14. Equity

Stock compensation

        At September 30, 2015, 2.1 million shares remained available for grants under our 2011 Equity Incentive Plan. We typically issue new shares in satisfying our obligations under our stock plans.

        We grant equity awards to officers, employees and directors in the form of restricted stock units (RSUs). RSUs issued generally vest ratably over one or five years. The fair value of the RSUs, based on our stock price at the grant date, is expensed in equal installments over the vesting period. For the fiscal years ended September 30, 2015, 2014 and 2013, compensation expense recognized related to RSUs was $17.2 million, $17.3 million and $14.6 million, respectively. Employees who are granted RSUs also receive dividend-equivalent payments in the form of additional RSUs. However, until the shares are issued, they have no voting rights and employees may not buy or sell these RSUs. In the event that an award is forfeited, the dividend-equivalent payments received by the holder with respect to that award are also forfeited.

        A summary of our RSU activity for the year ended September 30, 2015, is as follows:

        In addition to the nonvested shares, certain shareholders held approximately 0.8 million vested awards whose issuance has been deferred.

        The weighted-average grant-date fair value of RSUs granted in the years ended September 30, 2014 and 2013 was $46.49 and $30.66, respectively. The total fair value of RSUs which vested during the years ended September 30, 2015, 2014 and 2013 was $68.6 million, $38.7 million and $40.8 million, respectively. As of September 30, 2015, the total remaining unrecognized compensation cost related to unvested RSUs was $33.1 million. This charge is expected to be realized over the next four years, with a weighted average life of 1.5 years.

        Prior to fiscal year 2008, we granted stock options to certain employees. These were granted at exercise prices equal to the fair market value of our common stock at the date of grant, vested over a period of four years and expired ten years after the date of the grant. No compensation expenses related to stock options were recorded in any of the years shown.

        A summary of our stock option activity for the year ended September 30, 2015, is as follows:

        The intrinsic value of outstanding and exercisable stock options at September 30, 2015 was $8.1 million with a weighted average remaining life of 1.5 years.

        The following table summarizes information pertaining to the stock options vested and exercised for the years presented (in thousands):

        The total income tax benefit recognized in the income statement for share-based compensation arrangements was $7.1 million, $7.0 million and $5.2 million for the fiscal years ended September 30, 2015, 2014 and 2013, respectively.

        Employees are permitted to forfeit a certain number of shares to cover their personal tax liability, with the Company making tax payments to the relevant authorities. These payments are reported in the statements of cash flows as financing cash flows. During the year ended September 30, 2015, our employees forfeited approximately 195,000 shares in this manner, resulting in a liability of $11.6 million.

        Cash flows resulting from the tax benefits generated from tax deductions in excess of the compensation costs recognized for those options and RSUs (excess tax benefits) are classified as financing cash flows.

Stock repurchase programs

        Under a resolution adopted in August 2015, the Board of Directors authorized the repurchase, at management's discretion, of up to an aggregate of $200 million of our common stock. This resolution superseded similar authorizations from November 2011 and June 2014. The resolution also authorizes the use of option exercise proceeds for the repurchase of our common stock. During the years ended September 30, 2015, 2014 and 2013, we repurchased 1.6 million, 2.7 million and 1.0 million common shares at a cost of $82.8 million, $113.1 million and $32.5 million, respectively. At September 30, 2015, $168.6 million remained available for future stock repurchases.

        We acquired an additional 0.3 million common shares at a cost of $14.4 million between October 1, 2015 and November 16, 2015.