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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Jun. 30, 2015
Accounting Policies [Abstract]  
Cash restricted for repaying interest on the term loans

(in thousands)
 
As of June 30, 2015
 
As of March 31, 2015
Reserve account related to the 2013 Term Loans
 
$
5,751

 
$
5,751

Reserve account related to the 2013 Prospect Loan Agreement
 
1,000

 
1,000

 
 
$
6,751

 
$
6,751
Estimated useful lives of Property and equipment
Depreciation expense is recorded using the straight-line method over the estimated useful lives of the respective assets as follows:
Computer equipment and software
3 - 5 years
Digital cinema projection systems
10 years
Machinery and equipment
3 - 10 years
Furniture and fixtures
3 - 6 years
Fair Value Measurements of financial assets
The following tables summarize the levels of fair value measurements of our financial assets and liabilities:
 
 
As of June 30, 2015
(in thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
Restricted cash
 
$
6,751

 
$
—

 
$
—

 
$
6,751

Interest rate derivatives
 
—

 
172

 
—

 
172

 
 
$
6,751

 
$
172

 
$
—

 
$
6,923

 
 
As of March 31, 2015
(in thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
Restricted cash
 
$
6,751

 
$
—

 
$
—

 
$
6,751

Interest rate derivatives
 
—

 
208

 
—

 
28

 
 
$
6,751

 
$
208

 
$
—

 
$
6,959
Assumptions used in Black-Scholes option valuation model for estimating fair value of options
We estimated the fair value of stock options at the date of each grant using a Black-Scholes option valuation model with the following assumptions:
 
 
For the Three Months Ended June 30,
Assumptions for Option Grants
 
2015
 
2014
Range of risk-free interest rates
 
1.4 - 1.7%

 
1.6 - 1.7%

Dividend yield
 
—

 
—

Expected life (years)
 
5

 
5

Range of expected volatilities
 
 70.6 - 70.9%

 
 71.7 - 72.1%
Employee stock-based compensation expense related to stock-based awards
Employee and director stock-based compensation expense from continuing operations related to our stock-based awards was as follows:

 
 
For the Three Months Ended June 30,
(In thousands)
 
2015
 
2014
Direct operating
 
$
6

 
$
3

Selling, general and administrative
 
666

 
615

 
 
$
672

 
$
618