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10. STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Dec. 31, 2020
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, 2020 |  | 2,522,314 |  | 8,135,791 |  |  |  | $ | 6.17 |  |  |  |
Granted |  | (989,842) |  | 989,842 |  |  |  | $ | 6.14 |  |  |  |
Exercised |  | — |  | (443,190) |  |  |  | $ | 5.94 |  | $ | 583,645 |
Forfeited |  | 44,250 |  | (161,833) |  |  |  | $ | 7.01 |  |  |  |
Balance at December 31, 2020 |  | 1,576,722 |  | 8,520,610 |  | 5.57 |  | $ | 6.17 |  |  |  |
Options vested and exercisable |  |  |  | 5,497,662 |  | 4.02 |  | $ | 5.70 |  | $ | 9,735,923 |
Options vested and expected to vest |  |  |  | 8,440,795 |  | 5.54 |  | $ | 6.16 |  | $ | 11,522,386 |
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 |  | 888,007 |  | $ | 4.06 |  | 3.32 |  | 888,007 |  | $ | 4.06 |
$ | 4.90 | - | 4.99 |  | 1,255,826 |  | $ | 4.97 |  | 4.48 |  | 1,255,826 |  | $ | 4.97 |
$ | 5.13 | - | 5.59 |  | 910,509 |  | $ | 5.32 |  | 3.68 |  | 910,509 |  | $ | 5.32 |
$ | 5.69 | - | 5.83 |  | 854,567 |  | $ | 5.81 |  | 7.36 |  | 270,874 |  | $ | 5.76 |
$ | 5.91 | - | 6.45 |  | 933,860 |  | $ | 6.17 |  | 6.18 |  | 568,329 |  | $ | 6.20 |
$ | 6.54 | - | 6.70 |  | 1,100,140 |  | $ | 6.65 |  | 5.15 |  | 555,193 |  | $ | 6.60 |
$ | 6.86 | - | 7.26 |  | 1,042,797 |  | $ | 7.08 |  | 5.55 |  | 563,773 |  | $ | 6.95 |
$ | 7.40 | - | 8.09 |  | 812,431 |  | $ | 7.79 |  | 8.27 |  | 330,598 |  | $ | 7.79 |
$ | 8.30 |  |  |  | 613,893 |  | $ | 8.30 |  | 8.58 |  | 45,973 |  | $ | 8.30 |
$ | 9.20 |  |  |  | 108,580 |  | $ | 9.20 |  | 0.08 |  | 108,580 |  | $ | 9.20 |
|  |  |  |  | 8,520,610 |  | $ | 6.17 |  | 5.57 |  | 5,497,662 |  | $ | 5.70 |
Summary of stock-based compensation expense by line item |
|  | Three Months Ended December 31, |  | Nine Months Ended December 31, |
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |
|  |  |  |  |  | (In Thousands) |  |  |  |
Cost of revenues |  | $ | 88 |  | $ | 77 |  | $ | 260 |  | $ | 184 |
Research and development |  |  | 343 |  |  | 347 |  |  | 1,109 |  |  | 1,143 |
Selling, general and administrative |  |  | 262 |  |  | 205 |  |  | 732 |  |  | 595 |
Total |  | $ | 693 |  | $ | 629 |  | $ | 2,101 |  | $ | 1,922 |
Schedule of weighted average assumptions |
|  | Three Months Ended December 31, |  | Nine Months Ended December 31, |
|  | 2020 |  | 2019 |  |  |  | 2020 |  |  |  |  | 2019 |  |
Stock Option Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk-free interest rate |  |  |  | 0.38 | % |  |  |  | 1.66 | % |  | 0.22 | - | 0.38 | % |  | 1.66 | - | 2.30 | % |
Expected life (in years) |  |  |  | 5.00 |  |  |  |  | 5.00 |  |  |  |  | 5.00 |  |  |  |  | 5.00 |  |
Volatility |  |  |  | 47.1 | % |  |  |  | 36.5 | % |  | 41.9 | - | 47.1 | % |  | 36.5 | - | 37.3 | % |
Dividend yield |  |  |  | — | % |  |  |  | — | % |  |  |  | — | % |  |  |  | — | % |
Employee Stock Purchase Plan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk-free interest rate |  |  |  | 0.12 | % |  |  |  | 1.58 | % |  | 0.12 | - | 0.15 | % |  | 1.58 | - | 2.43 | % |
Expected life (in years) |  |  |  | 0.50 |  |  |  |  | 0.50 |  |  |  |  | 0.50 |  |  |  |  | 0.50 |  |
Volatility |  |  |  | 68.6 | % |  |  |  | 33.5 | % |  | 67.1 | - | 68.6 | % |  | 33.5 | - | 43.1 | % |
Dividend yield |  |  |  | — | % |  |  |  | — | % |  |  |  | — | % |  |  |  | — | % |

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