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Description of Stock Plans (Tables) | 3 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity for the Stock Plans for the periods or as of the dates indicated:
|  | Number of Shares |  | Weighted Average Exercise Price (per share) |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Options Outstanding, March 31, 2019 |  | 9,128,885 |  |  | $ | 1.80 |  |  | 7.31 |  | $ | 16,347 |
Granted |  | 1,411,750 |  |  | 3.86 |  |  |  |  |
Forfeited / Cancelled |  | (300,420 | ) |  | 1.65 |  |  |  |  |
Exercised |  | (616,208 | ) |  | 1.48 |  |  |  |  |
Options Outstanding, June 30, 2019 |  | 9,624,007 |  |  | 2.13 |  |  | 7.42 |  | 27,644 |
Vested and expected to vest (net of estimated forfeitures) at June 30, 2019 (a) |  | 8,379,539 |  |  | 2.10 |  |  | 7.20 |  | 24,346 |
Exercisable, June 30, 2019 |  | 5,507,764 |  |  | $ | 2.10 |  |  | 6.52 |  | $ | 16,023 |
(a) For options vested and expected to vest, options exercisable, and options outstanding, the aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between Digital Turbine's closing stock price on June 30, 2019 and the exercise price multiplied by the number of in-the-money options) that would have been received by the option holders, had the holders exercised their options on June 30, 2019. The intrinsic value changes based on changes in the price of the Company's common stock.
Summary of Exercise Price | Information about options outstanding and exercisable at June 30, 2019 is as follows:
|  | Options Outstanding |  | Options Exercisable
Exercise Price |  | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Life (Years) |  | Number of Shares |  | Weighted-Average Exercise Price
$0.00 - 0.50 |  | 6,204 |  |  | $ | 0.24 |  |  | 0.74 |  | 6,204 |  |  | $ | 0.24 |
$0.51 - 1.00 |  | 2,003,836 |  |  | $ | 0.73 |  |  | 7.25 |  | 1,069,970 |  |  | $ | 0.72 |
$1.01 - 1.50 |  | 2,339,589 |  |  | $ | 1.29 |  |  | 7.04 |  | 1,668,139 |  |  | $ | 1.27 |
$1.51 - 2.00 |  | 1,239,097 |  |  | $ | 1.66 |  |  | 8.63 |  | 499,602 |  |  | $ | 1.63 |
$2.01 - 2.50 |  | 655,392 |  |  | $ | 2.21 |  |  | 8.71 |  | 229,680 |  |  | $ | 2.17 |
$2.51 - 3.00 |  | 690,100 |  |  | $ | 2.61 |  |  | 4.96 |  | 690,100 |  |  | $ | 2.61 |
$3.51 - 4.00 |  | 2,034,789 |  |  | $ | 3.89 |  |  | 8.42 |  | 689,069 |  |  | $ | 3.95 |
$4.01 - 4.50 |  | 545,000 |  |  | $ | 4.14 |  |  | 5.34 |  | 545,000 |  |  | $ | 4.14 |
$4.51 - 5.00 |  | 60,000 |  |  | $ | 4.65 |  |  | 3.74 |  | 60,000 |  |  | $ | 4.65 |
$5.01 and over |  | 50,000 |  |  | $ | 5.89 |  |  | 5.20 |  | 50,000 |  |  | $ | 5.89 |
|  | 9,624,007 |  |  | 2.13 |  |  | 7.42 |  | 5,507,764 |  |  | 2.10 |
Schedule of Options Vested and Intrinsic Value of Options Exercised | Other information pertaining to stock options for the Stock Plans for the three months ended June 30, 2019 and 2018, as stated in the table below, is as follows:
|  | June 30,
|  | 2019 |  | 2018
Total fair value of options vested |  | $ | 394 |  |  | $ | 404 |
Total intrinsic value of options exercised (a) |  | $ | 1,925 |  |  | $ | 115 |
(a) The total intrinsic value of options exercised represents the total pre-tax intrinsic value (the difference between the stock price at exercise and the exercise price multiplied by the number of options exercised) that was received by the option holders who exercised their options during the three months ended June 30, 2019 and 2018.
Schedule of Market-based Assumptions | The market-based assumptions and estimates used in valuing the warrant liability include amounts in the following amounts:
| June 30, 2019
Stock price volatility | 60 | %
Stock price (per share) | $5.00
Expected term | 1.24 years |
Risk-free rate (1) | 1.86 | %
(1) The Black-Scholes model assumes the continuously compounded equivalent (CCE) interest rate of 1.86% based on the average of the 1-year and 2-year U.S. Treasury securities as of the valuation date. The assumptions utilized in this model for options granted during the three months ended June 30, 2019 are presented below.
|  | June 30, 2019
Risk-free interest rate |  | 1.95% to 2.25%
Expected life of the options |  | 5.52 to 9.89 years
Expected volatility |  | 66%
Expected dividend yield |  | —%
Expected forfeitures |  | 29%

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