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SHARE-BASED COMPENSATION | 6 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | NOTE 4 – SHARE-BASED COMPENSATION Equity Incentive Plan – On September 12, 2019, the Company's stockholders approved the Company's 2019 Equity Incentive Plan (2019 Plan), which replaced the Company's 2007 Equity Incentive Plan, as amended. The 2019 Plan permits the granting of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards, collectively referred to as "share-based awards". The 2019 Plan has been amended from time to time to increase the number of shares reserved for issuance and to modify certain other terms. On September 10, 2025, the Company's stockholders approved an amendment and restatement of the 2019 Amended Plan (Amended 2019 Plan) to further increase the number of shares reserved for issuance by 3,500,000 from 27,794,651 shares to 31,294,651 shares. As of September 30, 2025, an aggregate of 8,223,224 shares remained available for grant under the Amended 2019 Plan. Periodically, the Company grants share-based awards to employees, executive officers, and directors of the Company and its subsidiaries. Additionally, the Company periodically grants performance-based restricted stock units to certain executive officers that cliff vest up to 100% of shares granted at target based upon achievement of the Company's established metrics pertaining to total shareholder return as compared to the Russell 2000 Index over a three-year period. The performance-based restricted stock units are valued at the time of grant using the Monte Carlo Simulation model. The measurement and recognition of stock compensation expense is based on estimated fair values for all share-based awards made to its employees, executive officers, and directors. Share-based awards are generally measured at fair value on the date of grant based on the number of shares granted and the quoted closing price of the Company's common stock. Such value is recognized on a straight-line basis as a cost of revenue or an operating expense over the corresponding vesting period. Employee Stock Purchase Plan – The Company maintains the 2011 Amended and Restated Employee Stock Purchase Plan (ESPP) for all eligible employees as described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Under the ESPP, shares of the Company's common stock may be purchased on the last trading day of each bi-annual offering period at 85% of the fair market value on the last day of such offering period. The offering periods run from March 1st through August 31st and from September 1st through the last day of February each year. During the six months ended September 30, 2025, employees purchased 216,457 shares under the ESPP and the fair market value per share was $24.89. The following is a summary of share-based compensation expense including restricted stock units and performance-based restricted stock units granted pursuant to the Company's Amended 2019 Plan, and employee stock purchases made under the ESPP, based on estimated fair values within the applicable cost and expense lines identified below (in thousands):
| Three Months Ended |  | Six Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of product revenue | $ | 297 |  |  | $ | 295 |  |  | $ | 710 |  |  | $ | 726 |
Cost of service revenue | 1,930 |  |  | 1,905 |  |  | 4,677 |  |  | 4,794 |
Research and development | 3,990 |  |  | 3,934 |  |  | 9,522 |  |  | 9,820 |
Sales and marketing | 4,672 |  |  | 5,275 |  |  | 11,562 |  |  | 12,779 |
General and administrative | 2,668 |  |  | 3,477 |  |  | 7,045 |  |  | 7,965 |
| $ | 13,557 |  |  | $ | 14,886 |  |  | $ | 33,516 |  |  | $ | 36,084 |

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