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STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY | 3 Months Ended
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Jun. 30, 2022
Equity [Abstract] |
STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY | STOCK-BASED COMPENSATION AND STOCKHOLDERS' EQUITY 2012 Equity Incentive Plan In June 2012, the Company's board of directors approved the 2012 Equity Incentive Plan (the "2012 Plan"). The Company's stockholders subsequently adopted the 2012 Plan in July 2012, which became effective in August 2012. The Company reserved 4.1 million shares of the Company's common stock for issuance under this plan. In August 2014, 2016, 2018 and 2019, the 2012 Plan was amended to allow for an additional 6.8 million shares, 4.5 million shares, 16.3 million shares, and 12.0 million shares reserved for issuance, respectively. The 2012 Plan provided for granting incentive stock options to employees and non-statutory stock options to employees, directors or consultants, and granting of stock appreciation rights, restricted stock, restricted stock units and performance units, qualified performance-based awards, and stock grants. The stock option price of incentive stock options granted could not be less than the fair market value on the effective date of the grant. Options, restricted stock, and restricted stock units generally vest over three or four years and expire ten years after grant. The 2012 Plan expired in June 2022. 2017 New Employee Inducement Incentive Plan For details on the 2017 New Employee Inducement Incentive Plan ("2017 Plan"), please refer to the Form 10-K. No grants were made under the 2017 Plan during the three months ended June 30, 2022. As of June 30, 2022, 1.8 million shares remained available for future grants under the 2017 Plan. Stock-Based Compensation The following table presents stock-based compensation expense (dollars in thousands):
| Three Months Ended June 30,
| 2022 |  | 2021
Cost of service revenue | $ | 2,664 |  |  | $ | 1,968 |
Cost of other revenue | 1,111 |  |  | 1,071 |
Research and development | 8,044 |  |  | 8,698 |
Sales and marketing | 8,107 |  |  | 14,326 |
General and administrative | 7,888 |  |  | 10,524 |
Total | $ | 27,814 |  |  | $ | 36,587 |
Stock Options The following table presents the stock option activity (shares in thousands):
| Number of Shares |  | Weighted Average Exercise Price Per Share
Outstanding at March 31, 2022 | 867 |  |  | $ | 10.67 |
Exercised | (11) |  |  | 5.87 |
Canceled/Forfeited | (2) |  |  | 22.25 |
Outstanding at June 30, 2022 | 854 |  |  | $ | 10.71 |
Vested and expected to vest June 30, 2022 | 854 |  |  | $ | 10.71 |
Exercisable at June 30, 2022 | 852 |  |  | $ | 10.69 |
The total intrinsic value of options exercised in the three months ended June 30, 2022 and 2021 was $40.0 thousand and $9.1 million respectively. As of June 30, 2022, there was $14.0 thousand of total unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of approximately 0.3 years. The Company did not grant any stock options during the three months ended June 30, 2022 and 2021. The fair value of each of the Company's option grants has been estimated on the date of grant using the Black-Scholes pricing model. No option grants were made in the three months ended June 30, 2022 and 2021. Stock Purchase Rights There were no activities related to stock purchase rights during the three months ended June 30, 2022 and 2021. As of June 30, 2022, there was no unrecognized compensation cost related to stock purchase rights. Restricted Stock Units The following table presents the RSU activity (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2022 | 9,375 |  |  | $ | 20.41 |  |  | 2.11
Granted | 8,528 |  |  | 6.36 |  |  |
Vested and released | (1,657) |  |  | 21.00 |  |  |
Forfeited | (780) |  |  | 17.94 |  |  |
Balance at June 30, 2022 | 15,466 |  |  | $ | 12.72 |  |  | 1.27
As of June 30, 2022, there was $130.7 million of total unrecognized compensation cost related to RSUs. Performance Stock Units PSUs are issued to a group of executives with vesting that is contingent on both market performance and continued service. The PSUs generally vest over periods ranging from one to three years based on Total Shareholder Return ("TSR"), as measured relative to specified market indices during the period from grant date through vesting date. A 2x multiplier will be applied for each percentage point of positive or negative relative TSR, such that the number of shares of common stock earned will increase or decrease by 2% of the target number of shares, subject to a maximum of 200% of the target number of shares. In the event that the Company’s relative TSR performance is less than negative 30%, relative to the specified index, no shares will be earned for the applicable performance period. All PSU awards vest at the end of the respective performance periods, for those executives with continued service. The following table presents the PSU activity (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (in Years)
Balance at March 31, 2022 | 1,026 |  |  | $ | 35.36 |  |  | 0.89
Granted | 720 |  |  | 7.71 |  |  |
Granted for performance achievement 1 | — |  |  | — |  |  |
Vested and released | (128) |  |  | 25.65 |  |  |
Forfeited | (354) |  |  | 37.65 |  |  |
Balance at June 30, 2022 | 1,264 |  |  | $ | 19.96 |  |  | 1.86
1 Represents additional PSUs awarded as a result of the achievement of performance goals above the performance targets established at grant. As of June 30, 2022, th ere was $32.1 million of total unrecognized compensation cost related to PSUs. Employee Stock Purchase Plan ("ESPP") As of June 30, 2022, there was approximately $1.7 million of unrecognized compensation cost related to employee stock purchases. This cost is expected to be recognized over a weighted average period of 0.3 years. As of June 30, 2022, a total of 1.0 million shares were available for issuance under the ESPP. Stock Repurchases There were no stock repurchases during the three months ended June 30, 2022 and 2021.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 + Details
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