Quarterly report pursuant to Section 13 or 15(d)

STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION

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STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION
 6 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION
During the first quarter of fiscal 2018, all restricted stock awards, restricted stock units and options to purchase our common stock outstanding under the Company's Stock Incentive Plans were adjusted to reflect the impact of the Reverse Stock Split. The Reverse Stock Split also reduced the number of shares of common stock issuable under the Company's 2012 Long Term Incentive Plan and Employee Stock Purchase Plan, as amended. The per share exercise price of all outstanding awards was increased and the number of shares of common stock issuable upon the exercise or settlement of all outstanding awards was reduced proportionately to the reverse split ratio.
Share-Based Compensation
The following table summarizes share-based compensation (in thousands):
 
Three Months Ended
 
Six Months Ended
 
September 30, 2017
 
September 30, 2016
 
September 30, 2017
 
September 30, 2016
Share-based compensation:
 
 
 
 
 
 
 
Cost of revenue
$
201

 
$
234

 
$
418

 
$
514

Research and development
245

 
333

 
531

 
736

Sales and marketing
633

 
606

 
1,153

 
1,218

General and administrative
638

 
477

 
1,228

 
1,180

 
$
1,717

 
$
1,650

 
$
3,330

 
$
3,648

Share-based compensation by type of award:
 
 
 
 
 
 
 
Restricted stock units
1,559

 
1,511

 
3,020

 
3,347

Stock purchase plan
158

 
139

 
310

 
301

 
$
1,717

 
$
1,650

 
$
3,330

 
$
3,648


Restricted Stock Units
The fair value of restricted stock units (“RSUs”) granted is the intrinsic value as of the respective grant date. The weighted-average grant date fair values of RSUs granted during the second quarter and first six months of fiscal 2018 were $7.53 and $7.55, respectively, and $3.36 and $3.44 during the second quarter and first six months of fiscal 2017, respectively.
A summary of activity relating to our restricted stock units follows (shares in thousands):
 
Shares
 
Weighted-Average
Grant Date
Fair Value Per Share
Nonvested at March 31, 2017
1,765

 
$
6.75

Granted
1,242

 
7.55

Vested
(662
)
 
7.71

Forfeited
(230
)
 
6.92

Nonvested at September 30, 2017
2,115

 
$
6.90



Employee Stock Purchase Plan
Under the Employee Stock Purchase Plan, rights to purchase shares are typically granted during the second and fourth quarter of each fiscal year. The value of rights to purchase shares granted in the second quarter and first six months of fiscal 2018 and fiscal 2017, respectively, was estimated at the date of grant using the Black-Scholes option pricing model. The weighted-average grant date fair values and the assumptions used in calculating fair values for the three and six month periods ended September 30, 2017 and September 30, 2016 were as follows:
 
Three and Six Months Ended
 
September 30, 2017
 
September 30, 2016
Option life (in years)
0.5

 
0.5

Risk-free interest rate
1.13
%
 
0.40
%
Stock price volatility
44.99
%
 
81.88
%
Weighted-average grant date fair value per share
$
2.18

 
$
0.23