Stockholders' Equity (Tables)

12 Months Ended

Sep. 30, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Dividends Declared and Paid

Dividends declared and paid were as follows:

	Year Ended September 30,
	2023		2022		2021
Dividends declared and paid	$	51,027	$	44,978	$	36,041
Dividend per share amount		0.8500		0.7325		0.5688

Stock-based Compensation Expense Recognized

Stock-based compensation expense recognized was as follows:

	Year Ended September 30,
	2023		2022		2021
Employee stock-based compensation expense	$	23,958	$	20,109	$	21,475

Summary of Activity for Restricted Stock

	Number of units			Weighted-Average Grant Date Fair Value
Balance at September 30, 2022		59		$	98.29
Units granted		122			90.89
Units vested		(2	)		91.89
Units forfeited		(2	)		83.24
Balance at September 30, 2023		177			93.46

Stock Options [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards

The fair value of options granted is estimated as of the grant date using the Black-Scholes-Merton option-valuation model using the assumptions in the following table. Woodward calculates the expected term, which represents the average period of time that stock options granted are expected to be outstanding, based upon historical experience of plan participants. Expected volatility is based on historical volatility using daily stock price observations. The estimated dividend yield is based upon Woodward’s historical dividend practice and the market value of its common stock. The risk-free rate is based on the U.S. treasury yield curve, for periods within the contractual life of the stock option, at the time of grant.

	Year Ended September 30,
	2023							2022							2021
Weighted-average exercise price per share	$	84.84						$	115.3						$	82.46
Expected term (years)			6.6		-	8.8				6.6		-	8.7				6.5		-	8.7
Estimated volatility			34.7	%	-	37.6	%			33.8	%	-	36.4	%			33.3	%	-	36.2	%
Estimated dividend yield			0.7	%	-	0.9	%			0.6	%	-	0.8	%			0.3	%	-	0.6	%
Risk-free interest rate			3.4	%	-	4.4	%			1.1	%	-	3.5	%			0.4	%	-	1.0	%

Weighted Average Grant Date Fair Value of Options Granted

The weighted average grant date fair value of options granted follows:

	Year Ended September 30,
	2023		2022		2021
Weighted-average grant date fair value of options	$	34.19	$	41.78	$	28.22

Summary of Activity for Stock Option Awards

The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 2023:

	Number			Weighted- Average Exercise Price Per Share
Balance at September 30, 2022		5,339		$	74.40
Options granted		537			84.84
Options exercised		(1,007	)		50.18
Options forfeited		(27	)		94.01
Balance at September 30, 2023		4,842			80.48

Changes in Non-vested Stock Options

Changes in non-vested stock options during the fiscal year ended September 30, 2023 were as follows:

	Number			Weighted- Average Grant Date Fair Value Per Share
Balance at September 30, 2022		1,812		$	30.03
Options granted		537			34.19
Options vested		(930	)		26.24
Options forfeited		(26	)		33.66
Balance at September 30, 2023		1,393			33.96

Stock Options Vested, or Expected to Vest and Exercisable

Information about stock options that have vested, or are expected to vest, and are exercisable at September 30, 2023 was as follows:

	Number		Weighted- Average Exercise Price		Weighted- Average Remaining Life in Years		Aggregate Intrinsic Value
Options outstanding		4,842	$	80.48		5.6	$	211,963
Options vested and exercisable		3,445		74.91		4.6		170,008
Options vested and expected to vest		4,799		80.37		5.6		210,624

Other Stock Option Information

Other information follows:

	Year Ended September 30,
	2023		2022		2021
Total fair value of stock options vested	$	24,388	$	18,945	$	19,324
Total intrinsic value of options exercised		67,203		32,709		63,667
Cash received from exercises of stock options		50,749		21,897		34,748
Excess tax benefit realized from exercise of stock options		12,595		6,472		12,364