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)	2023		2022
Product costs	$	72	$	67
Research and development		370		374
Selling, general and administrative		1,526		1,524
Total	$	1,968	$	1,965

As of December 31, 2023, unrecognized compensation costs related to non-vested awards totaled approximately $16.0 million, which is expected to be recognized over a weighted average period of approximately 2.7 years.

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,
	2023		2022
Stock option grant activity:
Stock options granted		250,000		269,000
Weighted average grant date fair value	$	15.82	$	15.53
Weighted average exercise price	$	33.64	$	35.97

During the three months ended December 31, 2023 and 2022, the Company awarded 98,000 and 99,000 restricted stock shares, respectively, to certain key employees and officers with a weighted average grant date fair value per share of $33.64 and $36.05, respectively. Restricted Stock is valued based on the market value of the shares as of the date of grant.

During each of the three months ended December 31, 2023 and 2022, the Company awarded 5,000 and 6,000 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 $33.64 and $36.13, respectively. RSUs are valued based on the market value of the shares as of the date of grant.