Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v3.4.0.3
Share-Based Compensation
6 Months Ended
Mar. 31, 2016
Compensation Related Costs [Abstract]  
Share-Based Compensation
Share-Based Compensation
 
 
Three Months Ended
March 31,
 
Six Months Ended
March 31,
 
2016
 
2015
 
2016
 
2015
Share-based compensation costs
$
3.1

 
$
4.1

 
$
3.7

 
$
6.3

Less impact of income tax benefit
1.2

 
1.5

 
1.4

 
2.3

Share-based compensation costs, net of tax
$
1.9

 
$
2.6

 
$
2.3

 
$
4.0


 
We have share-based compensation with long-term performance-based metrics that are contingent upon our relative total shareholder return and the creation of shareholder value as measured by the cumulative cash returns and final period net operating profit after tax compared to the performance-based targets for each grant over a three-year period.  For the performance-based awards contingent upon the creation of shareholder value, compensation expense is adjusted each quarter based upon actual results to date and any changes to forecasted information on each of the separate grants. 
 
During the six months ended March 31, 2016, we made the following grants:
 
 
Number of
Units
Stock options
497,774

Time-based stock awards
42,262

Performance-based stock awards (maximum that can be earned)
378,158


 
Stock options granted during fiscal 2016 had a weighted-average exercise price of $31.11 and a weighted-average grant date fair value of $7.80.  Our time-based stock awards and performance-based stock awards granted during fiscal 2016 had weighted-average grant date fair values of $30.54 and $33.03.  Included in the performance-based stock awards granted during 2016 are 199,372 units whose payout level is based upon the Company’s total shareholder return as it relates to the performance of companies in its compensation peer group over a three-year measurement period.  These units will be expensed on a straight-line basis over the measurement period and are not subsequently adjusted after the grant date.