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STOCK-BASED COMPENSATION AND INCENTIVE PLANS (Tables) | 9 Months Ended
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Dec. 31, 2017
Schedule of Common Stock Shares Reserved for Issuance and Shares Available for Grant | The number of common stock shares reserved for issuance under the plans and the number of shares available for future grants are as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  |  |  |
|  | through |  |  |  | through |  |  | Year Ended |
|  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Shares of common stock reserved for issuance under the plans |  |  | 3,048,877 |  |  |  |  | — |  |  |  | 1,900,769 |
Shares of common stock available for future grants |  |  | 1,891,231 |  |  |  |  | — |  |  |  | 505,221 |
Fair Value and Assumptions Used for Stock Options Issued | The fair value and assumptions used for the stock options issued during the years ended March 31, 2016 and 2015 are as follows:
|  | 2016 |  |  | 2015 |
Weighted average fair value of stock options granted |  | $ | 3.34 |  |  | $ | 5.54 |
Risk-free interest rate |  |  | 1.62 | % |  |  | 1.82 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected stock price volatility |  |  | 45 | % |  |  | 30 | %
Expected stock option life |  | 6.5 years |  |  | 6.5 years |
Schedule of Stock Option Activity | The following table sets forth a summary of stock option activity of the company:
|  | Weighted-average Exercise Price |  |  | Number of Shares |
Outstanding at March 31, 2016 (Predecessor) |  | $ | 31.73 |  |  |  | 1,777,124 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Expired or cancelled/forfeited |  |  | 44.86 |  |  |  | (381,576 | )
Outstanding at March 31, 2017 (Predecessor) |  |  | 28.14 |  |  |  | 1,395,548 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Expired or cancelled/forfeited |  |  | 28.14 |  |  |  | (1,395,548 | )
Outstanding at July 31, 2017 (Predecessor) |  |  | — |  |  |  | — |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Expired or cancelled/forfeited |  |  | — |  |  |  | — |
Outstanding at December 31, 2017 (Successor) |  | $ | — |  |  |  | — |
Additional Information Regarding Stock Options | Additional information regarding stock options is as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  |  |  |
|  | through |  |  |  | through |  |  | Year Ended |
(In thousands, except number of stock options and weighted average price) |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Intrinsic value of options exercised |  |  | — |  |  |  |  | — |  |  |  | — |
Number of stock options vested |  |  | — |  |  |  |  | — |  |  |  | 266,311 |
Fair value of stock options vested |  | $ | — |  |  |  |  | — |  |  |  | 1,185 |
Number of options exercisable |  |  | — |  |  |  |  | — |  |  |  | 999,849 |
Weighted average exercise price of options exercisable |  | $ | — |  |  |  |  | — |  |  |  | 34.36 |
Effect on Basic and Diluted Earnings Per Share, and Stock Option Compensation Expense | Stock option compensation expense along with the reduction effect on basic and diluted earnings per share are as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  |  |  |
|  | through |  |  |  | through |  |  | Year Ended |
(In thousands, except per share data) |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Stock option compensation expense |  | $ | — |  |  |  |  | 1,644 |  |  |  | 745 |
Basic loss per share increased by |  |  | — |  |  |  |  | 0.02 |  |  |  | 0.02 |
Diluted loss per share increased by |  |  | — |  |  |  |  | 0.02 |  |  |  | 0.02 |
Summary of Cash-Based Performance Plan Unit Activity | The following table sets forth a summary of cash-based performance plan unit activity of the company:
|  | Weighted-average Grant-Date Fair Value |  |  | Performance Based Units |
Non-vested balance at March 31, 2016 (Predecessor) |  | $ | 1.16 |  |  |  | 7,913,716 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Cancelled/forfeited |  |  | 1.15 |  |  |  | (179,991 | )
Non-vested balance at March 31, 2017 (Predecessor) |  |  | 1.16 |  |  |  | 7,733,725 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Cancelled/forfeited |  |  | 1.16 |  |  |  | (7,733,725 | )
Non-vested balance at July 31, 2017 (Predecessor) |  |  | — |  |  |  | — |
Summary of Deferred Stock Unit Activity | The following table sets forth a summary of deferred stock unit activity of the company:
|  | Weighted-average Grant-Date Fair Value |  |  | Number Of Units |
Balance at March 31, 2016 (Predecessor) |  | $ | 23.58 |  |  |  | 363,630 |
Dividend equivalents reinvested |  |  | — |  |  |  | — |
Retirement distribution |  |  | 6.83 |  |  |  | (12,792 | )
Granted |  |  | — |  |  |  | — |
Balance at March 31, 2017 (Predecessor) |  |  | 24.19 |  |  |  | 350,838 |
Dividend equivalents reinvested |  |  | — |  |  |  | — |
Retirement distribution |  |  | 24.19 |  |  |  | (350,838 | )
Granted |  |  | — |  |  |  | — |
Balance at July 31, 2017 (Predecessor) |  |  | — |  |  |  | — |
Schedule of Deferred Cash Award Expense | Deferred cash award expense, which is reflected in general and administrative expenses, is as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  |  |  |
|  | through |  |  |  | through |  |  | Year Ended |
(In thousands) |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Deferred cash award expense |  | $ | — |  |  |  |  | 12 |  |  |  | 978 |
Deferred Stock Unit |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Deferred stock unit compensation expense, which is reflected in general and administrative expenses, is as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  |  |  |
|  | through |  |  |  | through |  |  | Year Ended |
