Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Notes)

v3.19.2
Stock-Based Compensation (Notes)
 3 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement, Noncash Expense [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. If any award granted under the 2015 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 non-employee directors. 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 months ended June 30, 2019, and 2018: 
 
Three months ended June 30,
(in thousands)
2019
 
2018
Stock-based compensation expense
$
244

 
$
291

Income tax benefit
—

 
—

Total stock-based compensation expense, after taxes
$
244

 
$
291


Stock Options
Stock option activity for the three months ended June 30, 2019, 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, 2019
293,478

 
$
4.28

 
4.4
 
$
—

Granted
—

 
—

 

 

Exercised
—

 
—

 

 

Forfeited
—

 
—

 

 

Expired
(7,500
)
 
8.58

 

 

Outstanding on June 30, 2019
285,978

 
$
4.17

 
4.2
 
$
—

 
_______
(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 three months ended June 30, 2019: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2019
63,334

 
$
2.86

Granted
2,500

 
1.72

Vested
—

 
—

Forfeited
—

 
—

Non-vested as of June 30, 2019
65,834

 
$
2.82

RSUs
The following table sets forth the RSU activity for the three months ended June 30, 2019: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2019
665,127

 
$
3.03

Granted
153,037

 
2.12

Vested
(236,467
)
 
3.20

Forfeited
(75,168
)
 
2.61

Non-vested as of June 30, 2019
506,529

 
$
2.74

PSUs

PSUs will be earned primarily based upon achievement of performance goals tied to growing revenue and non-GAAP profitability targets for fiscal year 2020. Upon vesting, the PSUs convert into shares of Class A Common Stock of the Company on a one-for-one basis. 
The following table sets forth the PSU activity for the three months ended June 30, 2019: 
 
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2019 (at target)
5,000

 
$
3.14

Granted, at target
136,144

 
2.19

Vested
(5,000
)
 
3.14

Forfeited
(36,458
)
 
2.16

Non-vested as of June 30, 2019 (at target)
99,686

 
$
2.20