Stock Options, Restricted Shares and Warrants (Tables)

12 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based compensation

The following amounts of stock-based compensation were recorded (dollars in thousands):

	Fiscal Year Ended March 31,
	2017		2016		2015
Cost of product revenue	$	30	$	36	$	50
General and administrative	1,337		1,148		1,056
Sales and marketing	139		235		360
Research and development	99		43		33
	$	1,605	$	1,462	$	1,499

Number of shares available for grant

The number of shares available for grant under the plans were as follows:

Available at March 31, 2014	1,291,996
Granted stock options	—
Granted shares	(27,931	)
Restricted Shares	(410,496	)
Forfeited restricted shares	74,957
Forfeited stock options	150,074
Available at March 31, 2015	1,078,600
Granted stock options	—
Granted shares	(64,960	)
Restricted Shares	(795,805	)
Forfeited restricted shares	206,471
Forfeited stock options	363,380
Available at March 31, 2016	787,686
Shares reserved under new plan	1,750,000
Shares canceled from old plan	(168,289	)
Granted stock options	—
Granted shares	(58,484	)
Restricted shares	(1,132,392	)
Forfeited restricted shares	52,500
Forfeited stock options	67,200
Available at March 31, 2017	1,298,221

Summary of outstanding stock options

The following table summarizes information with respect to outstanding stock options:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Fair Value of Options Granted	Aggregate Intrinsic Value
Outstanding at March 31, 2014	2,716,317		$	3.43	1.32
Granted	—		$	—
Exercised	(139,407	)	$	2.46
Forfeited	(150,074	)	$	3.13
Outstanding at March 31, 2015	2,426,836		$	3.50	—
Granted	—		$	—
Exercised	(46,410	)	$	2.09
Forfeited	(363,380	)	$	4.68
Outstanding at March 31, 2016	2,017,046		$	3.32	—
Granted	—		$	—
Exercised	(80,000	)	$	2.20
Forfeited	(416,093	)	$	3.41
Outstanding at March 31, 2017	1,520,953		$	3.36	—	$	53,760
Exercisable at March 31, 2017	1,405,653					$	49,536

Schedule of range of exercise prices

The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2017:

	March 31, 2017
	Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price	Vested	Weighted Average Exercise Price
$1.62 - 2.20	460,584	5.33	$1.90	406,484	$1.89
$2.41 - 2.75	212,640	5.99	2.45	209,440	2.44
$2.86 - 4.28	650,674	2.97	3.39	592,674	3.43
$4.49 - 4.76	25,000	1.44	4.64	25,000	4.64
$5.35 - 5.44	75,204	2.01	5.39	75,204	5.39
$9.00	27,000	0.87	9.00	27,000	9.00
$10.14 - 11.61	69,851	0.98	10.56	69,851	10.56
	1,520,953	3.90	$3.36	1,405,653	$3.42

Summary of restricted shares granted

During fiscal 2017, Orion granted restricted shares as follows (which are included in the above stock plan activity tables):

Balance at March 31, 2016	1,053,389
Shares issued	1,132,392
Shares vested	(375,738		)
Shares forfeited	(105,500		)
Shares outstanding at March 31, 2017	1,704,543
Per share price on grant date	$1.35-6.80
Compensation expense	$	1,680,362

Schedule of unrecognized compensation cost related to non-vested awards

Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2017 is as follows (dollars in thousands):

Fiscal 2018	$	1,189
Fiscal 2019	673
Fiscal 2020	186
Fiscal 2021	46
Fiscal 2022	—
Thereafter	—
	$	2,094
Remaining weighted average expected term	2.2 years