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

six

months ended

September 30, 2019

and

2018

(in thousands):

	Three Months Ended September 30,				Six Months Ended September 30,
	2019		2018		2019		2018
Cost of revenues	$	21	$	50	$	24	$	90
Research and development		92		70		103		121
Selling, general and administrative		283		705		519		1,399
Total	$	397	$	825	$	646	$	1,610

The Company issued

13,174

shares of immediately vested common stock and

170,500

shares of restricted stock awards during the

six

months ended

September 30, 2019

and issued

37,075

shares of immediately vested common stock and

413,000

shares of restricted stock awards during the

six

months ended

September 30, 2018

. These restricted stock awards generally vest over

years. Awards for restricted stock include both time-based and performance-based awards. For options and restricted stock 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 less than $

0.1

million at

September 30, 2019

. This expense will be recognized over a weighted average expense period of approximately

1.7

years. The total unrecognized compensation cost for unvested outstanding restricted stock was $

3.1

million at

September 30, 2019

. This expense will be recognized over a weighted-average expense period of approximately

1.4

years.

The Company granted

5,939

stock options during the

six

months ended

September 30, 2019

. The Company did

not

grant any stock options during the

three

months ended

September 30, 2019

or the

three

and

six

months ended

September 30, 2018

. The stock options granted during the

six

months ended

September 30, 2019

will vest over

ars. The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the

six

months ended

September 30, 2019

are as follows:

Three Months Ended September 30,

Six Months Ended September 30,

2019

2018

2019

2018

Expected volatility

N/A

66.5

N/A

Risk-free interest rate

N/A

1.8

N/A

Expected life (years)

N/A

5.91

N/A

Dividend yield

N/A

None

N/A