Stock-based Compensation Plans

9 Months Ended

Jun. 30, 2023

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 June 30,				Nine Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Product costs	$	63	$	62	$	202	$	170
Research and development		353		355		1,056		1,086
Selling, general and administrative		1,499		1,382		4,404		3,942
Total	$	1,915	$	1,799	$	5,662	$	5,198

As of June 30, 2023, unrecognized compensation costs related to non-vested awards totaled approximately $12.5 million, which is expected to be recognized over a weighted average period of approximately 2.3 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:

	Nine Months Ended June 30,
	2023		2022
Stock option grant activity:
Stock options granted		305,000		312,000
Weighted average grant date fair value	$	15.03	$	16.11
Weighted average exercise price	$	34.79	$	42.78

Restricted Stock Awards

During the nine months ended June 30, 2023 and 2022, the Company awarded 102,000 and 90,000 restricted stock shares, respectively, to certain key employees and officers with a weighted average grant date fair value per share of $35.84 and $43.02, 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 nine months ended June 30, 2023 and 2022, the Company awarded 16,000 and 14,000 restricted stock units (“RSUs”), respectively, to directors and to key employees in foreign jurisdictions with a weighted average grant date fair value per unit of $31.72 and $42.79, 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 nine months ended June 30, 2023 and 2022, 23,000 and 10,000 shares, respectively, were issued under the ESPP.