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Stock-Based Compensation (Tables)

6 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table shows stock-based compensation expense that is included in the consolidated results of operations (in thousands):

			Three months ended March 31,												Six months ended March 31,
			2022						2021						2022						2021
Cost of sales			$	131					$	89					$	217					$	171
Sales and marketing			678						623						1,168						1,148
Research and development			317						293						639						503
General and administrative			1,116						1,472						2,235						2,400
Stock-based compensation before income taxes			2,242						2,477						4,259						4,222
Income tax benefit			(470)						(541)						(900)						(906)
Stock-based compensation after income taxes			$	1,772					$	1,936					$	3,359					$	3,316

Schedule of Stock Option Activity

The following table summarizes our stock option activity (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						502						22.47
Exercised						(1,162)						11.43
Forfeited / Canceled						(119)						16.85
Balance on March 31, 2022						2,173						$16.35						4.69						$	11,887
Exercisable at March 31, 2022						1,035						$13.32						3.46						$	8,519

(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $21.52 as of March 31, 2022, which would have been received by the option holders had all option holders exercised their options as of that date. The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price.

Schedule of Valuation Assumptions

The following table 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:

			Six months ended March 31,
			2022						2021
Weighted average per option grant date fair value			$10.23						$7.42
Assumptions used for option grants:
Risk free interest rate			1.25% - 1.82%						0.51% - 0.66%
Expected term			6.00 years						6.00 years
Expected volatility			45% - 46%						44% - 45%
Weighted average volatility			46%						44%
Expected dividend yield			—						—

Schedule of Nonvested Restricted Stock Units

The following table presents a summary of our non-vested restricted stock and performance stock units as of March 31, 2022 and changes during the six 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			334						22.52						—						—
Vested			(280)						15.60						(3)						25.15
Canceled			(84)						16.15						—						—
Nonvested at March 31, 2022			782						$	18.62					15						$	25.15

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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.

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