Stock-Based Compensation

3 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three months ended June 30, 2016 and 2015 (in thousands):

	Three months ended June 30,
	2016		2015
Cost of revenues	$	50	$	97
Research and development	30		196
Selling, general and administrative	919		835
Total	$	999	$	1,128

During the three months ended June 30, 2016 and 2015, the Company granted 161,000 and 364,695 restricted stock awards, respectively.  These awards generally vest over 3 years.  Awards for restricted stock include both time-based and performance-based awards.  For options and awards that vest upon the passage of time, expense is being recorded over the vesting period.  Performance-based awards are expensed over the requisite service period based on probability of achievement.

The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. The total unrecognized compensation cost for unvested outstanding stock options was $0.5 million at June 30, 2016. This expense will be recognized over a weighted average expense period of approximately 2.2 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $3.3 million at June 30, 2016. This expense will be recognized over a weighted-average expense period of approximately 2.0 years.

The Company did not grant any stock options during the three months ended June 30, 2016 or 2015.