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Stockholders' Equity (Tables) | 9 Months Ended
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Jun. 30, 2020
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.
|  |  | Three-Months Ended |  |  | Nine-Months Ended |
|  |  | June 30, |  |  | June 30, |
|  |  | 2020 |  |  | 2019 |  | 2020 |  |  | 2019 |
Weighted-average exercise price per share |  | $ | 58.40 |  |  | n/a |  | $ | 90.57 |  |  | $ | 79.12 |
Weighted-average grant date market value of Woodward stock |  | $ | 58.40 |  |  | n/a |  | $ | 90.57 |  |  | $ | 79.12 |
Expected term (years) |  |  | 6.5 |  |  | n/a |  |  | 6.4 |  | - | 8.7 |  |  |  | 6.5 |  | - | 8.7 |
Estimated volatility |  |  | 33.1% |  | - | 34.3% |  |  | n/a |  |  | 25.7% |  | - | 34.3% |  |  |  | 25.7% |  | - | 31.0% |
Estimated dividend yield |  |  | 0.5% |  | - | 0.6% |  |  | n/a |  |  | 0.5% |  | - | 0.9% |  |  |  | 0.7% |  | - | 0.8% |
Risk-free interest rate |  |  | 0.4% |  |  | n/a |  |  | 0.4% |  | - | 1.7% |  |  |  | 2.6% |  | - | 3.1% |
Summary of Activity for Stock Option Awards | The following is a summary of the activity for stock option awards during the three and nine-months ended June 30, 2020:
|  | Three-Months Ended |  |  | Nine-Months Ended |
|  | June 30, 2020 |  |  | June 30, 2020 |
|  | Number of options |  |  | Weighted-Average Exercise Price per Share |  |  | Number of options |  |  | Weighted-Average Exercise Price per Share |
Options, beginning balance |  |  | 5,623 |  |  | $ | 60.50 |  |  |  | 5,387 |  |  | $ | 53.73 |
Options granted |  |  | 280 |  |  |  | 58.40 |  |  |  | 909 |  |  |  | 90.57 |
Options exercised |  |  | (66 | ) |  |  | 31.15 |  |  |  | (429 | ) |  |  | 34.44 |
Options expired |  |  | (3 | ) |  |  | 70.89 |  |  |  | (3 | ) |  |  | 70.89 |
Options forfeited |  |  | (57 | ) |  |  | 103.58 |  |  |  | (87 | ) |  |  | 96.52 |
Options, ending balance |  |  | 5,777 |  |  |  | 60.31 |  |  |  | 5,777 |  |  |  | 60.31 |
Changes in Non-vested Stock Options | Changes in non-vested stock options during the three and nine-months ended June 30, 2020 were as follows:
|  | Three-Months Ended |  |  | Nine-Months Ended |
|  | June 30, 2020 |  |  | June 30, 2020 |
|  | Number of options |  |  | Weighted-Average Grant Date Fair Value per Share |  |  | Number of options |  |  | Weighted-Average Grant Date Fair Value Per Share |
Non-vested options outstanding, beginning balance |  |  | 1,867 |  |  | $ | 25.95 |  |  |  | 2,068 |  |  | $ | 23.43 |
Options granted |  |  | 280 |  |  |  | 16.92 |  |  |  | 909 |  |  |  | 24.98 |
Options vested |  |  | — |  |  |  | — |  |  |  | (800 | ) |  |  | 21.52 |
Options forfeited |  |  | (57 | ) |  |  | 27.89 |  |  |  | (87 | ) |  |  | 27.01 |
Non-vested options outstanding, ending balance |  |  | 2,090 |  |  |  | 24.69 |  |  |  | 2,090 |  |  |  | 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 June 30, 2020 was as follows:
|  | Number |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Life in Years |  |  | Aggregate Intrinsic Value |
Options outstanding |  |  | 5,777 |  |  | $ | 60.31 |  |  |  | 6.0 |  |  | $ | 118,997 |
Options vested and exercisable |  |  | 3,686 |  |  |  | 47.95 |  |  |  | 4.6 |  |  |  | 110,112 |
Options vested and expected to vest |  |  | 5,678 |  |  |  | 59.95 |  |  |  | 5.9 |  |  |  | 118,261 |
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 for the three and nine-months ended June 30, 2020:
|  | Three-Months Ended |  |  | Nine-Months Ended |
|  | June 30, 2020 |  |  | June 30, 2020 |
|  | Number |  |  | Weighted-Average Grant Date Fair Value per Unit |  |  | Number |  |  | Fair Value per Share |
Beginning balance |  |  | 9 |  |  | $ | 91.55 |  |  |  | 9 |  |  | $ | 91.55 |
Units granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Units vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Units forfeited |  |  | (1 | ) |  |  | 97.56 |  |  |  | (1 | ) |  |  | 97.56 |
Ending balance |  |  | 8 |  |  |  | 90.98 |  |  |  | 8 |  |  |  | 90.98 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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