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9. STOCK- BASED COMPENSATION (Tables) | 12 Months Ended
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Mar. 31, 2017
STOCK- BASED COMPENSATION |
Summary of stock option activities |
|  |  |  |  |  | Weighted |  |  |  |  |  |  |
|  |  |  | Number of Shares |  | Average |  | Weighted |  |  |  |
|  | Shares |  | Underlying |  | Remaining |  | Average |  |  |  |
|  | Available for |  | Options |  | Contractual |  | Exercise |  | Intrinsic |
|  | Grant |  | Outstanding |  | Life (Years) |  | Price |  | Value |
Balance at March 31, 2014 |  | 5,585,500 |  | 6,143,980 |  |  |  | $ | 5.13 |  |  |  |
Options reserved |  | 1,377,699 |  | — |  |  |  |  | — |  |  |  |
Granted |  | (791,903) |  | 791,903 |  |  |  | $ | 5.20 |  |  |  |
Exercised |  | — |  | (119,085) |  |  |  | $ | 3.88 |  | $ | 262,253 |
Forfeited |  | 42,647 |  | (42,647) |  |  |  | $ | 5.49 |  |  |  |
Balance at March 31, 2015 |  | 6,213,943 |  | 6,774,151 |  |  |  | $ | 5.16 |  |  |  |
Options reserved |  | 1,156,419 |  | — |  |  |  |  | — |  |  |  |
Granted |  | (969,913) |  | 969,913 |  |  |  | $ | 4.42 |  |  |  |
Exercised |  | — |  | (76,745) |  |  |  | $ | 4.19 |  | $ | 46,977 |
Forfeited |  | 31,614 |  | (41,614) |  |  |  | $ | 4.82 |  |  |  |
Balance at March 31, 2016 |  | 6,432,063 |  | 7,625,705 |  |  |  | $ | 5.08 |  |  |  |
Options reserved |  | 1,085,818 |  | — |  |  |  |  | — |  |  |  |
Terminated plan |  | (705,699) |  | — |  |  |  |  | — |  |  |  |
Granted |  | (1,362,798) |  | 1,362,798 |  |  |  | $ | 5.14 |  |  |  |
Exercised |  | — |  | (391,039) |  |  |  | $ | 3.96 |  | $ | 855,160 |
Forfeited |  | 14,801 |  | (974,634) |  |  |  | $ | 5.53 |  |  |  |
Balance at March 31, 2017 |  | 5,464,185 |  | 7,622,830 |  |  |  | $ | 5.09 |  |  |  |
Options vested and exercisable |  |  |  | 4,731,902 |  | 4.00 |  | $ | 5.04 |  | $ | 17,365,055 |
Options vested and expected to vest |  |  |  | 7,569,918 |  | 5.71 |  | $ | 5.09 |  | $ | 27,412,888 |
Schedule of options outstanding by exercise price |
|  |  |  |  | Number of |  | Options Outstanding |  | Options Exercisable |
|  |  |  |  | Shares |  | Weighted |  | Weighted Average |  |  |  | Weighted |
|  |  |  |  | Underlying |  | Average |  | Remaining |  | Number |  | Average |
|  |  |  |  | Options |  | Exercise |  | Contractual |  | Vested and |  | Exercise |
Exercise Price |  | Outstanding |  | Price |  | Life (Years) |  | Exercisable |  | Price |
$ | 2.43 | - | 3.40 |  | 789,595 |  | $ | 3.22 |  | 4.39 |  | 558,137 |  | $ | 3.14 |
$ | 3.43 | - | 4.00 |  | 1,157,919 |  | $ | 3.80 |  | 3.04 |  | 1,042,275 |  | $ | 3.83 |
$ | 4.17 | - | 4.81 |  | 840,645 |  | $ | 4.42 |  | 4.92 |  | 750,395 |  | $ | 4.41 |
$ | 4.90 | - | 4.99 |  | 1,424,681 |  | $ | 4.97 |  | 8.13 |  | 293,928 |  | $ | 4.91 |
$ | 5.13 | - | 5.28 |  | 798,098 |  | $ | 5.23 |  | 8.06 |  | 90,030 |  | $ | 5.19 |
$ | 5.34 | - | 6.00 |  | 768,984 |  | $ | 5.75 |  | 5.27 |  | 728,336 |  | $ | 5.76 |
$ | 6.16 | - | 6.54 |  | 887,513 |  | $ | 6.35 |  | 6.30 |  | 584,903 |  | $ | 6.43 |
$ | 6.61 | - | 6.86 |  | 635,822 |  | $ | 6.78 |  | 5.92 |  | 364,325 |  | $ | 6.74 |
$ | 7.00 |  |  |  | 206,193 |  | $ | 7.00 |  | 3.34 |  | 206,193 |  | $ | 7.00 |
$ | 9.20 |  |  |  | 113,380 |  | $ | 9.20 |  | 3.84 |  | 113,380 |  | $ | 9.20 |
|  |  |  |  | 7,622,830 |  | $ | 5.09 |  | 5.73 |  | 4,731,902 |  | $ | 5.04 |
Summary of stock-based compensation expense by line item |
|  | Year Ended March 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (In thousands) |
Cost of revenues |  | $ | 282 |  | $ | 320 |  | $ | 401 |
Research and development |  |  | 980 |  |  | 858 |  |  | 941 |
Selling, general and administrative |  |  | 615 |  |  | 672 |  |  | 735 |
Total |  | $ | 1,877 |  | $ | 1,850 |  | $ | 2,077 |
Schedule of weighted average assumptions |
|  | Year Ended March 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (In thousands) |
Stock Option Plans: |  |  |  |  |  |  |  |  |  |  |  |  |
Risk-free interest rate |  | 1.12 | - | 1.95 | % | 1.41 | - | 1.57 | % | 1.47 | - | 1.70 | %
Expected life (in years) |  | 5.00 |  |  |  |  |  | 5.00 |  |  |  | 5.00 |
Volatility |  | 33.3 | - | 35.4 | % | 36.3 | - | 38.0 | % | 40.4 | - | 44.8 | %
Dividend yield |  |  |  | — | % |  |  | — | % |  |  | — | %
Employee Stock Purchase Plan: |  |  |  |  |  |  |  |  |  |  |  |  |
Risk-free interest rate |  | 0.38 | - | 0.45 | % | 0.09 | - | 0.15 | % |  |  | 0.05 | %
Expected life (in years) |  | 0.50 |  |  |  |  |  | 0.50 |  |  |  | 0.50 |
Volatility |  | 30.8 | - | 39.6 | % | 26.3 | - | 27.9 | % | 30.8 | - | 38.0 | %
Dividend yield |  |  |  | — | % |  |  | — | % |  |  | — | %

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