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Stockholders' Equity (Tables)

9 Months Ended

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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