Stock-Based Compensation Plans

3 Months Ended

Jun. 30, 2018

7. Stock-Based Compensation Plans

Our stock-based compensation expense is included within general and administrative expenses in the accompanying unaudited interim condensed consolidated statements of operations and was $1.6 million and $1.5 million for the three months ended June 30, 2018 and 2017, respectively. Unrecognized compensation cost was $6.5 million as of June 30, 2018 and will be recognized over the remaining weighted average life of 1.60 years. For more information on our equity incentive plan, refer to Note 11 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018.

In June 2018, we granted 200,000 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 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 2018, we granted 7,960 shares of stock to our non-executive directors, which were valued and expensed at their grant date fair market value.

In June 2018, we granted 1,592 shares of stock 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 June 30, 2018 and changes during the three months ended June 30, 2018, is as follows:


		Weighted-Average
		Grant-Date
Incentive Share Awards	Numbers of Shares	Fair Value
Unvested as of April 1, 2018	918,344	$	15.67
Granted	209,552		8.33
Vested	(402,211)		16.04
Unvested as of June 30, 2018	725,685	$	13.34