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STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION
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Sep. 30, 2013
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| STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION |
NOTE 8: STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION Share-Based Compensation The following table summarizes share-based compensation (in thousands):
Stock Options No stock options were granted during the second quarter or first six months of fiscal 2014 or 2013. The Black-Scholes option pricing model is used to estimate the fair value of stock options. Restricted Stock The fair value of restricted stock units ("RSUs") granted is the intrinsic value as of the respective grant date since the restricted stock units are granted at no cost to the employees. The weighted-average grant date fair values of RSUs granted during the second quarter and first six months of fiscal 2014 were $1.41 and $1.40, respectively. The weighted-average grant date fair values of RSUs granted during the second quarter and first six months of fiscal 2013 were $1.99 and $2.00, respectively. During the second quarter of fiscal 2014, we granted 0.8 million RSUs with market conditions ("market RSUs") and estimated the fair value of these market RSUs using a Monte Carlo simulation model. The number of market RSUs is dependent on Quantum's common stock achieving certain 60-day average stock price targets as of specified dates, which vest immediately to two years after the specified dates. The Monte Carlo model requires the input of assumptions including expected volatility, risk-free interest rate and expected term in order to simulate a large number of possible outcomes to provide an estimated fair value of the market RSUs. We used an expected volatility of 66%, a risk free interest rate of 0.5% and expected terms of ten months, twenty two months and thirty four months that mirrors the various vesting dates of the awards. The estimated fair value of the market RSUs was $0.7 million which will be recognized over the respective vesting periods of the awards. Stock Purchase Plan Under the 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 2014 and fiscal 2013, respectively, was estimated at the date of the grant. 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, 2013 and 2012 are as follows:
Stock Activity Stock Options A summary of activity relating to our stock options follows (options and aggregate intrinsic value in thousands):
Restricted Stock A summary of activity relating to our restricted stock follows (shares in thousands):
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