Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.22.2.2
Share-Based Compensation (Tables)
12 Months Ended
Sep. 30, 2022
Compensation Related Costs [Abstract]  
Schedule of stock-based compensation costs
  Year Ended September 30,
  2022 2021 2020
Stock-based compensation cost $ 21.3  $ 19.7  $ 14.0 
Less impact of income tax 4.9  4.5  3.2 
Stock-based compensation cost, net of tax $ 16.4  $ 15.2  $ 10.8 
Summary of assumptions used in determining fair value of options The following assumptions were used in the determination of fair value for the year ended September 30, 2020:
Risk-free interest rate 1.6  %
Weighted-average dividend yield 2.7  %
Weighted-average volatility factor 27.9  %
Expected life (years) 5.8
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,
  2022 2021 2020
Expected term (years) 2.83 2.83 2.82
Risk-free interest rate 0.86  % 0.20  % 1.60  %
Share price volatility 43.90  % 43.04  % 25.61  %
Expected dividend yield —  % —  % —  %
Actual dividend yield 1.91  % 2.24  % 2.63  %
Summary of outstanding stock options
A summary of outstanding stock option awards as of September 30, 2022 and changes during the year is presented below:
 
Number
of Shares
Weighted-Average
Exercise Price
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 
Granted —  — 
Exercised (702,712) 36.13 
Forfeited (544) 44.22 
Expired/cancelled (7,972) 35.91 
Outstanding at September 30, 2022 1,251,722  $ 36.47 
Exercisable at September 30, 2022 1,184,283  $ 36.73 
Summary of outstanding restricted stock units
A summary of the non-vested stock awards, including dividends, as of September 30, 2022 (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, 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 
Granted 408,467  45.46 
Vested (252,346) 35.36 
Forfeited (112,796) 40.28 
Non-vested time-based stock awards at September 30, 2022 660,460  $ 42.50 
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, 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 
Granted 321,472  51.93 
Vested (242,117) 33.65 
Forfeited (274,652) 39.22 
Non-vested performance-based stock awards at September 30, 2022 538,352  $ 47.69