STOCK INCENTIVE PLANS AND STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Mar. 31, 2019 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of share-based compensation |
The following tables summarize stock-based compensation expense (in thousands):
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For the year ended March 31, |
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2019 |
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2018 |
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2017
(As Restated) |
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Stock-based compensation expense: |
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Cost of revenue |
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$ |
334 |
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$ |
725 |
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$ |
895 |
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Research and development |
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440 |
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906 |
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1,300 |
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Sales and marketing |
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|
179 |
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1,790 |
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2,256 |
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General and administrative |
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2,456 |
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1,973 |
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2,247 |
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Total stock-based compensation expense |
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$ |
3,409 |
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$ |
5,394 |
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$ |
6,698 |
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For the year ended March 31, |
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2019 |
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2018 |
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2017
(As Restated) |
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Stock-based compensation by type of award: |
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Restricted stock |
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$ |
3,178 |
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$ |
5,004 |
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$ |
5,653 |
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Performance share units |
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274 |
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(171 |
) |
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561 |
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Stock options |
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(43 |
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44 |
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484 |
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Employee stock purchase plan |
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— |
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517 |
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— |
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Total stock-based compensation expense |
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$ |
3,409 |
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$ |
5,394 |
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$ |
6,698 |
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| Summary of unrecognized compensation cost related to non-vested awards |
The following table summarizes unrecognized compensation cost related to non-vested restricted stock units, performance share units and stock options (in thousands).
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For the years ended March 31, |
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2019 |
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2018 |
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2017
(As Restated)
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Amount |
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Weighted-
Average
Remaining
Recognition
Period
(Years) |
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Amount |
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Weighted-
Average
Remaining
Recognition
Period
(Years) |
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Amount |
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Weighted-
Average
Remaining
Recognition
Period
(Years) |
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Unrecognized Compensation Expense: |
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Restricted stock |
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$ |
2,489 |
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1.09 |
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$ |
8,016 |
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1.94 |
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$ |
6,308 |
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|
1.73 |
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Performance share units |
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|
742 |
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1.23 |
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2,143 |
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1.94 |
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529 |
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1.73 |
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Stock options |
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— |
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— |
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1,028 |
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— |
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— |
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0.09 |
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Unrecognized compensation expense |
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$ |
3,231 |
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$ |
11,187 |
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$ |
6,837 |
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| Schedule of activity relating to stock option plans |
A summary of activity relating to our stock options is as follows (shares in thousands):
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Shares |
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Weighted-
Average
Exercise Price
Per Share |
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Weighted-
Average
Remaining
Contractual
Term in
(Years) |
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Aggregate
Intrinsic
Value |
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Outstanding as of March 31, 2017 (as restated) |
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179 |
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$ |
20.02 |
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0.86 |
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$ |
4,760 |
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Granted |
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250 |
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$ |
6.20 |
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Exercised |
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(1 |
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$ |
5.04 |
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Expired |
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(177 |
) |
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$ |
20.23 |
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Outstanding as of March 31, 2018 |
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251 |
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$ |
6.19 |
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0.41 |
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$ |
— |
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Forfeited |
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(250 |
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$ |
6.20 |
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Expired |
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(1 |
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$ |
5.04 |
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Outstanding, vested and exercisable as of March 31, 2019 |
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0 |
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$ |
5.04 |
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1.57 |
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$ |
— |
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Vested and expected to vest as of March 31, 2019 |
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1 |
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$ |
5.04 |
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1.57 |
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$ |
— |
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| Schedule of assumptions used in calculating fair values |
Assumptions used in the Black-Scholes model for stock option grants in fiscal 2018 are as follows:
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Expected term (years) |
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7 |
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Contractual term (years) |
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7 |
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Risk-free interest rate |
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2.48 |
% |
Stock price volatility |
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75.52 |
% |
Grant date fair value |
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$ |
4.29 |
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| Assumptions used to calculate fair values of market PSU's |
Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
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2019 |
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2018 |
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Discount period (years) |
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1.95 |
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7.00 |
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Risk-free interest rate |
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2.63 |
% |
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2.48 |
% |
Stock price volatility |
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69.35 |
% |
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75.52 |
% |
Grant date fair value |
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$ |
1.70 |
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$ |
4.29 |
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| Summary of activity relating to performance share units |
A summary of activity relating to the Company’s Performance PSUs is as follows (shares in thousands):
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Shares |
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Weighted-Average
Grant Date Fair
Value Per Share |
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Nonvested as of March 31, 2017 (as restated) |
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505 |
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$ |
4.49 |
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Granted |
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851 |
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$ |
4.49 |
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Vested released |
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(114 |
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$ |
5.70 |
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Forfeited |
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(527 |
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$ |
4.84 |
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Nonvested as of March 31, 2018 |
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715 |
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$ |
7.05 |
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Granted |
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735 |
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$ |
1.70 |
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Vested released |
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(34 |
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$ |
3.45 |
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Forfeited |
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(646 |
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$ |
4.05 |
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Nonvested as of March 31, 2019 |
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770 |
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$ |
1.78 |
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| Schedule of nonvested restricted stock units activity |
A summary of activity relating to our RSUs is as follows (shares in thousands):
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Shares |
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Weighted-Average
Grant Date Fair
Value per share |
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Outstanding as of March 31, 2017 (as restated) |
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1,260 |
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$ |
7.65 |
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Granted |
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1,465 |
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$ |
6.61 |
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Vested released |
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(580 |
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$ |
8.20 |
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Forfeited |
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(306 |
) |
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$ |
7.63 |
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Outstanding as of March 31, 2018 |
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1,839 |
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$ |
6.65 |
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Granted |
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1,005 |
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$ |
2.33 |
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Vested released |
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(835 |
) |
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$ |
6.16 |
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Forfeited |
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(696 |
) |
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$ |
6.73 |
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Outstanding as of March 31, 2019 |
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1,313 |
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$ |
3.61 |
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Vested and expected to vest as of March 31, 2019 |
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1,313 |
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$ |
3.61 |
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| Schedule of assumptions used in calculating fair values |
The weighted-average fair values and the assumptions used in calculating fair values during each fiscal period are as follows:
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For the year ended March 31, |
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2019 |
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2018 |
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2017
(As Restated) |
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Option life (in years) |
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N/A |
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0.50 |
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0.50 |
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Risk-free interest rate |
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N/A |
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0.91 |
% |
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49.50 |
% |
Stock price volatility |
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N/A |
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0.05 |
% |
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75.14 |
% |
Weighted-average grant date fair value |
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N/A |
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$ |
2.20 |
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$ |
1.89 |
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