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Note 8 - Stockholders' Equity

9 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 8. Stockholders' Equity

Public Offerings of Common Stock

On June 12, 2020, we completed the sale and issuance of 600,000 shares of our common stock and on June 19, 2020, our underwriters exercised in full their option to purchase an additional 90,000 shares of our common stock. The offering price to the public was $225.00 per share. The total proceeds we received from the offering, net of underwriting discounts and commissions and other offering expenses was $145,935. 

Stock-Based Compensation

Amounts recognized related to stock-based compensation are as follows: 

		Three Months Ended December 31,								Nine Months Ended December 31,
		2020				2019				2020				2019
Stock-based compensation expense		$	3,611			$	3,260			$	6,887			$	5,310
Amount of income tax expense (benefit) recognized in earnings			320				(78	)			(1,127	)			(986	)
Stock-based compensation expense, net of tax		$	3,931			$	3,182			$	5,760			$	4,324

Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations.

The following is a summary of stock option award activity for the nine months ended December 31, 2020 (shares in thousands):

		Stock Options
		Shares Subject to Options				Weighted- Average Exercise Price per Share
Outstanding at March 31, 2020			286			$	107.72
Awards granted			36				226.72
Awards forfeited or expired			(12	)			116.24
Awards exercised			(47	)			85.64
Outstanding as of December 31, 2020			263			$	127.63

 

The stock options granted during the nine months ended December 31, 2020 vest in equal installments on each of the first three anniversaries of the grant date. 

The following is a summary of restricted stock unit ("RSU") award activity for the nine months ended December 31, 2020 (shares in thousands): 

		Time-Based Restricted Stock Units								Performance-Based Restricted Stock Units
		Number of Shares				Weighted- Average Grant Date Fair Value per Share				Number of Shares				Weighted- Average Grant Date Fair Value per Share
Nonvested at March 31, 2020			28			$	180.15				22			$	204.68
Awards granted			21				230.36				-				-
Awards forfeited or expired			(3	)			204.40				(1	)			199.50
Awards distributed			(8	)			196.38				-				-
Nonvested as of December 31, 2020			38			$	203.29				21			$	204.80

The majority of the time-based RSUs granted during the nine months ended December 31, 2020 vest and settle in shares of our common stock, on a one-for-one basis, in equal installments on each of the first three anniversaries of the grant date. Time-based RSUs issued to non-employee directors and a portion of the awards granted to executives of the company vest after a one-year period from the grant date. We recognize the expense relating to RSUs, net of estimated forfeitures, on a straight-line basis over the vesting period.

Performance-based RSUs vest upon completion of the service period described in the award agreement and based on achievements of the financial targets described in the award agreements. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the financial targets, on a straight-line basis over the service period.

During the three months ended December 31, 2020, we adjusted our estimate of performance share units expected to vest, based on actual results achieved. As a result, we recorded a cumulative effect catch up of $1,629 during the period ($1,209 net of tax as well as $0.25 per basic and diluted share for the nine months ended December 31, 2020, respectively), which is recorded in general and administrative costs on our condensed consolidated statements of operations. During the quarter ending March 31, 2021, we expect non-cash stock based compensation expense will increase approximately $194 compared to the quarters ended June 30, 2020 and September 30, 2020 as a result of our new estimate of performance share units expected to vest. 

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2208762

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