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Stock-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2023
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,
202320222021
Cost of sales$628 $466 $371 
Sales and marketing4,107 2,503 2,069 
Research and development1,777 1,236 1,032 
General and administrative6,774 4,373 4,663 
Stock-based compensation before income taxes13,286 8,578 8,135 
Income tax benefit(2,840)(1,819)(1,755)
Stock-based compensation after income taxes$10,446 $6,759 $6,380 
Schedule of Stock Option Activity
Below is a summary of our stock options as of September 30, 2023 and changes during the twelve months then ended (in thousands, except per common share amounts):
Options OutstandingWeighted Average Exercise PriceWeighted Average Contractual Term (in years)Aggregate Intrinsic Value (1)
Balance on September 30, 20221,790 $17.29
Granted66 40.59
Exercised(262)13.69
Forfeited / Canceled(41)20.24
Balance on September 30, 20231,553 $18.523.89$14,167 
Exercisable on September 30, 20231,062 $16.243.37$11,451 
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $27.00 as of September 30, 2023, 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,
202320222021
Weighted average per option grant date fair value$19.87 $10.37 $6.97 
Assumptions used for option grants:
Risk free interest rate
3.50% - 4.15%
1.25% - 3.00%
0.51% - 1.04%
Expected term6.00 years6.00 years6.00 years
Expected volatility46%
45% - 46%
44% - 46%
Weighted average volatility46%46%45%
Expected dividend yield0%0%0%
Schedule of Weighted Average Exercise Price Range and Remaining Contractual Life
As of September 30, 2023, the weighted average exercise price and remaining life of the stock options were (in thousands, except remaining life and exercise price):
Options OutstandingOptions Exercisable
Range of Exercise PricesOptions OutstandingWeighted Average Remaining Contractual Life (In Years)Weighted Average Exercise PriceNumber of Shares VestedWeighted Average Exercise Price
$9.03 - $11.87295 2.16$11.37 288 $11.38 
$12.48 - $16.75325 3.59$15.35 262 $15.10 
$17.10 - $17.94365 3.39$17.65 312 $17.70 
$18.20 - $21.53273 5.23$20.86 105 $20.90 
$23.46 - $33.53230 5.11$24.44 95 $24.27 
$35.84 - $40.6648 6.17$40.51 — $— 
$41.16 - $41.1617 6.12$41.16 — $— 
$9.03 - $41.161,553 3.90$18.52 1,062 $16.24 
Schedule of Nonvested Restricted Stock Units
The following table presents a summary of our non-vested restricted stock units as of September 30, 2023 and changes during the twelve months then ended (in thousands, except per common share amounts):
RSUsPSUs
Number of AwardsWeighted Average Grant Date Fair ValueNumber of AwardsWeighted Average Grant Date Fair Value
Nonvested on September 30, 2022742 $19.14 27 $22.69 
Granted463 $39.96 113 $40.66 
Vested(296)$17.49 (5)$22.93 
Canceled(63)$26.65 — $— 
Nonvested on September 30, 2023846 $30.56 135 $37.72