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Stock-Based Compensation (Tables)
3 Months Ended
Dec. 31, 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 December 31,
20232022
Cost of sales$181 $142 
Sales and marketing1,168 851 
Research and development430 448 
General and administrative1,327 1,427 
Stock-based compensation before income taxes3,106 2,868 
Income tax benefit(663)(599)
Stock-based compensation after income taxes$2,443 $2,269 
Schedule of Stock Option Activity
The following table summarizes our stock option activity (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, 20231,553 $18.52
Granted87 24.58
Exercised(19)24.04
Forfeited / Canceled(10)23.17
Balance on December 31, 20231,611 $18.893.8$12,533 
Exercisable on December 31, 20231,137 $16.893.3$10,656 
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $26.00 as of December 31, 2023, 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, 2023 and 2023 was $0.4 million and $1.7 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,
20232022
Weighted average per option grant date fair value$12.44$19.98
Assumptions used for option grants:
Risk free interest rate
4.45% - 4.68%
3.89% - 3.98%
Expected term6.00 years6.00 years
Expected volatility46%
46%
Weighted average volatility46%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, 2023 and changes during the three 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, 2023846 $30.56 135 $37.72 
Granted302 24.55 122 24.59 
Vested(198)26.87 (30)37.11 
Canceled(9)32.07 (7)25.15 
Nonvested on December 31, 2023941 $29.39 220 $30.92