Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.19.1
Stock-Based Compensation (Tables)
12 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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, 2019
 
Fiscal year ended March 31, 2018
 
Fiscal year ended March 31, 2017
 
 
Stock
Options
 
Restricted
Stock
 
LTIPs
 
Stock
Options
 
Restricted
Stock
 
LTIPs
 
Stock
Options
 
Restricted
Stock
 
LTIPs
Cost of sales
 
$

 
$
1,502

 
$
1,254

 
$

 
$
865

 
$
654

 
$
21

 
$
634

 
$
729

Selling, general and administrative expenses
 

 
7,338

 
2,413

 

 
4,195

 
1,695

 
20

 
1,490

 
1,620

Research and development
 

 
88

 
271

 

 
46

 
202

 
1

 
26

 
179

 
 
$

 
$
8,928

 
$
3,938

 
$

 
$
5,106

 
$
2,551

 
$
42

 
$
2,150

 
$
2,528

Schedule of employee stock option activity
Employee stock option activity for fiscal year 2019 is as follows:
 
 
Options (in thousands)
 
Weighted-
Average
Exercise
Price
Outstanding at April 1, 2018
 
230

 
$
6.36

Exercised
 
(74
)
 
6.42

Expired
 
(1
)
 
1.92

Outstanding at March 31, 2019
 
155

 
6.37

Exercisable at March 31, 2019
 
155

 
$
6.37

 
 
 
 
 
Remaining weighted average contractual life of options exercisable (years)
 
 

 
2.84

Remaining weighted average contractual life of options outstanding (years)
 
 

 
2.84

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,
 
 
2019
 
2018
 
2017
Weighted average grant-date fair value of non-vested shares
 
$

 
$

 
$
2.72

Weighted average grant-date fair value of shares
 
 
 
 
 
 
Granted
 

 

 

Vested
 

 

 
2.72

Forfeited
 

 

 
2.72

Total estimated fair value of shares vested
 

 

 
223

Intrinsic value
 
 
 
 
 
 
Stock options exercised
 
1,296

 
6,914

 
890

Options outstanding
 
1,644

 
2,713

 

Options currently exercisable
 
1,644

 
2,713

 

Total unrecognized compensation cost, non-vested options
 

 

 

Weighted-average period of recognition for unrecognized compensation cost (in years)
 
N/A

 


 

Weighted average exercise price of stock options expected to vest
 
N/A

 


 


Schedule of restricted stock activity
RSU activity, including performance-based and time-based LTIP activity, for fiscal year 2019 is as follows (amounts in thousands except fair value):
 
 
Shares
 
Weighted-
average
Fair Value on
Grant Date
Non-vested restricted stock at April 1, 2018 
 
2,452

 
$
7.96

Granted
 
910

 
19.43

Vested (1)
 
(1,789
)
 
7.67

Forfeited (2)
 
(158
)
 
12.68

Non-vested restricted stock at March 31, 2019
 
1,415

 
$
15.19

__________________________________________
(1) 33,292 in RSUs were settled for $0.2 million in cash.
(2) 85,956 in RSUs were forfeited by Per-Olof Loof, the Company's former Chief Executive Officer upon his resignation in December 2018.
Vested shares in the table above include the acceleration of 275,000 shares related to the April 18, 2018 Amended and Restated Employment Agreement for the former Chief Executive Officer, which amended and restated Mr. Loof's prior employment agreement with the Company dated June 29, 2015. Upon the signing of the Amended and Restated Employment Agreement, certain RSUs previously granted to Mr. Loof on June 29, 2015, totaling 175,000 shares, and on September 6, 2017, totaling 100,000 shares, both of which were scheduled to vest over time, became fully vested. Incremental compensation cost resulting from the modification totaled $1.7 million.
Additionally, vested shares in the table above include the acceleration of 44,302 shares related to the March 20, 2019 Employment Agreement for the current Chief Executive Officer William Lowe. Upon the signing of the Employment Agreement, certain RSUs previously granted to Mr. Lowe on May 18, 2016, totaling 20,220 shares, May 18, 2017, totaling 11,237 shares, and May 18, 2018, totaling 12,845 shares, each of which were scheduled to vest over time, became fully vested. Incremental compensation cost resulting from the modification totaled $0.2 million.
In the Operating activities section of the Consolidated Statements of Cash Flows, stock-based compensation expense was