Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Notes)

Stock-Based Compensation (Notes)

3 Months Ended

Jun. 30, 2015

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, 2015, and 2014:



	Three months ended June 30,
(in thousands)	2015		2014
Stock-based compensation expense	$	457	$	554
Income tax benefit	—		—
Total stock-based compensation expense after taxes	$	457	$	554

The stock options, restricted stock awards, and RSUs awarded in the three months ended June 30, 2015 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 three months ended June 30, 2015, 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, 2015	1,170,515		$	2.20	2.9	$	—
Granted	805,000		1.19
Exercised	—		—
Forfeited	(22,500	)	2.43
Expired	(343,765	)	2.18
Outstanding on June 30, 2015	1,609,250		$	1.70	5.3	$	—


(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 reporting date.

The weighted-average fair value of stock options granted during the three months ended June 30, 2015 was $0.46 per share.

Restricted Stock

The following table sets forth restricted stock activity for the three months ended June 30, 2015:



	Shares		Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2015	170,000		$	2.98
Granted	—		—
Vested	(52,500	)	2.95
Forfeited	—		—
Non-vested as of June 30, 2015	117,500		$	2.99

RSUs

The following table sets forth the RSU activity for the three months ended June 30, 2015:



	Shares		Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2015	1,409,750		$	2.72
Granted	815,000		1.21
Vested	(85,000	)	2.74
Forfeited	(240,625	)	1.72
Non-vested as of June 30, 2015	1,899,125		$	2.19

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 from 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, 2015:



	Shares		Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2015	181,888		$	3.14
Granted, at target	—		—
Vested	(25,767	)	2.47
Forfeited	(15,157	)	3.12
Non-vested as of June 30, 2015	140,964		$	3.26