11. Stock-Based Compensation Plans

In April 2014, we adopted an equity incentive plan, which we refer to as the Equity Incentive Plan, under which we expect that directors, officers, and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates, and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates, as well as entities wholly‑owned or generally exclusively controlled by such persons, may be eligible to receive non‑qualified stock options, stock appreciation rights, stock awards, restricted stock units and performance compensation awards that the plan administrator determines are consistent with the purposes of the plan and the interests of the Company. We have reserved 2,850,000 of our common shares for issuance under the Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in the Equity Incentive Plan in April 2014. The plan is administered by our compensation committee.

During the year ended March 31, 2017, we granted 250,000 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 vested 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 expensed on a straight-line basis over the vesting periods.

During the year ended March 31, 2018, 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 expensed on a straight-line basis over the vesting periods.

During the years ended March 31, 2018 and 2017, we granted 31,800 and 31,770 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. There were no shares granted to our non-executive directors during the year ended March 31, 2016.

During the years ended March 31, 2018 and 2017, we granted 6,360 and 2,938 shares of stock, respectively, to a non-employee consultant, which were valued and expensed at their grant date fair market value. There were no shares granted to this non-employee consultant during the year ended March 31, 2016.

Our stock-based compensation expense was $5.1 million, $4.4 million and $4.1 million (including accrued stock-based compensation of $0.5 million for our board of directors) for the years ended March 31, 2018, 2017, and 2016, respectively, and is included within general and administrative expenses in our accompanying consolidated statements of operations. Unrecognized compensation cost as of March 31, 2018 was $6.4 million and the expense will be recognized over a remaining weighted average life of 1.51 years.

A summary of the activity of our restricted shares as of March 31, 2018 and 2017 and changes during the years ended March 31, 2018 and 2017, are as follows:


		Weighted-Average
		Grant-Date
Incentive Share Awards	Numbers of Shares	Fair Value
Unvested as of April 1, 2016	929,000	$	19.70
Granted	284,708		7.82
Vested	(97,208)		7.82
Forfeited	(1,875)		7.82
Unvested as of March 31, 2017	1,114,625	$	17.72
Granted	297,960		7.36
Vested	(481,538)		15.42
Forfeited	(12,703)		10.39
Unvested as of March 31, 2018	918,344	$	15.67