Stock-Based Compensation Plans

3 Months Ended

Jun. 30, 2016

7. Stock-Based Compensation Plans

Our stock-based compensation expense was $1.0 million and $0.9 million for the three months ended June 30, 2016 and 2015, respectively, and is included within general and administrative expenses in the unaudited condensed consolidated statements of operations. Unrecognized compensation cost was $12.6 million as of June 30, 2016 and will be recognized over the remaining weighted average life of 2.16 years. For more information on our equity incentive plan, see Note 13 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2016.

In June 2016, we granted 250,000 shares of restricted stock to certain of our officers and employees. One-fourth of these restricted shares vest immediately on the grant date, one-fourth vest one year after grant date, one-fourth vest two years after grant date, and one-fourth vest three years after grant date. The restricted shares were valued at their grant date fair market value and expensed on a straight-line basis over the vesting periods.

In June 2016, we granted 6,950 shares of stock to our non-executive directors, which were valued at their grant date fair market value and were expensed when granted.

A summary of the activity of restricted shares awarded under our equity incentive plan as of June 30, 2016 and changes during the three months ended June 30, 2016, is as follows:


		Weighted-Average
		Grant-Date
Incentive Share Awards	Numbers of Shares	Fair Value
Unvested as of March 31, 2016	929,000	$	19.70
Granted	256,950		7.80
Vested	(69,450)		7.74
Forfeited	(1,500)		7.82
Unvested as of June 30, 2016	1,115,000	$	17.72