Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v2.4.0.8
Stock-Based Compensation
 3 Months Ended
Jun. 30, 2013
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The following table is a summary of total stock-based compensation resulting from stock options, restricted stock, restricted stock units (“RSUs”) and performance stock units ("PSUs"), excluding the impact of discontinued operations, during the three months ended June 30, 2013 and 2012: 
 
Three months ended June 30,
(in thousands)
2013
 
2012
Stock-based compensation expense
$
351

 
$
375

Income tax expense
—

 
—

Total stock-based compensation expense after taxes
$
351

 
$
375


The stock option, restricted stock and restricted stock unit equity awards granted in the three months ended June 30, 2013 vest in equal annual installments over four years. Any PSUs earned vest over the performance period, as described below.
Stock Options
Stock option activity for the three months ended June 30, 2013 is as follows:
 
Shares
 
Weighted-Average Exercise Price Per Share
 
Weighted-Average Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value (a) (in thousands)
Outstanding on March 31, 2013
2,114,446

 
$
2.07

 
2.8
 
$
868

Granted
450,000

 
2.43

 

 

Exercised
(94,300
)
 
0.61

 

 

Forfeited
(2,000
)
 
1.67

 

 

Expired
(14,500
)
 
4.05

 

 

Outstanding on June 30, 2013
2,453,646

 
$
2.18

 
3.4
 
$
1,105

 
(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.
The weighted-average fair value of stock options granted during the three months ended June 30, 2013 was $0.90 per share.
Restricted Stock
The following table sets forth restricted stock activity for the three months ended June 30, 2013: 
 
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2013
738,500

 
$
1.65

Granted
70,000

 
2.01

Vested
(343,000
)
 
1.51

Forfeited
(63,000
)
 
1.43

Non-vested as of June 30, 2013
402,500

 
$
1.87

RSUs
The following table sets forth the RSU activity for the three months ended June 30, 2013: 
 
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2013
875,000

 
$
2.68

Granted
100,000

 
2.43

Vested
(167,500
)
 
3.03

Forfeited
(50,000
)
 
3.48

Non-vested as of June 30, 2013
757,500

 
$
2.51


PSUs
PSUs vest in annual increments based on the achievement of pre-established Company performance goals and continued employment. The number of PSUs earned, if any, can range between 0% to 200% of the target amount, depending on actual performance for fiscal years 2014 through 2017. Upon vesting, the PSUs convert into shares of Class A Common Stock on a one-for-one basis.
The following table sets forth the PSU activity for the three months ended June 30, 2013: 
 
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2013
—

 
$
—

Granted
205,000

 
2.43

Vested
—

 
—

Forfeited
—

 
—

Non-vested as of June 30, 2013
205,000

 
$
2.43