Jody, I am in process of prefinishing stair treads and installing them. I was going to use a water based but did some checking on the web and came up with Parks Pro Finisher Oil Modified Polyurethane. I have been very happy with it so far.
I put on 3 coats with a day to dry in between and 3 days after the final coat before I let anybody touch it. The finish is very hard and seems like it will hold up well. The cost was only about $15 per gallon at a home center.
I used a brush to apply because of the size and shape of the stair treads but it felt like I could have applied it with a lambs wool applicator pad on a floor just as easily. It doesn't seem to like being put on too thick.
Hope you don't get too much dust and dog hair in your new finish. Henry in MI