Stock Acquisition Rights, Stock Options and Warrants | 10. Stock Acquisition Rights, Stock Options and Warrants  The Company established the 2014 Stock Plan (the “2014 Stock Plan”) to attract, retain and reward individuals who contribute to the achievement of the Company’s goals and objectives. This 2014 Stock Plan superseded previous stock plans.  The Company’s Board has reserved 4,147,985 shares of common stock for issuance under its 2014 Stock Plan as of December 31 , 2020, of which 833,413 sh ares are available for future issuance. The number of shares may increase, upon Board approval, each January 1 through January 1, 2024 by an amount equal to the lesser of (i) 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or (ii) a lesser amount determined by the Board. Effective January 1, 2021, the Board elected to increase the shares authorized under the 2014 Stock Plan by 879,216 shares, which represented 5% of the of the Company’s common stock issued and outstanding as of December 31, 2020.  Restricted Stock and Restricted Stock Units  A summary of non-vested restricted stock activity for the nine months ended December 31, 2020 is as follows:     Weighted  Average  Restricted Grant Day  Stock Fair Value  Non-vested restricted stock outstanding at March 31, 2020 352,194 $ 37.93  Granted 286,155 47.10  Forfeited (7,350) 36.75  Vested (165,494) 40.15  Non-vested restricted stock outstanding at December 31, 2020 465,505 $ 42.80  The Company recognizes compensation expense for restricted stock on a straight-line basis over the explicit vesting period. Vested restricted stock units are settled and issuable upon the earlier of the date the employee ceases to be an employee of the Company or a date certain in the future. Stock compensation expense related to restricted stock was approximately $2.3 million and $7.2 million for the three and nine months ended December 31 , 2020 , respectively , which included $0.8 million of expense related to the Type III modification of restricted stock units held by the Company’s former Chairman of the Board upon his transition to a consultant to the Company that is probable of vesting under the modified condition . Stock compensation expense r elated to restricted stock was approximately $1.1 million and $3.1 million for the three and nine months ended December 31 , 2019 , respectively.  At December 31, 2020, there was $14.4 million of unvested compensation expense for restricted stock, which is expected to be recognized over a weighted average period of 2.5 years .  Performance Stock Units  A summary of the performance stock unit activity for the nine months ended December 31, 2020 is as follows:     Weighted  Average  Performance Grant Day  Stock Fair Value  Performance stock outstanding at March 31, 2020 138,984 $ 46.85  Granted 60,098 43.76  Forfeited/cancelled (77,817) 48.04  Vested (91,216) 46.85  Performance stock outstanding at December 31, 2020 30,049 $ 37.60  Outstanding performance stock units included in the table above are shown at target. Share payout can range from 0% to 200% CEO Performance Units based on the Cumulative Spectrum Proceeds Monetized (“CSPM”) metric .  Performance-Based related to Report and Order and Long-Term Agreement(s)  On February 28, 2020, the Company awarded 95,538 performance-based restricted stock units. The performance goals are:  (A) Target Goal : 50% of the shares vest upon (i) achievement by December 31, 2020 of a Final Order from the FCC providing for the creation and allocation of licenses for spectrum in the 900 MHz band consisting of paired blocks of contiguous spectrum, each containing at least 3 MHz of contiguous spectrum, authorized for broadband wireless communications uses and (ii) the lack of objection by the Company’s Board to the terms and conditions (including, but not limited to, the rebanding, clearing and relocation procedures, license assignment and award mechanisms and technical and operational rules) set forth or referenced in the Final Order; and  (B) Stretch Goal : The remaining 50% of the performance shares vest and settle upon the occurrence of all three of the following conditions: (i) the Company enters into one or more long-term agreement(s) with critical infrastructure or enterprise business(es) to enable such business(es) to utilize the Company’s spectrum for broadband connectivity; (ii) the combined total contract dollars payable to the Company over the initial term(s) of such agreement(s) equals or exceeds a certain amount as specified by the Board; and (iii) the agreement(s) is/are binding on such business(es) and is/are either not contingent on prior Board approval(s) or such approval(s) has/have been received. As of December 31, 2020, not all of these conditions had been achieved by December 30, 2020, and therefore, the applicable 50% of the performance shares expired unvested.  