Stockholders' Equity (Tables)

12 Months Ended

Sep. 30, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Dividends Declared and Paid

Dividends declared and paid were as follows:

	Year Ended September 30,
	2021		2020		2019
Dividends declared and paid	$	36,041	$	37,664	$	39,066
Dividend per share amount		0.5688		0.6050		0.6300

Stock-based Compensation Expense Recognized

Stock-based compensation expense recognized was as follows:

	Year Ended September 30,
	2021		2020		2019
Employee stock-based compensation expense	$	21,475	$	22,903	$	18,146

Stock Options [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards

The fair value of options granted is estimated as of the grant date using the Black-Scholes-Merton option-valuation model using the assumptions in the following table.  Woodward calculates the expected term, which represents the average period of time that stock options granted are expected to be outstanding, based upon historical experience of plan participants.  Expected volatility is based on historical volatility using daily stock price observations.  The estimated dividend yield is based upon Woodward’s historical dividend practice and the market value of its common stock.  The risk-free rate is based on the U.S. treasury yield curve, for periods within the contractual life of the stock option, at the time of grant.

	Year Ended September 30,
	2021							2020							2019
Weighted-average exercise price per share	$	82.46						$	90.52						$	79.84
Expected term (years)			6.5		-	8.7				6.4		-	8.7				6.5		-	8.7
Estimated volatility			33.3	%	-	36.2	%			25.7	%	-	35.1	%			25.7	%	-	31.0	%
Estimated dividend yield			0.3	%	-	0.6	%			0.4	%	-	0.9	%			0.6	%	-	0.8	%
Risk-free interest rate			0.4	%	-	1.0	%			0.4	%	-	1.7	%			1.5	%	-	3.1	%

Weighted Average Grant Date Fair Value of Options Granted

The weighted average grant date fair value of options granted follows:

	Year Ended September 30,
	2021		2020		2019
Weighted-average grant date fair value of options	$	28.22	$	25.41	$	24.12

Summary of Activity for Stock Option Awards

The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 2021:

	Number			Weighted- Average Exercise Price Per Share
Balance at September 30, 2020		5,443		$	62.00
Options granted		773			82.46
Options exercised		(850	)		41.01
Options forfeited		(25	)		81.75
Options expired		(2	)		46.55
Balance at September 30, 2021		5,339			68.21

Changes in Non-vested Stock Options

Changes in non-vested stock options during the fiscal year ended September 30, 2021 were as follows:

	Number			Weighted- Average Grant Date Fair Value Per Share
Balance at September 30, 2020		2,078		$	24.69
Options granted		773			28.22
Options vested		(763	)		25.31
Options forfeited		(25	)		25.40
Balance at September 30, 2021		2,063			25.77

Stock Options Vested, or Expected to Vest and Exercisable

Information about stock options that have vested, or are expected to vest, and are exercisable at September 30, 2021 was as follows:

	Number		Weighted- Average Exercise Price		Weighted- Average Remaining Life in Years		Aggregate Intrinsic Value
Options outstanding		5,339	$	68.21		6.0	$	240,483
Options vested and exercisable		3,276		58.95		4.7		177,729
Options vested and expected to vest		5,279		68.06		6.0		238,544

Other Stock Option Information

Other information follows:

	Year Ended September 30,
	2021		2020		2019
Total fair value of stock options vested	$	19,324	$	17,423	$	15,863
Total intrinsic value of options exercised		63,667		50,059		70,866
Cash received from exercises of stock options		34,748		24,969		36,044
Excess tax benefit realized from exercise of stock options		12,364		9,399		13,416