Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2013

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

Stock option activity

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.

Restricted stock activity

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

Performance stock activity

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

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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