Additionally, on February 28, 2020, the Company awarded 43,446 performance-based restricted stock units. The performance goal related to these units is: 100% of the shares will vest upon (i) achievement by December 31, 2020 of a Final Order from the FCC providing for the creation and allocation of licenses for spectrum in the 900 MHz band consisting of paired blocks of contiguous spectrum, each containing at least 3 MHz of contiguous spectrum, authorized for broadband wireless communications uses and (ii) the lack of objection by the Company’s Board to the terms and conditions (including, but not limited to, the rebanding, clearing and relocation procedures, license assignment and award mechanisms and technical and operational rules) set forth or referenced in the Final Order. The goal was achieved when the Report and Order was effective in August 2020.  On September 30, 2020, the Company recorded stock compensation expense amounting to approximately $4.3 million based on the achievement of the Target Goal or approximately 91,216 shares under the performance-based restricted stock units, upon the Report and Order becoming effective in August 2020. For the three and nine months ended December 31 , 20 20 , there was no stock compensation expense recognized for the Stretch Goal under the performance-based restricted stock units as the 47,768 performance-based restricted stock units expired as unvested .  CEO Performance Units  On December 31, 2020, the Compensation Committee awarded performance-based restricted units to the President and Chief Executive Officer as part of the Succession Plan, (the “CEO Performance Units”). The performance-based restricted units will vest based on Cumulative Spectrum Proceeds Monetized (“CSPM”) metric over a four-year measurement period commencing on June 24, 2020, with 30,049 units vesting if the target CSPM metric is achieved and up to 60,098 vesting if the maximum CSPM metric is achieved. In connection with awarding the CEO Performance Units, the Compensation Committee rescinded the previously reported June 2020 award for up to 60,098 performance-based restricted units.  For the three and nine months ended December 31, 2020, the Company recorded $1,000 and reversed approximately net $65,000 of stock compensation expense relating to the CEO Performance Units, respectively. As of December 31 , 2020, there was approximately $1.1 million of unvested compensation expense for the outstanding performance-based restricted stock units related to the December 31, 2020 CEO Performance Units.  Stock Options  A summary of stock option activity for the nine months ended December 31, 2020 is as follows:     Options Weighted Average Exercise Price  Options outstanding at March 31, 2020 1,807,466 $ 23.93  Options granted 123,058 42.04  Options exercised (154,729) (22.78)  Options forfeited/expired (2,500) (20.00)  Options outstanding at December 31, 2020 1,773,295 $ 25.30  On June 24, 2020 , the Company awarded a stock option to purchase 60,558 shares of common stock to its newly appointed President and Chief Executive Officer as part of the Succession Plan. The award has a contractual life of 10 years . 25% of the option shares will vest on July 1, 2021 with the remaining shares vesting in three equal annual installments, based on the President and Chief Executive Officer’s continuous service to the Company through the applicable vesting dates.  On October 22, 2020, the Company awarded a Senior Executive Officer a stock option to purchase 62,500 shares of common stock. The award has a contractual life of 10 years. 25% of the option shares will vest on November 15, 2021 with the remaining shares vesting in three equal annual installments, based on continuous service to the Company through the applicable vesting dates.  The Black-Scholes option model requires weighted average assumptions to be used for the calculation of the Company’s stock compensation expense. The assumptions used during the nine months ended December 31, 2020 were: the expected life of the award was 6.07 years; the risk-free interest rate were 0.43% to 0.51% ; the expected volatility rate were 53.41% to 52.43% ; the expected dividend yield was 0.0% ; and the expected forfeiture rate were 0% to 2% .  Stock compensation expense related to the amortization of the fair value of stock options issued was approximately $0.4 million and $0.9 million for the three and nine months ended December 31 , 2020. For the three and nine months ended December 31, 2019, stock compensation expense was approximately $0.3 million and $1.3 million, respectively .  