NOTE 10 – STOCK-BASED COMPENSATION

Stock Repurchase

On May 7, 2018, we announced that our Board of Directors authorized a share repurchase program under which we may repurchase up to $30 million of our outstanding common stock over the next 12 months. Under the stock repurchase program, we may repurchase shares in the open market. The extent to which we repurchase our shares and the timing of such repurchases will depend upon a variety of factors including market conditions, regulatory requirements and other corporate considerations. The repurchase program may be suspended or discontinued at any time. We expect to finance the purchase with existing cash balances.

During the quarter ended May 31, 2018, we repurchased 0.3 million shares of our common stock at an average share price of $21.15 for a total cost of $5.7 million including commissions. All of the share repurchases were paid for and retired as of May 31, 2018.

Equity Awards

Stock-based compensation expense is included in the following captions of the condensed consolidated statements of comprehensive income (loss) (in thousands):

	Three Months Ended
	May 31,
	2018		2017
Cost of revenues	$	177	$	138
Research and development		365		234
Selling and marketing		571		386
General and administrative		1,354		1,059
	$	2,467	$	1,817

Changes in our outstanding stock options during the three months ended May 31, 2018 were as follows (options in thousands):

	Number of Options			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Outstanding at February 28, 2018		980		$	11.29		5.9
Granted		—			—
Exercised		(38	)		1.80
Forfeited or expired		—			—
Outstanding at May 31, 2018		942		$	11.67		5.9	$	11,056
Exercisable at May 31, 2018		552		$	7.93		4.1	$	8,539

Changes in our outstanding restricted stock shares, performance stock units (“PSUs”) and restricted stock units (“RSUs”) during the three months ended May 31, 2018 were as follows (restricted shares, PSUs and RSUs in thousands):

	Number of Restricted Shares, PSUs and RSUs			Weighted Average Grant Date Fair Value		Shares Retained to Cover Statutory Minimum Withholding Taxes
Outstanding at February 28, 2018		1,434		$	17.72
Granted		18			22.45
Vested		(32	)		16.91		10
Forfeited		(57	)		17.53
Outstanding at May 31, 2018		1,363		$	17.80

As of May 31, 2018, there was $18.8 million of total unrecognized stock-based compensation cost related to outstanding nonvested equity awards that is expected to be recognized as expense over a weighted-average remaining vesting period of 2.8 years.