Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v3.21.1
Share-Based Compensation
6 Months Ended
Mar. 31, 2021
Compensation Related Costs [Abstract]  
Share-Based Compensation Share-Based Compensation
 
Three Months Ended
March 31,
Six Months Ended
March 31,
  2021 2020 2021 2020
Share-based compensation costs $ 6.2  $ 3.4  $ 10.4  $ 5.7 
Less impact of income tax benefit 1.4  0.8  2.4  1.3 
Share-based compensation costs, net of tax $ 4.8  $ 2.6  $ 8.0  $ 4.4 
 
The Company has share-based compensation with long-term performance-based metrics that are contingent upon the Company’s relative total shareholder return and the creation of shareholder value. Relative total shareholder return is determined by comparing the Company’s total shareholder return during a three-year period to the respective total shareholder returns of companies in a designated performance peer group or stock index, as applicable. Creation of shareholder value is measured by the cumulative cash returns and final period net operating profit after tax compared to the established hurdle rate 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, 2021, the Company made the following grants:
 
  Number of
Units
Time-based stock awards 315,235 
Performance-based stock awards (maximum that can be earned) 364,798 
 
The Company’s time-based stock awards and performance-based stock awards granted during the six months ended March 31, 2021 had weighted-average grant date fair values of $38.03 and $44.39, respectively.  Included in the performance-based stock awards granted during the six months ended March 31, 2021 are 214,092 units whose payout level is based upon the Company’s relative total shareholder return over the three-year measurement period, as described above.  These units will be expensed on a straight-line basis over the measurement period and are not subsequently adjusted after the grant date.