Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.5.0.2
Stock-Based Compensation (Tables)
6 Months Ended
Sep. 30, 2016
Share-based Compensation [Abstract]  
Stock-based compensation expense
The following table is a summary of total stock-based compensation expense resulting from stock options, restricted stock, RSUs and PSUs, during the six months ended September 30, 2016, and 2015: 
 
Three months ended September 30,
 
Six months ended September 30,
(in thousands)
2016
 
2015
 
2016
 
2015
Stock-based compensation expense
$
687

 
$
253

 
$
1,093

 
$
710

Income tax benefit

 

 

 

Total stock-based compensation expense, after taxes
$
687

 
$
253

 
$
1,093

 
$
710

Stock option activity
Stock option activity for the six months ended September 30, 2016, 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, 2016
1,847,500

 
$
1.42

 
5.6
 
$
9

Granted
1,459,750

 
1.08

 

 

Exercised

 

 

 

Forfeited
(1,136,875
)
 
1.19

 

 

Expired
(80,667
)
 
2.22

 

 

Outstanding on September 30, 2016
2,089,708

 
$
1.27

 
4.8
 
$
0

 
(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 six months ended September 30, 2016: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2016
217,500

 
$
2.07

Granted
60,000

 
0.50

Vested
(162,500
)
 
1.71

Forfeited

 

Non-vested as of September 30, 2016
115,000

 
$
1.77

RSUs
The following table sets forth the RSU activity for the six months ended September 30, 2016: 
 
Shares
 
Weighted-Average
Grant Date Fair
Value
Non-vested as of March 31, 2016
1,843,375

 
$
1.59

Granted
1,737,250

 
1.02

Vested
(633,956
)
 
1.64

Forfeited
(1,082,375
)
 
1.29

Non-vested as of September 30, 2016
1,864,294

 
$
1.21

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 six months ended September 30, 2016: 
 
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested as of March 31, 2016 (at target)
64,075

 
$
3.29

Granted, at target

 

Vested
(11,713
)
 
2.53

Forfeited
(10,472
)
 
3.43

Non-vested as of September 30, 2016 (at target)
41,890

 
$
3.46