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STOCK BASED COMPENSATION PLANS | 6 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
STOCK BASED COMPENSATION PLANS | STOCK BASED COMPENSATION PLANS Under the 2010 Plan and the 2021 Employee Plan, a restricted stock award is an award of shares of our common stock, which have full voting and dividend rights but are restricted with regard to sale or transfer. Restricted stock awards are independent of stock grants and are generally subject to forfeiture if employment terminates prior to these restrictions lapsing. Unless otherwise specified in the award agreement, these shares vest in equal annual installments over a four-year period from the grant date and are expensed over the vesting period starting on the grant date. The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Company’s Board of Directors and shareholders approved the 2021 Employee Plan as part of the compensation packages for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. The 2021 Employee Plan makes available for issuance 1,200,000 shares of common stock. As of September 30, 2022, there are 1,003,458 shares of common stock available for issuance under the 2021 Employee Plan. In addition, the Company's Board of Directors and shareholders approved the Non-Employee Director Plan as part of the compensation package for non-employee directors of the Board of Directors. Under the Non-Employee Director Plan, at the beginning of each one-year term of service on our Board, each non-employee director will receive a number of shares equivalent to $50,000 based on the market value at the close of the Nasdaq Global Select Market on the date of grant. These shares will vest one year from the date of the grant and are expensed over the one-year term of non-employee directors. The Non-Employee Director Plan makes available for issuance 120,000 shares of common stock. As of September 30, 2022, there are 107,895 shares of common stock available for issuance under the Non-Employee Director Plan. We expense the cost of the restricted stock awards, which is determined to equal the fair value of the restricted stock award at the date of grant on a straight-line basis over the requisite service period. For these purposes, the fair value of the restricted stock award is determined based upon the closing price of our common stock on the date of the grant. During the three months ended September 30, 2022 and 2021, we recognized total share based compensation expense of $1.1 million (of which $35.5 thousand was related to restricted stock issued to non-employee directors) and $0.9 million, respectively, related to the restricted stock issued. During the six months ended September 30, 2022 and 2021, we recognized total share based compensation expense of $1.9 million (of which $35.5 thousand was related to restricted stock issued to non-employee directors) and $2.0 million, respectively, related to the restricted stock issued. During the three months ended June 30, 2021, the Company modified restricted stock awards to accelerate vesting of the unvested awards as of the separation date for one employee. The Company accounted for this as a modification of awards and recognized incremental compensation cost of $0.6 million. The incremental compensation cost is measured as the excess of the fair value of the modified award over the fair value of the original award immediately before its terms were modified and recognized as compensation cost on the date of modification for vested awards. As of September 30, 2022, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $9.1 million, which will be amortized over the weighted-average vesting period of approximately 2.6 years. The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of September 30, 2022:
|  |  | Weighted Average |  | Weighted Average
|  |  | Fair Value Per |  | Remaining Vesting
Restricted Stock Awards | Number of Shares |  | Share at grant date |  | Term (in Years)
Unvested at March 31, 2022 | 395,993 |  |  | $ | 21.48 |  |  | 2.4
Granted | 199,042 |  |  | 21.25 |  |  | 3.7
Vested | (93,677) |  |  | 20.90 |  |  | 0
Forfeited | (2,500) |  |  | 23.81 |  |  | 0
Unvested at September 30, 2022 | 498,858 |  |  | $ | 21.48 |  |  | 2.6
The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of September 30, 2022:
|  |  | Weighted Average |  | Weighted Average
|  |  | Fair Value Per |  | Remaining Vesting
Restricted Stock Awards | Number of Shares |  | Share at grant date |  | Term (in Years)
Unvested at March 31, 2022 | — |  |  | $ | — |  |  | 0
Granted | 12,105 |  |  | 20.66 |  |  | 0.9
Vested | — |  |  | — |  |  | 0
Forfeited | — |  |  | — |  |  | 0
Unvested at September 30, 2022 | 12,105 |  |  | $ | 20.66 |  |  | 0.9

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