• Filing Date: 2017-08-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.7.0.1
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION
3 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION
During the first quarter of fiscal 2018, all restricted stock awards, restricted stock units and options to purchase our common stock outstanding under the Company's Stock Incentive Plans were adjusted to reflect the impact of the Reverse Stock Split. The Reverse Stock Split also reduced the number of shares of common stock issuable under the Company's 2012 Long Term Incentive Plan and Employee Stock Purchase Plan, as amended. The per share exercise price of all outstanding awards was increased and the number of shares of common stock issuable upon the exercise or settlement of all outstanding awards was reduced proportionately to the reverse split ratio.
Share-Based Compensation
The following table summarizes share-based compensation (in thousands):
 
Three Months Ended
 
June 30, 2017
 
June 30, 2016
Share-based compensation:
 
 
 
Cost of revenue
$
217

 
$
280

Research and development
286

 
403

Sales and marketing
520

 
612

General and administrative
590

 
703

 
$
1,613

 
$
1,998

Share-based compensation by type of award:
 
 
 
Stock options
$

 
$

Restricted stock units
1,461

 
1,836

Stock purchase plan
152

 
162

 
$
1,613

 
$
1,998


Restricted Stock Units
The fair value of restricted stock units (“RSUs”) granted is the intrinsic value as of the respective grant date. The weighted-average grant date fair values of RSUs granted during the first quarter of fiscal 2018 and fiscal 2017 were $7.82 and $3.84, respectively.
A summary of activity relating to our restricted stock units follows (shares in thousands):
 
Shares
 
Weighted-Average
Grant Date
Fair Value Per Share
Nonvested at March 31, 2017
1,765

 
$
6.75

Granted
83

 
7.82

Vested
(52
)
 
5.66

Forfeited
(27
)
 
7.48

Nonvested at June 30, 2017
1,769

 
$
6.82



Employee Stock Purchase Plan
Under the Employee Stock Purchase Plan, rights to purchase shares are typically granted during the second and fourth quarter of each fiscal year. No rights to purchase shares were granted in the first quarter of fiscal 2018 or fiscal 2017.