Stock-based Compensation Plans

3 Months Ended

Dec. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation Plans

. Stock-based Compensation Plans

The Company has stock-based compensation plans approved by its shareholders under which it grants stock options, restricted stock awards, restricted stock units and deferred stock units to officers, directors and key employees. Stock-based compensation expense was reported as follows in the condensed consolidated statements of operations:

	Three Months Ended
	December 31,
(In thousands)	2022		2021
Product costs	$	67	$	30
Research and development		374		453
Selling, general and administrative		1,524		1,197
Total	$	1,965	$	1,680

As of December 31, 2022, unrecognized compensation costs related to non-vested awards totaled approximately $16.3 million, which is expected to be recognized over a weighted average period of approximately 2.7 years.

Stock Option Awards

The Company awards stock options to officers, directors and key employees and uses the Black-Scholes option pricing model to determine the fair value of stock options as of the date of each grant. Stock option grant activity was as follows:

	Three Months Ended December 31,
	2022		2021
Stock option grant activity:
Stock options granted		269,000		245,000
Weighted average grant date fair value	$	15.53	$	16.36
Weighted average exercise price	$	35.97	$	43.93

Restricted Stock Awards

During the three months ended December 31, 2022 and 2021, the Company awarded 99,000 and 78,000 restricted stock shares, respectively, to certain key employees and officers with a weighted average grant date fair value per share of $36.05 and $43.93, respectively. Restricted Stock is valued based on the market value of the shares as of the date of grant.

Restricted Stock Unit Awards

During each of the three months ended December 31, 2022 and 2021, the Company awarded 6,000 restricted stock units (“RSUs”) to directors and to key employees in foreign jurisdictions with a weighted average grant date fair value per unit of $36.13 and $43.93, respectively. RSUs are valued based on the market value of the shares as of the date of grant.

Employee Stock Purchase Plan

Our U.S. employees are eligible to participate in the amended 1999 Employee Stock Purchase Plan (“ESPP”) approved by our shareholders. During the three months ended December 31, 2022 and 2021, no shares were issued under the ESPP, respectively.