| Stock-Based Compensation |
Note 6. 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 six months ended September 30, 2012 and 2011:
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Three months
ended
September 30,
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Six months
ended
September 30,
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| (in thousands) |
|
2012 |
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|
2011 |
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|
2012 |
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|
2011 |
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|
Stock-based compensation expense
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|
$ |
350 |
|
|
$ |
314 |
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|
$ |
731 |
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|
$ |
626 |
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|
Income tax expense
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|
— |
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|
— |
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|
— |
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|
— |
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Total stock-based compensation expense after taxes
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|
$ |
350 |
|
|
$ |
314 |
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|
$ |
731 |
|
|
$ |
626 |
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The equity awards granted in the six months ended September 30, 2012 vest in equal annual installments over four years.
Stock Options
Stock option
activity for the six months ended September 30, 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) |
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|
Outstanding on March 31, 2012
|
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|
2,254,103 |
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|
$ |
2.04 |
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|
|
3.3 |
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|
$ |
1,483 |
|
|
Granted
|
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|
340,000 |
|
|
|
2.15 |
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|
|
|
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Exercised
|
|
|
(22,240 |
) |
|
|
1.28 |
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Forfeited
|
|
|
(18,440 |
) |
|
|
1.84 |
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|
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Expired
|
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|
(127,950 |
) |
|
|
3.27 |
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Outstanding on September 30, 2012
|
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|
2,425,473 |
|
|
$ |
2.00 |
|
|
|
3.2 |
|
|
$ |
1,218 |
|
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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 six months ended September 30, 2012:
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|
Shares |
|
|
Weighted-Average
Grant Date Fair
Value |
|
|
Non-vested as of March 31, 2012
|
|
|
1,045,000 |
|
|
$ |
1.54 |
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|
Granted
|
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|
70,000 |
|
|
|
2.36 |
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|
Vested
|
|
|
(342,500 |
) |
|
|
1.46 |
|
|
Forfeited
|
|
|
(24,000 |
) |
|
|
1.43 |
|
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|
|
|
|
|
|
|
|
|
Non-vested as of September 30, 2012
|
|
|
748,500 |
|
|
$ |
1.66 |
|
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|
|
|
|
|
|
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|
RSUs
The following table sets forth the RSU activity for the six months ended September 30, 2012:
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|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted-Average
Grant Date Fair
Value |
|
|
Non-vested as of March 31, 2012
|
|
|
500,000 |
|
|
$ |
3.25 |
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|
Granted
|
|
|
460,000 |
|
|
|
2.30 |
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Vested
|
|
|
(100,000 |
) |
|
|
3.48 |
|
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Forfeited
|
|
|
(30,000 |
) |
|
|
2.36 |
|
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Non-vested as of September 30, 2012
|
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|
830,000 |
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$ |
2.72 |
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