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Stockholders' Equity (Tables)
12 Months Ended
Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Dividends Declared and Paid

Dividends declared and paid during 2020, 2019 and 2018 fiscal years were:

 

 

 

Year Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Dividends declared and paid

 

$

37,664

 

 

$

39,066

 

 

$

34,003

 

Dividend per share amount

 

 

0.6050

 

 

 

0.6300

 

 

 

0.5525

 

Stock-based Compensation Expense Recognized

Stock-based compensation expense recognized was as follows:

 

 

 

Year Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Employee stock-based compensation expense

 

$

22,903

 

 

$

18,146

 

 

$

18,229

 

Stock Options [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards

The fair value of options granted is estimated as of the grant date using the Black-Scholes-Merton option-valuation model using the assumptions in the following table.  Woodward calculates the expected term, which represents the average period of time that stock options granted are expected to be outstanding, based upon historical experience of plan participants.  Expected volatility is based on historical volatility using daily stock price observations.  The estimated dividend yield is based upon Woodward’s historical dividend practice and the market value of its common stock.  The risk-free rate is based on the U.S. treasury yield curve, for periods within the contractual life of the stock option, at the time of grant.

 

 

 

Year Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Weighted-average exercise price per share

 

$

90.52

 

 

79.84

 

 

78.91

 

Weighted-average grant date market value of Woodward stock

 

$

90.52

 

 

79.84

 

 

78.91

 

Expected term (years)

 

 

 

6.4

 

 

-

 

 

8.7

 

 

 

6.5

 

 

-

 

 

8.7

 

 

 

6.4

 

 

-

 

 

8.7

 

Estimated volatility

 

 

 

25.7

%

 

-

 

 

35.1

%

 

 

25.7

%

 

-

 

 

31.0

%

 

 

29.1

%

 

-

 

 

32.7

%

Estimated dividend yield

 

 

 

0.4

%

 

-

 

 

0.9

%

 

 

0.6

%

 

 

 

 

0.8

%

 

 

0.6

%

 

-

 

 

0.8

%

Risk-free interest rate

 

 

 

0.4

%

 

-

 

 

1.7

%

 

 

1.5

%

 

-

 

 

3.1

%

 

 

2.1

%

 

-

 

 

2.8

%

Weighted Average Grant Date Fair Value of Options Granted

The weighted average grant date fair value of options granted follows:

 

 

 

Year Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Weighted-average grant date fair value of options

 

$

25.41

 

 

$

24.12

 

 

$

25.66

 

Summary of Activity for Stock Option Awards

The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 2020:

 

 

 

Number

 

 

Weighted-

Average Exercise

Price Per Share

 

Balance at September 30, 2019

 

 

5,387

 

 

$

53.73

 

Options granted

 

 

912

 

 

 

90.52

 

Options exercised

 

 

(756

)

 

 

33.26

 

Options forfeited

 

 

(94

)

 

 

95.55

 

Options expired

 

 

(6

)

 

 

72.79

 

Balance at September 30, 2020

 

 

5,443

 

 

 

62.00

 

Changes in Non-vested Stock Options

Changes in non-vested stock options during the fiscal year ended September 30, 2020 were as follows:

 

 

 

Number

 

 

Weighted-

Average Grant

Date Fair Value

Per Share

 

Balance at September 30, 2019

 

 

2,068

 

 

$

23.43

 

Options granted

 

 

912

 

 

 

25.41

 

Options vested

 

 

(808

)

 

 

21.57

 

Options forfeited

 

 

(94

)

 

 

26.84

 

Balance at September 30, 2020

 

 

2,078

 

 

 

24.69

 

Stock Options Vested, or Expected to Vest and Exercisable

Information about stock options that have vested, or are expected to vest, and are exercisable at September 30, 2020 was as follows:

 

 

 

Number

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Life in Years

 

 

Aggregate

Intrinsic

Value

 

Options outstanding

 

 

5,443

 

 

$

62.00

 

 

 

6.0

 

 

$

114,139

 

Options vested and exercisable

 

 

3,365

 

 

 

49.63

 

 

 

4.6

 

 

 

103,059

 

Options vested and expected to vest

 

 

5,362

 

 

 

61.72

 

 

 

5.9

 

 

 

113,399

 

Other Stock Option Information

Other information follows:

 

 

 

Year Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Total fair value of stock options vested

 

$

17,423

 

 

$

15,863

 

 

$

13,944

 

Total intrinsic value of options exercised

 

 

50,059

 

 

 

70,866

 

 

 

16,690

 

Cash received from exercises of stock options

 

 

24,969

 

 

 

36,044

 

 

 

9,132

 

Excess tax benefit realized from exercise of stock options

 

 

9,399

 

 

 

13,416

 

 

 

3,524

 

Restricted Stock Units (RSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Activity for Restricted Stock Units

A summary of the activity for restricted stock units in the fiscal year ended September 30, 2020:

 

 

 

Number

 

 

Weighted-

Average Grant

Date Fair Value

per Unit

 

Balance at September 30, 2019

 

 

9

 

 

$

91.55

 

Units granted

 

 

 

 

n/a

 

Units vested

 

 

(7

)

 

 

87.30

 

Units forfeited

 

 

 

 

n/a

 

Balance at September 30, 2020

 

 

2

 

 

 

103.53