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Note 4 - Stock-based Compensation

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Text Block]

4. 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, 2021 and 2020 (in thousands):

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2021*		*2020*		*2021*		*2020*
Cost of revenues	$	21	$	30	$	112	$	59
Research and development		192		161		439		291
Selling, general and administrative		888		658		1,842		1,408
Total	$	1,101	$	849	$	2,393	$	1,758

The Company issued 47,604 shares of immediately vested common stock, all of which were issued in lieu of cash bonuses, during the three months ended September 30, 2021, and 166,648 shares of immediately vested common stock, of which 158,356 shares were issued in-lieu of cash bonuses and 309,700 shares of restricted stock awards during the six months ended September 30, 2021. The Company issued 32,500 shares of restricted stock awards during the three months ended September 30, 2020, and 27,341 shares of immediately vested common stock and 688,167 shares of restricted stock awards during the six months ended September 30, 2020. These restricted stock awards generally vest over 2-3 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 Company has no unrecognized compensation cost for unvested outstanding stock options at September 30, 2021. The total unrecognized compensation cost for unvested outstanding restricted stock was $6.8 million at September 30, 2021. This expense will be recognized over a weighted-average expense period of approximately 1.7 years.

The Company did not grant any stock options during the three and six months ended September 30, 2021 or September 30, 2020.