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Share-based Payments | 12 Months Ended
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Mar. 31, 2020
Share-based Payments [Abstract] |
Share-based Payments |
19. | Share-based Payments
At March 31, 2020, there were 342,000 shares of the Company’s common stock reserved for grants to the Company’s non-employee directors under the 2014 Non-Employee Director Incentive Award Plan (the “2014 Plan”). Under the 2014 Plan, (i) 53,784 and 40,238 of restricted stock units were issued and (ii) 143,909 and 201,084 shares of common stock were available for grant under this plan at March 31, 2020 and 2019, respectively. At March 31, 2020, there were 3,950,000 shares of common stock reserved for grant to all employees of the Company under the 2010 Incentive Award Plan (the “2010 Plan”). Under the 2010 Plan, (i) 148,199 and 127,896 shares of restricted stock units were outstanding, (ii) options to purchase 1,485,123 and 1,274,165 shares of common stock were outstanding, (iii) none and 75,000 restricted shares were outstanding, and (iv) 629,823 and 1,040,728 shares of common stock were available for grant at March 31, 2020 and 2019, respectively. In addition, at March 31, 2020 and 2019, options to purchase 51,000 and 63,000 shares of common stock, respectively, were outstanding under the 2004 Non-Employee Director Stock Option Plan. No options remain available for grant under this plan. The shares of common stock issued upon exercise of a previously granted stock option are considered new issuances from shares reserved for issuance upon adoption of the various plans. Stock Options The following is a summary of stock option transactions:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at March 31, 2019 |  |  | 1,337,165 |  |  | $ | 17.58 |
Granted |  |  | 302,539 |  |  | $ | 19.72 |
Exercised |  |  | (59,600 | ) |  | $ | 7.65 |
Forfeited |  |  | (43,981 | ) |  | $ | 24.98 |
Outstanding at March 31, 2020 |  |  | 1,536,123 |  |  | $ | 18.18 |
At March 31, 2020, options to purchase 513,198 shares of common stock were unvested at the weighted average exercise price of $20.32. Based on the market value of the Company’s common stock at March 31, 2020, 2019, and 2018, the pre-tax intrinsic value of options exercised was $508,000, $788,000, and $913,000, respectively. The total fair value of stock options vested during the years ended March 31, 2020, 2019, and 2018 was $2,189,000, $1,973,000, and $1,572,000, respectively. The following summarizes information about the options outstanding at March 31, 2020:
|  |  | Options Outstanding |  | Options Exercisable
Range of Exercise price |  |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life In Years |  |  | Aggregate Intrinsic Value |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life In Years |  |  | Aggregate Intrinsic Value
$ | 5.20 to $6.47 |  |  |  | 311,634 |  |  | $ | 6.46 |  |  |  | 2.75 |  |  |  |  |  |  | 311,634 |  |  | $ | 6.46 |  |  |  | 2.75 |  |  |  |
$ | 6.48 to $18.20 |  |  |  | 223,600 |  |  |  | 10.19 |  |  |  | 3.61 |  |  |  |  |  |  | 204,300 |  |  |  | 9.58 |  |  |  | 3.06 |  |  |  |
$ | 18.21 to $22.83 |  |  |  | 524,251 |  |  |  | 19.56 |  |  |  | 8.77 |  |  |  |  |  |  | 83,183 |  |  |  | 19.17 |  |  |  | 8.23 |  |  |  |
$ | 22.84 to $28.04 |  |  |  | 216,499 |  |  |  | 26.19 |  |  |  | 6.44 |  |  |  |  |  |  | 163,669 |  |  |  | 25.82 |  |  |  | 6.18 |  |  |  |
$ | 28.05 to $34.17 |  |  |  | 260,139 |  |  |  | 29.61 |  |  |  | 5.94 |  |  |  |  |  |  | 260,139 |  |  |  | 29.61 |  |  |  | 5.94 |  |  |  |
|  |  |  |  | 1,536,123 |  |  | $ | 18.18 |  |  |  | 5.99 |  |  | $ | 2,567,000 |  |  | 1,022,925 |  |  | $ | 17.10 |  |  |  | 4.62 |  |  | $ | 2,567,000
The aggregate intrinsic values in the above table represent the pre-tax value of all in-the-money options if all such options had been exercised on March 31, 2020 based on the Company’s closing stock price of $12.58 as of that date. At March 31, 2020, there was $2,883,000 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested shares. The compensation expense is expected to be recognized over a weighted average vesting period of 1.8 years. Restricted Stock Units and Restricted Stock (collectively “RSUs”) During the years ended March 31, 2020 and 2019 the Company granted 113,483 and 179,725 shares of RSUs, respectively, with an estimated grant date fair value of $2,112,000 and $3,490,000, respectively, which was based on the closing market price on the date of grant. The fair value related to these awards is recognized as compensation expense over the vesting period. These awards generally vest in three equal installments beginning each anniversary from the grant date, subject to continued employment. Upon vesting, these awards may be net share settled to cover the required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. Total shares withheld during the years ended March 31, 2020 and 2019 were 58,802 and 14,959, respectively, based on the value of these awards as determined by the Company’s closing stock price on the vesting date. The following is a summary of non-vested RSUs:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested at March 31, 2019 |  |  | 243,134 |  |  | $ | 21.75 |
Granted |  |  | 113,483 |  |  | $ | 18.61 |
Vested |  |  | (151,182 | ) |  | $ | 21.66 |
Forfeited |  |  | (3,452 | ) |  | $ | 21.10 |
Non-vested at March 31, 2020 |  |  | 201,983 |  |  | $ | 20.06 |
As of March 31, 2020, there was $2,643,000 of unrecognized compensation expense related to these awards, which will be recognized over the remaining vesting period of approximately 1.9 years.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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