Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.20.1
Stock-Based Compensation (Tables)
12 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block]
The following is the performance-based vesting schedule of RSUs under each respective LTIP, subject to the respective participant’s continued employment with KEMET (shares in thousands):
 
 
2020/2021 (1)
 
2019/2020 (1)
 
2018/2019 (2)
 
2017/2018 (2)
Performance-based award vesting fiscal year 2021
 

 
99

 

 

Potential performance-based award vesting fiscal year 2022
 
49

 
98

 

 

Potential performance-based award vesting fiscal year 2023
 
49

 

 

 

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(1) Estimated shares to vest based upon current performance expectations. The final number of shares depends on the achievement of performance metrics.
(2) The performance portion of the 2018/2019 and 2017/2018 LTIP are payable in cash.
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]
The following is the time-based vesting schedule of RSUs under each respective LTIP, subject to the respective participant’s continued employment with KEMET (shares in thousands):
 
 
2020/2021
 
2019/2020
 
2018/2019
 
2017/2018
Time-based award vested fiscal year 2020
 

 
53

 
58

 
156

Time-based award vesting fiscal year 2021
 
63

 
50

 
55

 

Time-based award vesting fiscal year 2022
 
63

 
51

 

 

Time-based award vesting fiscal year 2023
 
65

 

 

 


Schedule of major components of stock-based compensation expense
The major components of stock-based compensation expense are as follows (amounts in thousands):
 
 
Fiscal year ended March 31, 2020
 
Fiscal year ended March 31, 2019
 
Fiscal year ended March 31, 2018
 
 
RSUs
 
LTIPs
 
RSUs
 
LTIPs
 
RSUs
 
LTIPs
Cost of sales
 
$
2,185

 
$
1,658

 
$
1,502

 
$
1,254

 
$
865

 
$
654

Selling, general and administrative expenses
 
4,831

 
2,972

 
7,338

 
2,413

 
4,195

 
1,695

Research and development
 
146

 
292

 
88

 
271

 
46

 
202

 
 
$
7,162

 
$
4,922

 
$
8,928

 
$
3,938

 
$
5,106

 
$
2,551


Schedule of employee stock option activity Employee stock option activity for fiscal year 2020 is as follows:
 
 
Options (in thousands)
 
Weighted-
Average
Exercise
Price
Outstanding at April 1, 2019
 
155

 
$
6.37

Exercised
 
(59
)
 
5.46

Expired
 
(4
)
 
4.47

Outstanding and exercisable at March 31, 2020
 
92

 
7.04

 
 
 
 
 
Remaining weighted average contractual life of options outstanding and exercisable (years)
 
 

 
2.28

Summary of the weighted average assumptions used in the Black-Scholes valuation model to value stock option grants
Amounts included in the following table are in thousands, except weighted average fair value and weighted average exercise price:
 
 
Fiscal Years Ended
March 31,
 
 
2020
 
2019
 
2018
Intrinsic value
 
 
 
 
 
 
Stock options exercised
 
963

 
1,296

 
6,914

Options outstanding and currently exercisable
 
1,574

 
1,644

 
2,713


Schedule of restricted stock activity
RSU activity, including performance-based and time-based LTIP activity, for fiscal year 2020 is as follows (amounts in thousands except fair value):
 
 
Shares
 
Weighted-
average
Fair Value on
Grant Date
Non-vested RSUs at April 1, 2019
 
1,415

 
$
15.19

Granted
 
626

 
21.89

Vested (1)
 
(640
)
 
12.08

Forfeited
 
(59
)
 
18.49

Non-vested RSUs at March 31, 2020
 
1,342

 
$
19.66

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(1) 37,377 in RSUs were settled for $0.4 million in cash.
In the Operating activities section of the Consolidated Statements of Cash Flows, stock-based compensation expense