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Stock-Based Compensation
 9 Months Ended
Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

2. Stock-Based Compensation

The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three and nine months ended December 31, 2015 and 2014 (in thousands):

 

 

Three months ended December 31,

 

 

Nine months ended December 31,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Cost of revenues

$

55

 

 

$

186

 

 

$

213

 

 

$

533

 

Research and development

 

89

 

 

 

419

 

 

 

373

 

 

 

1,418

 

Selling, general and administrative

 

564

 

 

 

916

 

 

 

1,956

 

 

 

2,669

 

Total

$

708

 

 

$

1,521

 

 

$

2,542

 

 

$

4,620

 

 

During the nine months ended December 31, 2015, the Company granted 420,189 restricted stock awards.  These awards generally vest over 3 years.  During the nine months ended December 31, 2014, the Company granted 100,000 stock options and 324,300 restricted stock awards.  The stock options vest over 5 years, and the restricted stock awards generally vest over three years. Awards for restricted stock include both time-based and performance-based awards.  For options and awards that vest upon the passage of time, expense is being recorded over the vesting period.  Performance-based awards are expensed over the requisite service period based on probability of achievement.

The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. The total unrecognized compensation cost for unvested outstanding stock options was $0.8 million at December 31, 2015. This expense will be recognized over a weighted average expense period of approximately 2.6 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $3.1 million at December 31, 2015. This expense will be recognized over a weighted-average expense period of approximately 2.0 years.

 

The weighted average assumptions used in the Black-Scholes valuation model for stock options granted during the three and nine months ended December 31, 2015 and 2014 are as follows:

 

 

Three months ended December 31,

 

Nine months ended December 31,

 

 

2015

 

2014

 

2015

 

2014

 

Expected volatility

N/A

 

N/A

 

N/A

 

 

85.5

%

Risk-free interest rate

N/A

 

N/A

 

N/A

 

 

1.9

%

Expected life (years)

N/A

 

N/A

 

N/A

 

 

5.8

 

Dividend yield

None

 

None

 

None

 

None