Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.21.2
Share-Based Compensation (Tables)
12 Months Ended
Sep. 30, 2021
Compensation Related Costs [Abstract]  
Schedule of stock-based compensation costs
  Year Ended September 30,
  2021 2020 2019
Stock-based compensation cost $ 19.7  $ 14.0  $ 12.0 
Less impact of income tax 4.5  3.2  2.8 
Stock-based compensation cost, net of tax $ 15.2  $ 10.8  $ 9.2 
Summary of assumptions used in determining fair value of options The following assumptions were used in the determination of fair value:
  Year Ended Year Ended September 30,
  2020 2019
Risk-free interest rate 1.6  % 2.9  %
Weighted-average dividend yield 2.7  % 2.0  %
Weighted-average volatility factor 27.9  % 27.5  %
Expected life (years) 5.8 5.7
The Company estimates the fair value of TSR awards using a Monte-Carlo simulation model which included the following key assumptions:

  Year Ended Year Ended September 30,
  2021 2020 2019
Expected term (years) 2.83 2.82 2.83
Risk-free interest rate 0.20  % 1.60  % 2.83  %
Share price volatility 43.04  % 25.61  % 21.99  %
Expected dividend yield —  % —  % —  %
Actual dividend yield 2.24  % 2.63  % 1.87  %
Summary of outstanding stock options
A summary of outstanding stock option awards as of September 30, 2021 and changes during the year is presented below:
 
Number
of Shares
Weighted-Average
Exercise Price
Outstanding at September 30, 2019 2,137,604  $ 35.43 
Granted 454,929  31.94 
Exercised (58,618) 20.91 
Forfeited (45,255) 36.94 
Expired/cancelled (52,217) 39.93 
Outstanding at September 30, 2020 2,436,443  35.00 
Granted —  — 
Exercised (453,059) 28.86 
Forfeited (9,783) 41.52 
Expired/cancelled (10,651) 41.74 
Outstanding at September 30, 2021 1,962,950  $ 36.35 
Exercisable at September 30, 2021 1,566,256  $ 36.81 
Summary of outstanding restricted stock units
A summary of the non-vested stock awards, including dividends, as of September 30, 2021 (representing the maximum number of shares that could be vested) and changes during the year is presented below:
 
Number of Shares Weighted-Average
Grant Date
Fair Value
Time-Based Stock Awards 
Non-vested time-based stock awards at September 30, 2019 68,930  $ 41.19 
Granted 338,105  31.21 
Vested (28,741) 38.15 
Forfeited (31,669) 32.99 
Non-vested time-based stock awards at September 30, 2020 346,625  32.46 
Granted 454,873  39.37 
Vested (117,370) 32.95 
Forfeited (66,993) 34.72 
Non-vested time-based stock awards at September 30, 2021 617,135  $ 37.21 
Summary of outstanding performance-based units
Number of Shares Weighted-Average
Grant Date
Fair Value
Performance-Based Stock Awards 
Non-vested performance-based stock awards at September 30, 2019 520,145  $ 46.41 
Granted 429,782  33.58 
Vested (114,043) 53.29 
Forfeited (141,589) 50.05 
Non-vested performance-based stock awards at September 30, 2020 694,295  36.59 
Granted 369,138  44.36 
Vested (135,569) 38.35 
Forfeited (194,215) 46.88 
Non-vested performance-based stock awards at September 30, 2021 733,649  $ 37.38