Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v2.4.0.8
Stock-Based Compensation (Tables)
3 Months Ended
Jun. 30, 2014
Share-based Compensation [Abstract]  
Stock-based compensation expense
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), during the three months ended June 30, 2014, and 2013: 
 
Three months ended June 30,
(in thousands)
2014
 
2013
Stock-based compensation expense
$
554

 
$
351

Income tax expense

 

Total stock-based compensation expense after taxes
$
554

 
$
351

Stock option activity
Stock option activity for the three months ended June 30, 2014 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, 2014
1,835,445

 
$
2.02

 
3.7
 
$
3,110

Granted
40,000

 
3.47

 

 

Exercised
(54,300
)
 
2.39

 

 

Forfeited
(52,500
)
 
2.43

 

 

Expired
(23,000
)
 
3.04

 

 

Outstanding on June 30, 2014
1,745,645

 
$
2.01

 
3.6
 
$
952

 
(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
Restricted Stock
The following table sets forth restricted stock activity for the three months ended June 30, 2014: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2014
407,500

 
$
1.94

Granted
80,000

 
3.83

Vested
(277,500
)
 
1.65

Forfeited

 

Non-vested as of June 30, 2014
210,000

 
$
3.05

RSUs
The following table sets forth the RSU activity for the three months ended June 30, 2014: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2014
1,679,000

 
$
3.09

Granted
217,500

 
3.83

Vested
(227,500
)
 
2.68

Forfeited
(121,000
)
 
2.75

Non-vested as of June 30, 2014
1,548,000

 
$
3.28

PSUs
The 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 four fiscal years following the grant date. 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 three months ended June 30, 2014: 
 
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2014
285,000

 
$
2.45

Granted, at target
217,500

 
3.83

Vested
(66,764
)
 
2.45

Forfeited
(41,801
)
 
2.93

Non-vested as of June 30, 2014
393,935

 
$
3.16