Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

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, 2020, and 2019:


	Three months ended December 31,				Nine months ended December 31,
(in thousands)	2020		2019		2020		2019
Stock-based compensation expense	$	100	$	152	$	410	$	597
Income tax benefit	—		—		—		—
Total stock-based compensation expense, after taxes	$	100	$	152	$	410	$	597

Stock option activity

Stock option activity for the nine months ended December 31, 2020, 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, 2020	221,812	$	1.87	5.4	$	—
Granted	—	—
Exercised	—	—
Forfeited	(5,000)	4.73
Expired	—	—
Outstanding on December 31, 2020	216,812	$	1.80	4.7	$	—

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(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 activity

Restricted Stock

The following table sets forth restricted stock activity for the nine months ended December 31, 2020:


	Shares	Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2020	128,584	$	1.39
Granted	24,192	1.24
Vested	(128,584)	1.39
Forfeited	(4,032)	1.24
Non-vested as of December 31, 2020	20,160	$	1.24

RSUs

The following table sets forth the RSU activity for the nine months ended December 31, 2020:


	Shares	Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2020	441,108	$	2.31
Granted	271,140	0.78
Vested	(226,929)	2.51
Forfeited	(40,000)	1.17
Non-vested as of December 31, 2020	445,319	$	1.38

PSUs

PSUs will be earned primarily based upon achievement of performance goals tied to growing revenue and to non-GAAP profitability targets for fiscal year 2021. 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 nine months ended December 31, 2020:


	Shares	Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2020 (at target)	5,000	$	1.38
Granted, at target	229,303	0.78
Vested	—	—
Forfeited	(5,000)	1.38
Non-vested as of December 31, 2020 (at target)	229,303	$	0.78