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Stockholders' Equity (Tables) | 12 Months Ended
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Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Dividends Declared and Paid | Dividends declared and paid were as follows:
|  | Year Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Dividends declared and paid |  | $ | 36,041 |  |  | $ | 37,664 |  |  | $ | 39,066 |
Dividend per share amount |  |  | 0.5688 |  |  |  | 0.6050 |  |  |  | 0.6300 |
Stock-based Compensation Expense Recognized | Stock-based compensation expense recognized was as follows:
|  | Year Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Employee stock-based compensation expense |  | $ | 21,475 |  |  | $ | 22,903 |  |  | $ | 18,146 |
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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Weighted-average exercise price per share |  | $ | 82.46 |  |  | $ | 90.52 |  |  | $ | 79.84 |
Expected term (years) |  |  |  | 6.5 |  | - |  | 8.7 |  |  |  |  | 6.4 |  | - |  | 8.7 |  |  |  |  | 6.5 |  | - |  | 8.7 |
Estimated volatility |  |  |  | 33.3 | % | - |  | 36.2 | % |  |  |  | 25.7 | % | - |  | 35.1 | % |  |  |  | 25.7 | % | - |  | 31.0 | %
Estimated dividend yield |  |  |  | 0.3 | % | - |  | 0.6 | % |  |  |  | 0.4 | % | - |  | 0.9 | % |  |  |  | 0.6 | % | - |  | 0.8 | %
Risk-free interest rate |  |  |  | 0.4 | % | - |  | 1.0 | % |  |  |  | 0.4 | % | - |  | 1.7 | % |  |  |  | 1.5 | % | - |  | 3.1 | %
Weighted Average Grant Date Fair Value of Options Granted | The weighted average grant date fair value of options granted follows:
|  | Year Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Weighted-average grant date fair value of options |  | $ | 28.22 |  |  | $ | 25.41 |  |  | $ | 24.12 |
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, 2021:
|  | Number |  |  | Weighted- Average Exercise Price Per Share |
Balance at September 30, 2020 |  |  | 5,443 |  |  | $ | 62.00 |
Options granted |  |  | 773 |  |  |  | 82.46 |
Options exercised |  |  | (850 | ) |  |  | 41.01 |
Options forfeited |  |  | (25 | ) |  |  | 81.75 |
Options expired |  |  | (2 | ) |  |  | 46.55 |
Balance at September 30, 2021 |  |  | 5,339 |  |  |  | 68.21 |
Changes in Non-vested Stock Options | Changes in non-vested stock options during the fiscal year ended September 30, 2021 were as follows:
|  | Number |  |  | Weighted- Average Grant Date Fair Value Per Share |
Balance at September 30, 2020 |  |  | 2,078 |  |  | $ | 24.69 |
Options granted |  |  | 773 |  |  |  | 28.22 |
Options vested |  |  | (763 | ) |  |  | 25.31 |
Options forfeited |  |  | (25 | ) |  |  | 25.40 |
Balance at September 30, 2021 |  |  | 2,063 |  |  |  | 25.77 |
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, 2021 was as follows:
|  | Number |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Life in Years |  |  | Aggregate Intrinsic Value |
Options outstanding |  |  | 5,339 |  |  | $ | 68.21 |  |  |  | 6.0 |  |  | $ | 240,483 |
Options vested and exercisable |  |  | 3,276 |  |  |  | 58.95 |  |  |  | 4.7 |  |  |  | 177,729 |
Options vested and expected to vest |  |  | 5,279 |  |  |  | 68.06 |  |  |  | 6.0 |  |  |  | 238,544 |
Other Stock Option Information | Other information follows:
|  | Year Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Total fair value of stock options vested |  | $ | 19,324 |  |  | $ | 17,423 |  |  | $ | 15,863 |
Total intrinsic value of options exercised |  |  | 63,667 |  |  |  | 50,059 |  |  |  | 70,866 |
Cash received from exercises of stock options |  |  | 34,748 |  |  |  | 24,969 |  |  |  | 36,044 |
Excess tax benefit realized from exercise of stock options |  |  | 12,364 |  |  |  | 9,399 |  |  |  | 13,416 |

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