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)	2024		2023		2024		2023
Product costs	$	70	$	63	$	212	$	202
Research and development		372		353		1,131		1,056
Selling, general and administrative		1,602		1,499		4,795		4,404
Total	$	2,044	$	1,915	$	6,138	$	5,662

As of June 30, 2024, unrecognized compensation costs related to non-vested awards totaled approximately $13.1 million, which is expected to be recognized over a weighted average period of approximately 2.3 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:


	Nine Months Ended June 30,
	2024		2023
Stock option grant activity:
Stock options granted		283,000		305,000
Weighted average grant date fair value	$	15.69	$	15.03
Weighted average exercise price	$	33.39	$	34.79

During the nine months ended June 30, 2024 and 2023, the Company awarded 107,000 and 102,000 shares of restricted stock, respectively, to certain key employees and officers with a weighted average grant date fair value per share of $33.84 and $35.84, respectively. Restricted stock is valued based on the market value of the shares as of the date of grant.

During each of the nine months ended June 30, 2024 and 2023, the Company awarded 14,000 and 16,000 restricted stock units (“RSUs”), respectively, to directors and key employees in foreign jurisdictions with a weighted average grant date fair value per unit of $32.49 and $31.72, respectively. RSUs are valued based on the market value of the shares as of the date of grant.