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11. STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Mar. 31, 2021
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, 2018 |  | 4,444,301 |  | 7,874,267 |  |  |  | $ | 5.45 |  |  |  |
Granted |  | (1,097,893) |  | 1,097,893 |  |  |  | $ | 6.74 |  |  |  |
Exercised |  | — |  | (823,456) |  |  |  | $ | 4.00 |  | $ | 2,782,691 |
Forfeited |  | 80,140 |  | (131,675) |  |  |  | $ | 5.60 |  |  |  |
Balance at March 31, 2019 |  | 3,426,548 |  | 8,017,029 |  |  |  | $ | 5.77 |  |  |  |
Granted |  | (1,011,708) |  | 1,011,708 |  |  |  | $ | 8.11 |  |  |  |
Exercised |  | — |  | (772,667) |  |  |  | $ | 4.39 |  | $ | 2,614,879 |
Forfeited |  | 107,474 |  | (120,279) |  |  |  | $ | 7.03 |  |  |  |
Balance at March 31, 2020 |  | 2,522,314 |  | 8,135,791 |  |  |  | $ | 6.17 |  |  |  |
Granted |  | (1,285,252) |  | 1,285,252 |  |  |  | $ | 6.46 |  |  |  |
Exercised |  | — |  | (667,503) |  |  |  | $ | 5.99 |  | $ | 961,633 |
Forfeited |  | 94,500 |  | (320,663) |  |  |  | $ | 7.84 |  |  |  |
Balance at March 31, 2021 |  | 1,331,562 |  | 8,432,877 |  | 5.63 |  | $ | 6.17 |  |  |  |
Options vested and exercisable |  |  |  | 5,234,179 |  | 4.00 |  | $ | 5.63 |  | $ | 6,186,222 |
Options vested and expected to vest |  |  |  | 8,350,591 |  | 5.60 |  | $ | 6.16 |  | $ | 6,862,744 |
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 |
$ | 3.40 | - | 4.81 |  | 876,282 |  | $ | 4.06 |  | 3.09 |  | 876,282 |  | $ | 4.06 |
$ | 4.90 | - | 4.99 |  | 1,218,701 |  | $ | 4.97 |  | 4.32 |  | 1,218,701 |  | $ | 4.97 |
$ | 5.13 | - | 5.59 |  | 902,534 |  | $ | 5.32 |  | 3.43 |  | 902,534 |  | $ | 5.32 |
$ | 5.69 | - | 5.83 |  | 854,167 |  | $ | 5.81 |  | 7.11 |  | 270,474 |  | $ | 5.76 |
$ | 5.91 | - | 6.45 |  | 874,207 |  | $ | 6.16 |  | 6.10 |  | 521,676 |  | $ | 6.19 |
$ | 6.54 | - | 6.70 |  | 999,805 |  | $ | 6.66 |  | 5.37 |  | 454,858 |  | $ | 6.61 |
$ | 6.86 | - | 7.26 |  | 1,036,947 |  | $ | 7.08 |  | 5.30 |  | 557,923 |  | $ | 6.95 |
$ | 7.40 | - | 8.06 |  | 973,981 |  | $ | 7.68 |  | 8.67 |  | 324,101 |  | $ | 7.68 |
$ | 8.09 |  |  |  | 82,360 |  | $ | 8.09 |  | 6.83 |  | 61,657 |  | $ | 8.09 |
$ | 8.30 |  |  |  | 613,893 |  | $ | 8.30 |  | 8.33 |  | 45,973 |  | $ | 8.30 |
|  |  |  |  | 8,432,877 |  | $ | 6.17 |  | 5.63 |  | 5,234,179 |  | $ | 5.63 |
Summary of stock-based compensation expense by line item |
|  | Year Ended March 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | (In thousands) |
Cost of revenues |  | $ | 346 |  | $ | 257 |  | $ | 234 |
Research and development |  |  | 1,509 |  |  | 1,487 |  |  | 1,310 |
Selling, general and administrative |  |  | 999 |  |  | 822 |  |  | 722 |
Total |  | $ | 2,854 |  | $ | 2,566 |  | $ | 2,266 |
Schedule of weighted average assumptions |
|  | Year Ended March 31, |
|  | 2021 |  | 2020 |  | 2019 |
Stock Option Plans: |  |  |  |  |  |  |  |  |  |  |  |  |
Risk-free interest rate |  | 0.22 | - | 0.42 | % | 1.35 | - | 2.30 | % | 2.53 | - | 2.91 | %
Expected life (in years) |  |  |  | 5.00 |  |  |  | 5.00 |  |  |  | 5.00 |
Volatility |  | 41.9 | - | 47.6 | % | 36.5 | - | 39.7 | % | 35.6 | - | 37.3 | %
Dividend yield |  |  |  | — | % |  |  | — | % |  |  | — | %
Employee Stock Purchase Plan: |  |  |  |  |  |  |  |  |  |  |  |  |
Risk-free interest rate |  | 0.12 | - | 0.15 | % | 1.58 | - | 2.43 | % | 2.09 | - | 2.50 | %
Expected life (in years) |  |  |  | 0.50 |  |  |  | 0.50 |  |  |  | 0.50 |
Volatility |  | 67.1 | - | 68.6 | % | 33.5 | - | 43.1 | % | 32.6 | - | 37.7 | %
Dividend yield |  |  |  | — | % |  |  | — | % |  |  | — | %

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