes that matured in March 2013.  None of the Company’s long-term debt at June 30, 2013 will mature within the following twelve-month period.

 

Long-Term Debt.  On February 15, 2013, the Company issued $500.0 million of 3.75% notes due March 1, 2023.  After deducting underwriting discounts and commissions, the net proceeds to the Company amounted to $495.4 million.  The holders of the notes may require the Company to repurchase their notes at a price equal to 101% of the principal amount in the event of a change in control and a ratings downgrade to a rating below investment grade.  The proceeds of this debt issuance were used to refund the $250 million of 5.25% notes that matured in March 2013, as well as for general corporate purposes, including the reduction of short-term debt.