Stock-Based Compensation Plans

6 Months Ended

Sep. 30, 2017

8. Stock-Based Compensation Plans

Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations included herein and was $1.2 million and $1.1 million for the three months ended September 30, 2017 and 2016, respectively, and $2.7 million and $2.1 million for the six months ended September 30, 2017 and 2016, respectively. Unrecognized compensation cost was $8.8 million as of September 30, 2017 and will be recognized over the remaining weighted average life of 1.38 years. For more information on our equity incentive plan, refer to Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2017.

In June 2017, we granted 259,800 shares of restricted stock to certain of our officers and employees. One-fourth of these restricted shares vested immediately on the grant date, one-fourth will vest one year after grant date, one-fourth will vest two years after grant date, and one-fourth will vest three years after grant date. The restricted shares were valued at their grant date fair market value and are expensed on a straight-line basis over the vesting periods.

In June and September 2017, we granted 7,220 and 8,385 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value.

In June and September 2017, we granted 1,444 and 1,677 shares of stock, respectively, to a non-employee consultant, which were valued and expensed at their grant date fair market value.

A summary of the activity of restricted shares awarded under our equity incentive plan as of September 30, 2017 and changes during the six months ended September 30, 2017, is as follows:


		Weighted-Average
		Grant-Date
Incentive Share Awards	Numbers of Shares	Fair Value
Unvested as of April 1, 2017	1,114,625	$	17.72
Granted	278,526		7.33
Vested	(363,885)		16.81
Unvested as of September 30, 2017	1,029,266	$	15.23

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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