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Note 4 - Stock-based Compensation

9 Months Ended

Dec. 31, 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 nine months ended December 31, 2021 and 2020 (in thousands):

	*Three Months Ended December 31,*					*Nine Months Ended December 31,*
	*2021*		*2020*			*2021*		*2020*
Cost of revenues	$	36	$	(23	)	$	148	$	35
Research and development		190		179			629		470
Selling, general and administrative		894		683			2,736		2,092
Total	$	1,120	$	839		$	3,513	$	2,597

The Company issued 370,700 shares of restricted stock awards and 166,648 shares of immediately vested common stock, of which 158,356 shares were issued in-lieu of cash bonuses during the nine months ended December 31, 2021. The Company issued 27,341 shares of immediately vested common stock and 697,167 shares of restricted stock awards during the nine months ended December 31, 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 December 31, 2021. The total unrecognized compensation cost for unvested outstanding restricted stock was $6.5 million at December 31, 2021. This expense will be recognized over a weighted-average expense period of approximately 1.6 years.

The Company did not grant any stock options during the three and nine months ended December 31, 2021 or December 31, 2020.