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Stock-Based Compensation (Tables)

3 Months Ended

Dec. 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 December 31,
			2022						2021
Cost of sales			$	142					$	86
Sales and marketing			851						490
Research and development			448						322
General and administrative			1,427						1,119
Stock-based compensation before income taxes			2,868						2,017
Income tax benefit			(599)						(430)
Stock-based compensation after income taxes			$	2,269					$	1,587

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 on September 30, 2022						1,790						$17.29
Granted						64						40.80
Exercised						(64)						14.62
Forfeited / Canceled						(2)						14.31
Balance on December 31, 2022						1,788						$18.23						4.6						$	15,900
Exercisable on December 31, 2022						965						$15.30						3.7						$	10,851

(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $36.55 as of December 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. The total intrinsic value of all options exercised during the three months ended December 31, 2022 and 2021 was $1.7 million and $13.3 million, respectively.

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:

			Three months ended December 31,
			2022						2021
Weighted average per option grant date fair value			$19.98						$10.23
Assumptions used for option grants:
Risk free interest rate			3.89% - 3.98%						1.25% - 1.46%
Expected term			6.00 years						6.00 years
Expected volatility			46%						46%
Weighted average volatility			46%						46%
Expected dividend yield			—						—

Schedule of Nonvested Restricted Stock Units

The following table presents a summary of our non-vested restricted stock units and performance stock units as of December 31, 2022 and changes during the three 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 on September 30, 2022			742						$	19.14					27						$	22.69
Granted			415						40.68						113						40.66
Vested			(182)						17.76						(5)						22.93
Canceled			(6)						24.55						—						—
Nonvested on December 31, 2022			969						$	28.60					135						$	37.72

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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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