STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION | 9 Months Ended |
Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION | STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION |
Share-Based Compensation |
The following table summarizes share-based compensation (in thousands): |
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| Three Months Ended | | Nine Months Ended |
| December 31, 2014 | | December 31, 2013 | | December 31, 2014 | | December 31, 2013 |
Share-based compensation: | | | | | | | |
Cost of revenue | $ | 362 | | | $ | 509 | | | $ | 1,109 | | | $ | 1,560 | |
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Research and development | 600 | | | 862 | | | 1,983 | | | 2,638 | |
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Sales and marketing | 830 | | | 994 | | | 2,627 | | | 3,148 | |
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General and administrative | 1,126 | | | 1,056 | | | 2,936 | | | 2,922 | |
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| $ | 2,918 | | | $ | 3,421 | | | $ | 8,655 | | | $ | 10,268 | |
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Share-based compensation by type of award: | | | | | | | |
Stock options | $ | 153 | | | $ | 207 | | | $ | 464 | | | $ | 647 | |
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Restricted stock | 2,584 | | | 2,923 | | | 7,597 | | | 8,629 | |
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Stock purchase plan | 181 | | | 291 | | | 594 | | | 992 | |
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| $ | 2,918 | | | $ | 3,421 | | | $ | 8,655 | | | $ | 10,268 | |
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Stock Incentive Plans - Grants and Fair Value |
Stock Options |
No stock options were granted during the third quarter or first nine months of fiscal 2015 or 2014. The Black-Scholes option pricing model is used to estimate the fair value of stock options. |
Restricted Stock |
The fair value of restricted stock units (“RSUs”) granted is the intrinsic value as of the respective grant date since the RSUs are granted at no cost to the employee. The weighted-average grant date fair values of RSUs granted during the third quarter and first nine months of fiscal 2015 were $1.13 and $1.24, respectively. The weighted-average grant date fair values of RSUs granted during the third quarter and first nine months of fiscal 2014 were $1.25 and $1.40, respectively. |
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During the second quarter of fiscal 2015, we granted 2.4 million RSUs with performance conditions (“performance RSUs”), and the total fair value of these RSUs at the grant date was $3.0 million. Performance RSUs will become eligible for vesting based on Quantum achieving certain revenue and operating income targets through the end of fiscal 2015. Share-based compensation expense for performance RSUs is recognized when it is probable that the performance conditions will be achieved. As of December 31, 2014, we have recorded $0.2 million of share-based compensation expense for the performance RSUs. |
Stock Purchase Plan |
Under the Stock Purchase Plan, rights to purchase shares are typically granted during the second and fourth quarter of each fiscal year. The value of rights to purchase shares granted in the first nine months of fiscal 2015 and fiscal 2014, respectively, was estimated at the date of the grant using the Black-Scholes option pricing model. The weighted-average grant date fair values and the assumptions used in calculating fair values for the nine month periods ended December 31, 2014 and 2013 were as follows: |
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| Nine Months Ended | | | | | | | | |
| 31-Dec-14 | | 31-Dec-13 | | | | | | | | |
Option life (in years) | 0.5 | | | 0.5 | | | | | | | | | |
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Risk-free interest rate | 0.06 | % | | 0.07 | % | | | | | | | | |
Stock price volatility | 32.19 | % | | 47.65 | % | | | | | | | | |
Weighted-average grant date fair value | $ | 0.3 | | | $ | 0.47 | | | | | | | | | |
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Stock Incentive Plans - Activity |
Stock Options |
A summary of activity relating to our stock options follows (options and aggregate intrinsic value in thousands): |
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| Options | | Weighted- | | Weighted- | | Aggregate | | | |
Average | Average | Intrinsic Value | | | |
Exercise Price | Remaining | | | | |
| Contractual Term | | | | |
Outstanding as of March 31, 2014 | 7,997 | | | $ | 1.78 | | | | | | | | |
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Exercised | (684 | ) | | 0.97 | | | | | | | | |
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Forfeited | (109 | ) | | 2.19 | | | | | | | | |
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Expired | (2,018 | ) | | 2.84 | | | | | | | | |
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Outstanding as of December 31, 2014 | 5,186 | | | $ | 1.46 | | | 1.92 | | $ | 2,709 | | | | |
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Vested and expected to vest at December 31, 2014 | 5,185 | | | $ | 1.46 | | | 1.92 | | $ | 2,709 | | | | |
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Exercisable as of December 31, 2014 | 5,078 | | | $ | 1.44 | | | 1.89 | | $ | 2,709 | | | | |
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Restricted Stock |
A summary of activity relating to our restricted stock follows (shares in thousands): |
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| Shares | | Weighted-Average | | | | | | | | | |
Grant Date | | | | | | | | | |
Fair Value | | | | | | | | | |
Nonvested at March 31, 2014 | 12,108 | | | $ | 1.8 | | | | | | | | | | |
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Granted | 10,282 | | | 1.24 | | | | | | | | | | |
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Vested | (5,540 | ) | | 2.17 | | | | | | | | | | |
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Forfeited | (767 | ) | | 1.53 | | | | | | | | | | |
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Nonvested at December 31, 2014 | 16,083 | | | $ | 1.33 | | | | | | | | | | |
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