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Stock-Based Compensation (Tables) | 9 Months Ended
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Jun. 30, 2023
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 June 30, |  | Nine months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of sales | $ | 160 |  |  | $ | 125 |  |  | $ | 463 |  |  | $ | 342 |
Sales and marketing | 1,089 |  |  | 660 |  |  | 3,012 |  |  | 1,828 |
Research and development | 469 |  |  | 252 |  |  | 1,386 |  |  | 890 |
General and administrative | 1,801 |  |  | 1,106 |  |  | 4,991 |  |  | 3,342 |
Stock-based compensation before income taxes | 3,519 |  |  | 2,143 |  |  | 9,852 |  |  | 6,402 |
Income tax benefit | (760) |  |  | (460) |  |  | (2,096) |  |  | (1,360) |
Stock-based compensation after income taxes | $ | 2,759 |  |  | $ | 1,683 |  |  | $ | 7,756 |  |  | $ | 5,042 |
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 |  | 66 |  |  | 40.63 |  |  |  |
Exercised |  | (182) |  |  | 22.77 |  |  |  |
Forfeited / Canceled |  | (34) |  |  | 20.76 |  |  |  |
Balance on June 30, 2023 |  | 1,640 |  |  | $18.43 |  | 4.1 |  | $ | 34,471 |
Exercisable on June 30, 2023 |  | 1,046 |  |  | $15.99 |  | 3.5 |  | $ | 24,481 |
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $39.39 as of June 30, 2023, which would have been received by the option holders had all option holders exercised their options as of that date. 14. STOCK-BASED COMPENSATION (CONTINUED) 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 nine months ended June 30, 2023 and 2022 was $4.1 million and $15.6 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:
| Nine months ended June 30,
| 2023 |  | 2022
Weighted average per option grant date fair value | $19.88 |  | $10.03
Assumptions used for option grants: |  |  |
Risk free interest rate | 3.50% - 3.98% |  | 1.25% - 3.00%
Expected term | 6.00 years |  | 6.00 years
Expected volatility | 46% |  | 45% - 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 June 30, 2023 and changes during the nine 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 | 457 |  |  | 40.07 |  |  | 113 |  |  | 40.66 |
Vested | (276) |  |  | 17.42 |  |  | (5) |  |  | 22.93 |
Canceled | (34) |  |  | 26.69 |  |  | — |  |  | — |
Nonvested on June 30, 2023 | 889 |  |  | $ | 30.14 |  |  | 135 |  |  | $ | 37.72 |

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