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Note 4 - Stock-based Compensation
 6 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
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, 2024 and 2023 (in thousands):

 

  

Three Months Ended September 30,

  

Six Months Ended September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Cost of revenues

 $39  $59  $97  $169 

Research and development

  113   156   256   311 

Selling, general and administrative

  691   896   1,719   1,988 

Total

 $843  $1,111  $2,072  $2,468 

  

The Company issued 817,500 shares and 842,500 shares of restricted stock during the three and six months ended September 30, 2024, respectively. The Company issued no shares and 19,200 shares of immediately vested common stock during the three and six months ended September 30, 2024, respectively. The Company issued 9,000 shares and 681,500 shares of restricted stock during the three and six months ended September 30, 2023, respectively. No shares of immediately vested common stock were issued during the three months ended  September 30, 2023 and 53,675 shares of immediately vested common stock during the six months ended September 30, 2023. 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. There were no unrecognized compensation costs for unvested stock options as of September 30, 2024. The total unrecognized compensation cost for unvested outstanding restricted stock was $17.8 million as of  September 30, 2024. This expense will be recognized over a weighted-average expense period of approximately 1.8 years.

 

The Company granted no stock options during the three and six months ended  September 30, 2024 and 2023.