Stock-Based Compensation Plans

9 Months Ended

Dec. 31, 2020

Stock-Based Compensation Plans

Stock-Based Compensation Plans

9. 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 $0.5 million and $0.7 million for the three months ended December 31, 2020 and 2019, respectively, and $2.9 million and $2.8 million for the nine months ended  December 31, 2020 and 2019, respectively. Unrecognized compensation cost was $2.3 million as of December 31, 2020 and will be recognized over a remaining weighted average life of 2.03 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, 2020. During the three months ended December 31, 2020, upon the recommendation of our compensation committee, our Board of Directors amended the form of our director compensation. Following the Board action, the compensation of our non-executive directors is now paid 100% in the form of equity share awards.

In June, September, and December 2020, we granted 7,575, 7,600, and 15,105 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value.

In June 2020, we granted an aggregate of 188,400 shares of restricted stock vesting in escalating installments on the grant date and on the first, second, and third anniversary of that date and 56,450 restricted stock units to certain of our officers and employees vesting in escalating installments 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.

In June 2020, we granted 155,654 shares of stock to our President and Chief Executive Officer, which were valued and expensed at their grant date fair market value.

A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2020 and changes during the nine months ended December 31, 2020, is as follows:

		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2020	317,048	$	8.08
Granted	430,784		8.21
Vested	(389,511)		8.09
Forfeited	(150)		8.36
Unvested as of December 31, 2020	358,171	$	8.23