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Stock-Based Compensation (Tables) | 12 Months Ended
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Sep. 30, 2022
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,
| 2022 |  | 2021 |  | 2020
Cost of sales | $ | 466 |  |  | $ | 371 |  |  | $ | 291 |
Sales and marketing | 2,503 |  |  | 2,069 |  |  | 2,318 |
Research and development | 1,236 |  |  | 1,032 |  |  | 1,197 |
General and administrative | 4,373 |  |  | 4,663 |  |  | 3,431 |
Stock-based compensation before income taxes | 8,578 |  |  | 8,135 |  |  | 7,237 |
Income tax benefit | (1,819) |  |  | (1,755) |  |  | (1,523) |
Stock-based compensation after income taxes | $ | 6,759 |  |  | $ | 6,380 |  |  | $ | 5,714 |
Schedule of Stock Option Activity | Below is a summary of our stock options as of September 30, 2022 and changes during the twelve months then ended (in thousands, except per common share amounts):
|  | Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Contractual Term (in years) |  | Aggregate Intrinsic Value (1)
Balance at September 30, 2021 |  | 2,952 |  |  | $13.20 |  |  |  |
Granted |  | 575 |  |  | 22.52 |  |  |  |
Exercised |  | (1,532) |  |  | 14.75 |  |  |  |
Forfeited / Canceled |  | (205) |  |  | 17.86 |  |  |  |
Balance on June 30, 2022 |  | 1,790 |  |  | $17.29 |  | 4.7 |  | $ | 29,095 |
Exercisable at June30, 2022 |  | 846,530 |  |  | $14.26 |  | 3.6 |  | $ | 16,325 |
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $33.54 as of September 30, 2022, 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,
| 2022 |  | 2021 |  | 2020
Weighted average per option grant date fair value | $ | 10.37 |  |  | $ | 6.97 |  |  | $ | 6.17 |
Assumptions used for option grants: |  |  |  |  |
Risk free interest rate | 1.25% - 3.00% |  | 0.51% - 1.035% |  | 0.37% - 1.73%
Expected term | 6.00 years |  | 6.00 years |  | 6.00 years
Expected volatility | 45% - 46% |  | 44% - 46% |  | 36% - 44%
Weighted average volatility | 46% |  | 45% |  | 36%
Expected dividend yield | 0% |  | 0% |  | 0%
Schedule of Weighted Average Exercise Price Range and Remaining Contractual Life | As of September 30, 2022, 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 - $11.87 |  | 385 |  |  | 2.94 |  | $ | 11.11 |  |  | 355 |  |  | $ | 11.10 |
$12.48 - $16.75 |  | 386 |  |  | 4.33 |  | $ | 15.19 |  |  | 234 |  |  | $ | 14.79 |
$17.10 - $17.94 |  | 425 |  |  | 4.49 |  | $ | 17.61 |  |  | 235 |  |  | $ | 17.69 |
$18.20 - $21.53 |  | 321 |  |  | 6.17 |  | $ | 20.78 |  |  | 11 |  |  | $ | 19.95 |
$23.46 - $24.18 |  | 227 |  |  | 6.15 |  | $ | 23.60 |  |  | — |  |  | $ | — |
$25.15 - $25.15 |  | 30 |  |  | 5.27 |  | $ | 25.15 |  |  | 12 |  |  | $ | 25.15 |
$33.53 - $33.53 |  | 16 |  |  | 6.85 |  | $ | 33.53 |  |  | — |  |  | $ | — |
$7.40 - $33.53 |  | 1,790 |  |  | 4.67 |  | $ | 17.29 |  |  | 847 |  |  | $ | 14.26 |
Schedule of Nonvested Restricted Stock Units | The following table presents a summary of our non-vested restricted stock units as of September 30, 2022 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, 2021 | 812 |  |  | $ | 15.72 |  |  | 18 |  |  | $ | 25.15 |
Granted | 394 |  |  | $ | 22.72 |  |  | 12 |  |  | $ | 19.78 |
Vested | (308) |  |  | $ | 15.55 |  |  | (3) |  |  | $ | 25.15 |
Canceled | (156) |  |  | $ | 17.46 |  |  | — |  |  | $ | — |
Nonvested at June 30, 2022 | 742 |  |  | $ | 19.14 |  |  | 27 |  |  | $ | 22.69 |

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