As of December 31, 2020, there was approximately $2.2 million of unrecognized compensation expense related to non-vested stock options granted under the Company’s stock option plans which is expected to be recognized over a weighted-average period of 1.5 years.  Performance Stock Options    Performance Options Weighted Average Exercise Price  Performance Options outstanding at March 31, 2020 82,197 $ 46.85  Performance Options granted — —  Performance Options exercised — —  Performance Options forfeited/expired (33,780) 46.85  Performance Options outstanding at December 31, 2020 48,417 $ 46.85  On February 28, 2020, the Company awarded 67,562 performance-based stock options. The performance goals are:  (A) Target Goal : 50% of the shares vest upon (i) achievement by December 31, 2020 of a Final Order from the FCC providing for the creation and allocation of licenses for spectrum in the 900 MHz band consisting of paired blocks of contiguous spectrum, each containing at least 3 MHz of contiguous spectrum, authorized for broadband wireless communications uses and (ii) the lack of objection by the Company’s Board to the terms and conditions (including, but not limited to, the rebanding, clearing and relocation procedures, license assignment and award mechanisms and technical and operational rules) set forth or referenced in the Final Order and  (B) Stretch Goal : The remaining 50% of the performance shares vest and settle upon the occurrence of all three of the following conditions: (i) the Company enters into one or more long-term agreement(s) with critical infrastructure or enterprise business(es) to enable such business(es) to utilize the Company’s spectrum for broadband connectivity; (ii) the combined total contract dollars payable to the Company over the initial term(s) of such agreement(s) equals or exceeds a certain amount as specified by the Board; and (iii) the agreement(s) is/are binding on such business(es) and is/are either not contingent on prior Board of Director approval(s) or such approval(s) has/have been received. As of December 30, 2020, not all of these conditions ha d been achieved , and therefore, the 33,780 performance -based stock option shares expire d unvested.  Additionally, the Company awarded 14,635 performance-based stock options on February 28, 2020. The performance goal is: 100% of the shares will vest upon (i) achievement by December 31, 2020 of a Final Order from the FCC providing for the creation and allocation of licenses for spectrum in the 900 MHz band consisting of paired blocks of contiguous spectrum, each containing at least 3 MHz of contiguous spectrum, authorized for broadband wireless communications uses and (ii) the lack of objection by the Company’s Board to the terms and conditions (including, but not limited to, the rebanding, clearing and relocation procedures, license assignment and award mechanisms and technical and operational rules) set forth or referenced in the Final Order. The goal was achieved when the Report and Order was effective in August 2020.  For the nine months ended December 31 , 2020, the Company recognized $0.8 million based on the achievement of the Target Goal under the performance-based stock options, upon the Report and Order becoming effective in August 2020. As of December 31 , 2020, there were no unvested compensation expense relating to the outstanding performance-based stock options.  Motorola Investment  On September 15, 2014, Motorola invested $10.0 million to purchase 500,000 Class B Units of the Company’s subsidiary, PDV Spectrum Holding Company, LLC (at a price equal to $20.00 per unit). The Company owns 100% of the Class A Units in this subsidiary. Motorola has the right at any time to convert its 500,000 Class B Units into 500,000 shares of the Company’s common stock. The Company also has the right to force Motorola’s conversion of these Class B Units into shares of its common stock at its election. Motorola is not entitled to any assets, profits or distributions from the operations of the subsidiary. In addition, Motorola’s conversion ratio from Class B Units to shares of the Company’s common stock is fixed on a one -for-one basis, and is not dependent on the performance or valuation of either the Company or the subsidiary. The Class B Units have no redemption or call provisions and can only be converted into shares of the Company’s common stock. Management has determined that this investment does not meet the criteria for temporary equity or non-controlling interest due to the limited rights that Motorola has as a holder of Class B Units, and accordingly has presented this investment as part of its permanent equity within Additional Paid-in Capital in the accompanying consolidated financial statements. |