Stock-Based Compensation

3 Months Ended

Jun. 30, 2020

Note 5: Stock-Based Compensation

The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive compensation program for officers and other executives that consists of stock awards, stock options, and performance-based stock awards granted for retention and performance, (2) a discretionary equity program for other management and key employees, and (3) stock awards for non-employee directors.

The Company calculates compensation expense based upon the fair value of the instruments at the time of grant and subsequently recognizes expense ratably over the respective vesting periods of the stock-based awards. The Company recognized stock-based compensation expense of $0.7 million and $1.7 million for the three months ended June 30,2020 and 2019, respectively. The Company typically grants stock-based awards to officers and other executives during the first quarter; however, for fiscal 2021, it has deferred these grants until later in the fiscal year.

As of June 30, 2020, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows:

	Unrecognized Compensation Expense		Weighted-Average Remaining Service Period in Years
Stock options	$	2.1		2.3
Restricted stock awards		4.5		2.4
Performance stock awards		0.7		1.7
Total	$	7.3		2.3