Stock-Based Compensation Plans

9 Months Ended

Dec. 31, 2021

Stock-Based Compensation Plans

Stock-Based Compensation Plans

12. 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 $0.7 million and $0.5 million for the three months ended December 31, 2021 and 2020, respectively, and $2.6 million and $2.9 million for the nine months ended December 31, 2021 and 2020 respectively. Unrecognized compensation cost was $2.2 million as of December 31, 2021 and will be recognized over a remaining weighted average life of 2.02 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, 2021.

In August 2021, we granted an aggregate of 180,900 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date and 36,700 restricted stock units to certain of our officers and employees vesting ratably on the first, second, and third anniversaries of the grant date. The final tranche of restricted stock and restricted stock units granted to our named executive officers shall vest when, and only if, the volume weighted average price of our common shares over any consecutive 15-day period prior to the final business day of the tenth fiscal quarter following the grant date equals or exceeds, 95% of the book value of one of our shares. 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 December 31, 2021 and changes during the nine months ended December 31, 2021, is as follows:

		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2021	358,171	$	8.23
Granted	217,600		13.10
Vested	(242,581)		9.40
Forfeited	(4,100)		10.24
Unvested as of December 31, 2021	329,090	$	10.56