XML 59 R49.htm IDEA: XBRL DOCUMENT
v3.21.1

Stockholders' Equity (Tables) - Stock Options [Member] | 6 Months Ended
--- | ---
Mar. 31, 2021
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 |  |  | Six-Months Ended |
|  |  | March 31, |  |  | March 31, |
|  |  | 2021 |  |  | 2020 |  | 2021 |  |  | 2020 |
Weighted-average exercise price per share |  | $ | 122.88 |  |  | $ | 127.84 |  | $ | 82.46 |  |  | $ | 104.91 |
Weighted-average grant date market value of Woodward stock |  | $ | 122.88 |  |  | $ | 127.84 |  | $ | 82.46 |  |  | $ | 104.91 |
Expected term (years) |  |  |  | 6.5 |  | - |  | 8.7 |  |  |  | 6.5 |  |  | 6.5 |  | - | 8.7 |  |  |  | 6.4 |  | - | 8.7 |
Estimated volatility |  |  | 33.9% |  | - | 36.2% |  |  |  | 25.7% |  |  | 33.3% |  | - | 36.2% |  |  |  | 25.7% |  | - | 30.1% |
Estimated dividend yield |  |  | 0.5% |  | - | 0.6% |  |  | 0.9% |  |  | 0.3% |  | - | 0.6% |  |  |  | 0.6% |  | - | 0.9% |
Risk-free interest rate |  |  | 0.6% |  | - | 1.1% |  |  |  | 1.7% |  |  | 0.4% |  | - | 1.1% |  |  |  | 1.6% |  | - | 1.7% |
Summary of Activity for Stock Option Awards | The following is a summary of the activity for stock option awards during the three and six-months ended March 31, 2021:
|  | Three-Months Ended |  |  | Six-Months Ended |
|  | March 31, 2021 |  |  | March 31, 2021 |
|  | Number of options |  |  | Weighted-Average Exercise Price per Share |  |  | Number of options |  |  | Weighted-Average Exercise Price per Share |
Options, beginning balance |  |  | 5,901 |  |  | $ | 65.47 |  |  |  | 5,443 |  |  | $ | 62.00 |
Options granted |  |  | 26 |  |  |  | 122.88 |  |  |  | 773 |  |  |  | 82.46 |
Options exercised |  |  | (410 | ) |  |  | 41.71 |  |  |  | (696 | ) |  |  | 40.93 |
Options forfeited |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | 87.38 |
Options, ending balance |  |  | 5,517 |  |  |  | 67.50 |  |  |  | 5,517 |  |  |  | 67.50 |
Changes in Non-vested Stock Options | Changes in non-vested stock options during the three and six-months ended March 31, 2021 were as follows:
|  | Three-Months Ended |  |  | Six-Months Ended |
|  | March 31, 2021 |  |  | March 31, 2021 |
|  | 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 |  |  | 2,170 |  |  | $ | 25.40 |  |  |  | 2,078 |  |  | $ | 24.69 |
Options granted |  |  | 26 |  |  |  | 42.45 |  |  |  | 773 |  |  |  | 28.22 |
Options vested |  |  | (90 | ) |  |  | 20.66 |  |  |  | (742 | ) |  |  | 25.19 |
Options forfeited |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | 25.18 |
Non-vested options outstanding, ending balance |  |  | 2,106 |  |  |  | 25.81 |  |  |  | 2,106 |  |  |  | 25.81 |
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 March 31, 2021 was as follows:
|  | Number of options |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Life in Years |  |  | Aggregate Intrinsic Value |
Options outstanding |  |  | 5,517 |  |  | $ | 67.50 |  |  |  | 6.4 |  |  | $ | 293,200 |
Options vested and exercisable |  |  | 3,423 |  |  |  | 58.05 |  |  |  | 5.1 |  |  |  | 214,223 |
Options vested and expected to vest |  |  | 5,425 |  |  |  | 67.25 |  |  |  | 6.4 |  |  |  | 289,632 |

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
Name: | us-gaap_ScheduleOfStockOptionsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAndExercisableTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |