Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v2.4.0.8
Stock-Based Compensation
 9 Months Ended
Dec. 31, 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 and nine months ended December 31, 2013, and 2012: 
 
Three months ended December 31,
 
Nine months ended December 31,
(in thousands)
2013
 
2012
 
2013
 
2012
Stock-based compensation expense
$
553

 
$
326

 
$
1,293

 
$
1,044

Income tax expense
—

 
—

 
—

 
—

Total stock-based compensation expense after taxes
$
553

 
$
326

 
$
1,293

 
$
1,044


The stock option, restricted stock and restricted stock unit awards granted in the nine months ended December 31, 2013, vest in equal annual installments over four years. PSUs earned vest over the performance period, as described below.
Stock Options
Stock option activity for the nine months ended December 31, 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
630,000

 
2.45

 

 

Exercised
(395,885
)
 
1.81

 

 

Forfeited
(7,333
)
 
1.57

 

 

Expired
(94,100
)
 
5.62

 

 

Outstanding on December 31, 2013
2,247,128

 
$
2.08

 
3.5
 
$
4,465

 
(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 nine months ended December 31, 2013, was $0.91 per share.
Restricted Stock
The following table sets forth restricted stock activity for the nine months ended December 31, 2013: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2013
738,500

 
$
1.65

Granted
90,000

 
2.33

Vested
(348,000
)
 
1.49

Forfeited
(63,000
)
 
1.43

Non-vested as of December 31, 2013
417,500

 
$
1.95

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

 
$
2.68

Granted
752,000

 
2.72

Vested
(185,000
)
 
2.74

Forfeited
(156,000
)
 
2.67

Non-vested as of December 31, 2013
1,286,000

 
$
2.66

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 nine months ended December 31, 2013: 
 
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2013
—

 
$
—

Granted, at target
285,000

 
2.45

Vested
—

 
—

Forfeited
—

 
—

Non-vested as of December 31, 2013
285,000

 
$
2.45