| Stock-Based Compensation |
Stock-Based Compensation
The following table is a summary of total stock-based compensation resulting from stock options, restricted stock, and restricted stock units (“RSUs”), excluding the impact of discontinued operations, during the three and nine months ended December 31, 2012 and 2011:
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Three months ended December 31, |
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Nine months ended December 31, |
(in thousands) |
2012 |
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2011 |
|
2012 |
|
2011 |
Stock-based compensation expense |
$ |
331 |
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$ |
292 |
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$ |
1,062 |
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$ |
918 |
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Income tax expense |
— |
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— |
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— |
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— |
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Total stock-based compensation expense after taxes |
$ |
331 |
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|
$ |
292 |
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$ |
1,062 |
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$ |
918 |
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The equity awards granted in the nine months ended December 31, 2012 vest in equal annual installments over four years.
Stock Options
Stock option activity for the nine months ended December 31, 2012 is as follows:
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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 (a) (in thousands) |
Outstanding on March 31, 2012 |
2,254,103 |
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$ |
2.04 |
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3.3 |
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$ |
1,483 |
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Granted |
340,000 |
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|
2.15 |
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Exercised |
(155,780 |
) |
|
0.55 |
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Forfeited |
(80,440 |
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2.06 |
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Expired |
(241,410 |
) |
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2.90 |
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Outstanding on December 31, 2012 |
2,116,473 |
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$ |
2.07 |
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3.0 |
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$ |
732 |
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(a) |
The intrinsic value for the stock options is calculated based on the difference between the exercise price of the underlying awards and the average of the high and low Westell Technologies’ stock price as of the reporting date. |
Restricted Stock
The following table sets forth restricted stock activity for the nine months ended December 31, 2012:
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Shares |
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Weighted-Average Grant Date Fair Value |
Non-vested as of March 31, 2012 |
1,045,000 |
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$ |
1.54 |
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Granted |
70,000 |
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|
2.36 |
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Vested |
(342,500 |
) |
|
1.46 |
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Forfeited |
(24,000 |
) |
|
1.43 |
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Non-vested as of December 31, 2012 |
748,500 |
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$ |
1.66 |
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RSUs
The following table sets forth the RSU activity for the nine months ended December 31, 2012:
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Shares |
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Weighted-Average Grant Date Fair Value |
Non-vested as of March 31, 2012 |
500,000 |
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$ |
3.25 |
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Granted |
530,000 |
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|
2.25 |
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Vested |
(100,000 |
) |
|
3.48 |
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Forfeited |
(30,000 |
) |
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2.36 |
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Non-vested as of December 31, 2012 |
900,000 |
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$ |
2.67 |
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