Stock-Based Compensation Plans

6 Months Ended

Sep. 30, 2019

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 and was $0.9 million and $1.3 million for the three months ended September 30, 2019 and 2018, respectively, and $2.2 million and $3.0 million for the six months ended September 30, 2019 and 2018, respectively. Unrecognized compensation cost was $2.5 million as of September 30, 2019 and will be recognized over a remaining weighted average life of 2.01 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, 2019.

In June and September 2019, we granted 7,750 and 6,470 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value.

In July 2019, we granted 1,550 shares of stock to a non-employee consultant, which were valued and expensed at their grant date fair market value.

In August 2019, we granted an aggregate of 175,200 shares of restricted stock and 22,500 restricted stock units to certain of our officers and employees. One-fourth of the shares of restricted stock vested on the grant date and one-fourth will vest equally on the first, second and third anniversaries of the grant date. One-third of restricted stock units will vest equally on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods.

A summary of the activity of restricted shares and units awarded under our equity incentive plan as of September 30, 2019 and changes during the six months ended September 30, 2019, is as follows:


		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2019	641,013	$	13.54
Granted	213,470		8.31
Vested	(452,229)		15.23
Unvested as of September 30, 2019	402,254	$	8.87