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Stock-Based Compensation (Tables) | 12 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense is included in the consolidated results of operations as (in thousands):
| Year ended September 30,
| 2021 |  | 2020 |  | 2019
Cost of sales | $ | 371 |  |  | $ | 291 |  |  | $ | 174 |
Sales and marketing | 2,069 |  |  | 2,318 |  |  | 1,708 |
Research and development | 1,032 |  |  | 1,197 |  |  | 996 |
General and administrative | 4,663 |  |  | 3,431 |  |  | 2,777 |
Stock-based compensation before income taxes | 8,135 |  |  | 7,237 |  |  | 5,655 |
Income tax benefit | (1,755) |  |  | (1,523) |  |  | (1,174) |
Stock-based compensation after income taxes | $ | 6,380 |  |  | $ | 5,714 |  |  | $ | 4,481 |
Schedule of Stock Option Activity | Below is a summary of our stock options as of September 30, 2021 and changes during the twelve months then ended (in thousands, except per common share amounts):
|  | Options Outstanding |  | Weighted Average Exercised Price |  | Weighted Average Contractual Term (in years) |  | Aggregate Intrinsic Value (1)
Balance at September 30, 2020 |  | 3,393 |  |  | $12.20 |  |  |  |
Granted |  | 531 |  |  | 17.78 |  |  |  |
Exercised |  | (742) |  |  | 11.47 |  |  |  |
Forfeited / Canceled |  | (230) |  |  | 14.66 |  |  |  |
Balance at September 30, 2021 |  | 2,952 |  |  | $13.20 |  | 3.6 |  | $ | 23,232 |
Exercisable at September 30, 2021 |  | 1,927 |  |  | $11.55 |  | 2.5 |  | $ | 18,246 |
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $21.02 as of September 30, 2021, which would have been received by the option holders had all option holders exercised their options as of that date.
Schedule of Valuation Assumptions | The table below shows the weighted average fair value, which was determined based upon the fair value of each option on the grant date utilizing the Black-Scholes option-pricing model and the related assumptions:
| Year ended September 30,
| 2021 |  | 2020 |  | 2019
Weighted average per option grant date fair value | $ | 6.97 |  |  | $ | 6.17 |  |  | $ | 4.48 |
Assumptions used for option grants: |  |  |  |  |
Risk free interest rate | 0.51% - 1.035% |  | 0.37% - 1.73% |  | 1.60% - 2.93%
Expected term | 6.00 years |  | 6.00 years |  | 6.00 years
Expected volatility | 44% - 46% |  | 36% - 44% |  | 33% - 35%
Weighted average volatility | 45% |  | 36% |  | 34%
Expected dividend yield | 0% |  | 0% |  | 0%
Schedule of Weighted Average Exercise Price Range and Remaining Contractual Life | As of September 30, 2021, the weighted average exercise price and remaining life of the stock options were (in thousands, except remaining life and exercise price):
Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Options Outstanding |  | Weighted Average Remaining Contractual Life (In Years) |  | Weighted Average Exercise Price |  | Number of Shares Vested |  | Weighted Average Exercise Price
$7.40 - $9.35 |  | 463 |  |  | 1.26 |  | $ | 8.44 |  |  | 463 |  |  | $ | 8.44 |
$9.70 - $10.81 |  | 470 |  |  | 2.00 |  | $ | 10.32 |  |  | 455 |  |  | $ | 10.32 |
$10.96 - $11.87 |  | 463 |  |  | 3.64 |  | $ | 11.55 |  |  | 323 |  |  | $ | 11.57 |
$12.48 - $13.50 |  | 414 |  |  | 2.15 |  | $ | 13.14 |  |  | 413 |  |  | $ | 13.14 |
$13.76 - $16.75 |  | 453 |  |  | 5.64 |  | $ | 15.28 |  |  | 93 |  |  | $ | 13.81 |
$17.10 - $17.94 |  | 593 |  |  | 5.53 |  | $ | 17.56 |  |  | 171 |  |  | $ | 17.75 |
$18.20 - $25.15 |  | 96 |  |  | 6.20 |  | $ | 21.63 |  |  | 9 |  |  | $ | 18.20 |
$7.40 - $25.15 |  | 2,952 |  |  | 3.57 |  | $ | 13.20 |  |  | 1,927 |  |  | $ | 11.55 |
Schedule of Nonvested Restricted Stock Units | The following table presents a summary of our non-vested restricted stock units as of September 30, 2021 and changes during the twelve months then ended (in thousands, except per common share amounts):
| RSUs |  | PSUs
| Number of Awards |  | Weighted Average Grant Date Fair Value |  | Number of Awards |  | Weighted Average Grant Date Fair Value
Nonvested at September 30, 2020 | 972 |  |  | $ | 13.20 |  |  | — |  |  | $ | — |
Granted | 366 |  |  | $ | 18.76 |  |  | 18 |  |  | $ | 25.15 |
Vested | (373) |  |  | $ | 12.80 |  |  | — |  |  | $ | — |
Canceled | (153) |  |  | $ | 14.12 |  |  | — |  |  | $ | — |
Nonvested at September 30, 2021 | 812 |  |  | $ | 15.72 |  |  | 18 |  |  | $ | 25.15 |

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