Stockholders' Equity (Tables) - Stock Options [Member]

3 Months Ended

Dec. 31, 2020

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.

		Three-Months Ended
		December 31,
		2020					2019
Weighted-average exercise price per share	$	81.06					$	104.82
Weighted-average grant date market value of Woodward stock	$	81.06					$	104.82
Expected term (years)			6.5	-		8.7		6.4	-	8.7
Estimated volatility		33.3%		-	36.1%			25.7%	-	30.1%
Estimated dividend yield		0.3%		-	0.4%		0.6%
Risk-free interest rate		0.4%		-	0.6%			1.6%	-	1.7%

Summary of Activity for Stock Option Awards

The following is a summary of the activity for stock option awards during the three-months ended December 31, 2020:

	Three-Months Ended
	December 31, 2020
	Number of options			Weighted-Average Exercise Price per Share
Options, beginning balance		5,443		$	62.00
Options granted		747			81.06
Options exercised		(286	)		39.82
Options forfeited		(3	)		87.38
Options, ending balance		5,901			65.47

Changes in Non-vested Stock Options

Changes in non-vested stock options during the three-months ended December 31, 2020 were as follows:

	Three-Months Ended
	December 31, 2020
	Number of options			Weighted-Average Grant Date Fair Value per Share
Non-vested options outstanding, beginning balance		2,078		$	24.69
Options granted		747			27.73
Options vested		(652	)		25.81
Options forfeited		(3	)		25.18
Non-vested options outstanding, ending balance		2,170			25.40

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 December 31, 2020 was as follows:

	Number		Weighted-Average Exercise Price		Weighted-Average Remaining Life in Years		Aggregate Intrinsic Value
Options outstanding		5,901	$	65.47		6.4	$	330,818
Options vested and exercisable		3,731		55.73		5.0		245,492
Options vested and expected to vest		5,797		65.20		6.3		326,577