Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Notes)

v3.8.0.1
Stock-Based Compensation (Notes)
 9 Months Ended
Dec. 31, 2017
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Westell Technologies, Inc. 2015 Omnibus Incentive Compensation Plan (the 2015 Plan) was approved at the annual meeting of stockholders on September 16, 2015. The 2015 Plan replaced the Westell Technologies, Inc. 2004 Stock Incentive Plan (the 2004 Plan). If any award granted under the 2015 Plan or the 2004 Plan is canceled, terminates, expires, or lapses for any reason, any Shares subject to such award shall again be available for the grant of an award under the 2015 Plan. Shares subject to an award shall not again be made available for issuance under the Plan if such Shares are: (a) shares delivered to or withheld by the Company to pay the grant or purchase price of an award, or (b) shares delivered to or withheld by the Company to pay the withholding taxes related to an award. The stock options, restricted stock awards, and restricted stock units (RSUs) awarded under the 2015 Plan generally vest in equal annual installments over 3 years for employees and 1 year for independent directors. The stock options, restricted stock awards, and RSUs awarded under the 2004 Plan vest in equal annual installments over 4 years. Performance stock units (PSUs) earned vest over the performance period. Certain awards provide for accelerated vesting if there is a change in control (as defined in the 2015 Plan), or when provided within individual employment contracts. The Company accounts for forfeitures as they occur. The Company issues new shares for stock awards under the 2015 Plan.
The following table is a summary of total stock-based compensation expense resulting from stock options, restricted stock, RSUs and PSUs, during the three and nine months ended December 31, 2017, and 2016: 
 
Three months ended December 31,
 
Nine months ended December 31,
(in thousands)
2017
 
2016
 
2017
 
2016
Stock-based compensation expense
$
316

 
$
253

 
$
988

 
$
1,346

Income tax benefit
—

 
—

 
—

 
—

Total stock-based compensation expense, after taxes
$
316

 
$
253

 
$
988

 
$
1,346


Stock Options
Stock option activity for the nine months ended December 31, 2017, is as follows:
 
Shares
 
Weighted-Average
Exercise Price Per
Share
 
Weighted-Average
Remaining
Contractual Term
(in years)
 
Aggregate
Intrinsic Value (1) (in
thousands)
Outstanding on March 31, 2017
362,396

 
$
4.89

 
5.4
 
$
39

Granted
100,000

 
3.06

 

 

Exercised
—

 
—

 

 

Forfeited
(199,483
)
 
3.72

 

 

Expired
(61,018
)
 
5.82

 

 

Outstanding on December 31, 2017
201,895

 
$
4.86

 
4.6
 
$
76

 
(1) 
The intrinsic value for the stock options is calculated based on the difference between the exercise price of the underlying awards and the Westell Technologies’ closing stock price as of the respective reporting date.
Restricted Stock
The following table sets forth restricted stock activity for the nine months ended December 31, 2017: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2017
34,375

 
$
4.11

Granted
104,636

 
3.01

Vested
(66,250
)
 
3.30

Forfeited
—

 
—

Non-vested as of December 31, 2017
72,761

 
$
3.26

RSUs
The following table sets forth the RSU activity for the nine months ended December 31, 2017: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2017
373,886

 
$
4.48

Granted
552,000

 
2.89

Vested
(137,162
)
 
5.05

Forfeited
(239,193
)
 
3.64

Non-vested as of December 31, 2017
549,531

 
$
3.11

PSUs
The following table sets forth the PSU activity for the nine months ended December 31, 2017: 
 
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2017 (at target)
76,053

 
$
3.56

Granted, at target
40,000

 
3.06

Vested
(49,686
)
 
2.30

Forfeited
(58,867
)
 
2.79

Non-vested as of December 31, 2017 (at target)
7,500

 
$
15.30