Stock-Based Compensation

6 Months Ended

Sep. 30, 2016

The Company recorded stock-based compensation expense related to stock-based awards granted under its various employee and non-employee stock incentive plans of $528 and $701 for the three months ended September 30, 2016 and 2015, respectively, of which $75 and $40, respectively were with respect to stock-based awards payable in cash, and $965 and $1,805 for the six months ended September 30, 2016 and 2015, respectively, of which $120 and $331, respectively, were with respect to stock-based awards payable in cash.

The Company’s shareholders approved amendments to the 2007 Incentive Plan (the “2007 Plan”) at its annual meetings of shareholders held on August 11, 2011 and August 6, 2009, and approved the 2016 Incentive Plan (the "2016 Plan") at its annual meeting of shareholders held on August 11, 2016. Each of the 2016 Plan and the 2007 Plan is an omnibus plan that provides the flexibility to grant a variety of equity awards including stock options, stock appreciation rights, stock awards, stock units, performance awards and incentive awards to officers, directors and employees of the Company.

During the three months and six months ended September 30, 2016 and 2015, respectively, the Company made the following stock-based compensation awards:

9. STOCK-BASED COMPENSATION (continued)



	Three Months Ended September 30,				Six Months Ended September 30,
(in thousands, except grant date fair value)	2016		2015		2016		2015
Restricted Stock
Number Granted	7		6		13		12
Grant Date Fair Value	$	19.12	$	20.38	$	17.55	$	22.15
Restricted Stock Units
Number Granted	56		—		56		—
Grant Date Fair Value	$	17.76	$	—	$	17.76	$	—
Performance-Based Stock Units
Number Granted	28		—		28		—
Grant Date Fair Value	$	17.76	$	—	$	17.76	$	—

Restricted stock consists of shares issued to non-employee directors of the Company which are not subject to a minimum vesting period. Restricted stock units differ from restricted stock in that zero shares are issued until restrictions lapse. Restricted stock units granted during the three months ended September 30, 2016 vest ratably over a three-year period. Under the terms of the Performance-Based Stock Units, shares ultimately issued will be contingent upon specified business performance goals.

On August 13, 2015, the Company’s shareholders approved an exchange offer that allowed certain employees to surrender options and receive restricted stock units in exchange for these options. The offer was made on September 14, 2015 and applied only to grants made during fiscal years 2012 and 2013 having a pre-reverse stock split exercise price of $6.00 which became $60.00 per share after the reverse stock split. The offer expired on October 13, 2015. This exchange was based on exchange of options that would vest as a fulfilment of service obligation to restricted stock units that will vest upon satisfaction of service obligations and the expense recognized in this exchange was based upon the original grant.