(In thousands) |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Deferred stock units compensation expense (benefit) |  | $ | — |  |  |  |  | (68 | ) |  |  | (1,987 | )
Restricted Stock Units (RSUs) |
Summary Of Restricted Stock Unit Activity | The following table sets forth a summary of restricted stock unit activity of the company:
|  | Weighted-average Grant-Date Fair Value |  |  | Time Based Units |  |  | Weight-average Grant Date Fair Value |  |  | Performance Based Units |
Non-vested balance at March 31, 2016 (Predecessor) |  | $ | 49.17 |  |  |  | 89,639 |  |  |  | 61.75 |  |  |  | 156,851 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | 49.39 |  |  |  | (76,006 | ) |  |  | — |  |  |  | — |
Cancelled/forfeited |  |  | 49.62 |  |  |  | (13,450 | ) |  |  | 61.75 |  |  |  | (156,851 | )
Non-vested balance at March 31, 2017 (Predecessor) |  |  | 54.48 |  |  |  | 183 |  |  |  | — |  |  |  | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | 54.48 |  |  |  | (183 | ) |  |  | — |  |  |  | — |
Cancelled/forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Non-vested balance at July 31, 2017 (Predecessor) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Granted |  |  | 24.40 |  |  |  | 1,203,379 |  |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cancelled/forfeited |  |  | 24.15 |  |  |  | (45,733 | ) |  |  | — |  |  |  | — |
Non-vested balance at December 31, 2017 (Successor) |  | $ | 24.41 |  |  |  | 1,157,646 |  |  |  | — |  |  |  | — |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Restricted stock unit compensation expense and grant date fair value are as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  |  |  |
|  | through |  |  |  | through |  |  | Year Ended |
(In thousands) |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Grant date fair value of restricted stock units vested |  | $ | — |  |  |  |  | 10 |  |  |  | 3,754 |
Restricted stock unit compensation expense |  |  | 3,731 |  |  |  |  | 2 |  |  |  | 2,425 |
Phantom Stock Plan |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Phantom stock compensation expense and grant date fair value of phantom stock vested are as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  |  |  |
|  | through |  |  |  | through |  |  | Year Ended |
(In thousands) |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Grant date fair value of phantom stock vested | $ |  | — |  |  |  |  | — |  |  |  | 7,118 |
Phantom stock compensation expense |  |  | 94 |  |  |  |  | 68 |  |  |  | 467 |
Summary of Phantom Stock Activity | The following table sets forth a summary of phantom stock activity of the company:
|  | Weighted-average Grant-Date Fair Value |  |  | Time Based Shares |  |  | Weighted-average Grant-Date Fair Value |  |  | Series A Warrants |  |  | Weighted-average Grant-Date Fair Value |  |  | Series B Warrants |
Non-vested balance at March 31, 2016 (Predecessor) |  | $ | 10.83 |  |  |  | 1,599,829 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vested |  |  | 12.29 |  |  |  | (585,426 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cancelled/forfeited |  |  | 13.52 |  |  |  | (68,253 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-vested balance at March 31, 2017 (Predecessor) |  |  | 9.74 |  |  |  | 946,150 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vested |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
'Cancelled (A) |  |  | 9.70 |  |  |  | (484,446 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | 10.08 |  |  |  | (16,866 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-vested balance at July 31, 2017 (Predecessor) (B) |  |  | 9.77 |  |  |  | 444,838 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of Successor phantom stock (B) |  |  | 308.19 |  |  |  | 14,160 |  |  |  | 1.00 |  |  |  | 22,963 |  |  |  | 0.98 |  |  |  | 24,824 |
Balance at August 1, 2017 |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vested |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cancelled/forfeited |  |  | 307.31 |  |  |  | (634 | ) |  |  | 1.00 |  |  |  | (1,029 | ) |  |  | 0.98 |  |  |  | (1,112 | )
Non-vested balance at December 31, 2017 (Successor) |  | $ | 308.24 |  |  |  | 13,526 |  |  |  | 1.00 |  |  |  | 21,934 |  |  |  | 0.98 |  |  |  | 23,712 |
| (A) | Prior to emergence from Chapter 11 bankruptcy, all officer-held phantom stock units were cancelled. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.”
| (B) | Upon emergence from Chapter 11 bankruptcy, all outstanding phantom stock units held by non-officer employees were converted by the same conversion ratio applied to the common shares upon emergence. Every 31.4143 phantom stock units converted into one phantom stock unit post emergence which is valued to the new common stock. In addition, each post emergence phantom stock unit received 1.6216 phantom series A warrants and 1.7531 phantom series B warrants. Both warrant series have time-based vesting and follow the vesting schedule of the underlying phantom stock unit. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.”
Cash-based Performance Plan |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Cash-based performance unit compensation expense and grant date fair value are as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  |  |  |
|  | through |  |  |  | through |  |  | Year Ended |
(In thousands) |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Grant date fair value of cash-based performance units vested |  | $ | — |  |  |  |  | — |  |  |  | — |
Cash-based performance unit compensation expense |  |  | — |  |  |  |  | (1,975 | ) |  |  | 761 |

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