STOCKHOLDERS' EQUITY

9 Months Ended

Nov. 30, 2019

NOTE 12 – STOCKHOLDERS’ EQUITY

Employee Stock Purchase Plan

On June 7, 2018, our Board of Directors adopted the CalAmp Corp. 2018 Employee Stock Purchase Plan (the “ESPP”), which was approved by our stockholders on July 25, 2018. The ESPP provides for the issuance of 1,750,000 shares of our common stock. The first enrollment under the ESPP Plan commenced in February 2019. There are two enrollment periods each year that commence on February 1^st and August 1^st and lasts for six months. Stock-based compensation expense related to the ESPP for the three and nine months ended November 30, 2019 was $0.2 million and $0.4 million, respectively.

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				Nine Months Ended
	November 30,				November 30,
	2019		2018		2019		2018
Cost of revenues	$	221	$	251	$	558	$	640
Research and development		723		538		1,769		1,323
Selling and marketing		1,058		808		2,709		2,059
General and administrative		1,650		1,344		4,342		4,066
	$	3,652	$	2,941	$	9,378	$	8,088

Changes in our outstanding stock options during the nine months ended November 30, 2019 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, 2019		1,054		$	13.44		5.8
Granted		171			11.11
Exercised		(106	)		2.35
Forfeited or expired		—			—
Outstanding at November 30, 2019		1,119		$	14.14		6.2	$	1,380
Exercisable at November 30, 2019		681		$	12.46		4.7	$	1,380

Changes in our outstanding restricted stock shares, performance stock units (“PSUs”) and restricted stock units (“RSUs”) during the nine months ended November 30, 2019 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, 2019		1,507		$	19.77
Granted		1,561			11.30
Vested		(467	)		18.91		159
Forfeited		(229	)		17.30
Outstanding at November 30, 2019		2,372		$	14.58

As of November 30, 2019, there was $31.0 million of total unrecognized stock-based compensation cost related to outstanding nonvested equity awards that is expected to be recognized as an expense over a weighted-average remaining vesting period of 3.4 years.