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STOCK PLANS
 12 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
STOCK PLANS STOCK PLANS
2011 Employee Stock Purchase Plan
On September 7, 2011, the Company’s stockholders approved the 2011 Employee Stock Purchase Plan (the ESPP), under which 2,500,000 shares of the Company’s common stock have been reserved for issuance. On November 8, 2018, the Company increased the number of shares available under the ESPP by an additional 3,000,000 shares. The Company implemented the ESPP on March 1, 2012. Eligible employees may purchase shares of the Company’s common stock through regular payroll deductions of up to 20% of their eligible compensation. Under the terms of the offering under the ESPP, the number of shares of the Company’s common stock which a participant could purchase during any purchase period is limited to 2,000. In addition, the fair market value of shares purchased by an individual participant in the plan may not exceed $25,000 if the contribution period is within any calendar year. However, if contribution periods overlap calendar years, an individual participant is eligible to utilize the unused portion of the $25,000 limit from the subsequent purchase in the current purchase up to $50,000. Under the ESPP, shares of the company's common stock may be purchased on the last day of each bi-annual offering period at 85% of the fair market value on the last day of such offering period. The offering periods run from March 1 through August 31 and from September 1 through the last day of February of each year. During the fiscal year ended March 31, 2020, employees purchased 594,661 shares under the ESPP with a weighted average purchase price per share of $23.92. At March 31, 2020, 2,313,482 shares were available for future issuance under the ESPP.
2019 Equity Incentive Plan
On September 12, 2019, the Company’s stockholders approved the 2019 Equity Incentive Plan (2019 Plan), which replaced the Company’s Amended 2007 Plan. The 2019 Plan permits the granting of incentive and nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards, collectively referred to as "share-based awards." Periodically, the Company grants share-based awards to employees and officers of the Company and its subsidiaries. The Company accounts for these share-based awards in accordance with GAAP, which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to its employees and directors. Share-based award grants are generally measured at fair value on the date of grant based on the number of shares granted and the quoted price of the Company’s common stock. Such value is recognized as a cost of revenue or an operating expense over the corresponding vesting period. At September 12, 2019, there was a total of 6,794,651 shares reserved for issuance under the 2019 Plan, which consisted of 5,500,000 new shares plus 1,294,651 shares that remained available for grant under the Amended 2007 Plan as of September 12, 2019, the effective date of the 2019 Plan.
The aggregate number of shares available for issuance under the 2019 Plan will increase by 2.76 shares for each share: (i) subject to an award granted under the Amended 2007 Plan or 2019 Plan that are not issued because such award expires or otherwise terminates without all of the shares covered by such award having been issued; (ii) any shares subject to an award under the Amended 2007 Plan or 2019 Plan that are not issued because such award is settled in cash; (iii) any shares issued pursuant to an award granted under the Amended 2007 Plan or 2019 Plan that are forfeited back to or repurchased by the Company because of failure to vest; and (iv) any shares that are reacquired or withheld by the Company to satisfy tax withholding obligations in connection with common stock issued pursuant to restricted stock, restricted stock units, performance stock awards, or other stock awards granted under the Amended 2007 Plan and 2019 Plan. Furthermore, the share reserve under the 2019 Plan is reduced by one share for each share of common stock issued pursuant to a stock option or stock appreciation right and 2.76 shares for each share of common stock issued pursuant to restricted stock, restricted stock units, performance stock awards, or other stock awards granted under the 2019 Plan on or after September 12, 2019. At March 31, 2020, an aggregate of 4,274,473 shares of unvested equity awards were outstanding under the 2019 Plan.
The 2019 Plan is administered by the Compensation Committee of the Board of Directors. The Compensation Committee operates under guidelines established by the Board of Directors. The Compensation Committee has the authority to select the employees and consultants to whom awards are granted (except for directors and executive officers) and determine the terms of each award, including the number of shares of common stock subject to the award.
Share-based awards generally vest over four years. The exercise price of stock options shall not be less than 100% of the fair market value of the common stock at the date of grant (110% for incentive stock options granted to holders of more than 10% of the voting stock of NetScout). The term of stock options granted cannot exceed seven years (five years for incentive stock options granted to holders of more than 10% of the voting stock of NetScout).
Based on historical experience, the Company assumed an annualized forfeiture rate of 0% for awards granted to its independent directors, approximately 2% for awards granted to its senior executives, and approximately 5% granted to all remaining employees during the fiscal years ended March 31, 2020, 2019 and 2018.
The following is a summary of share-based compensation expense including restricted stock units and employee stock purchases made under the Company's employee stock purchase plan (ESPP) based on estimated fair values within the applicable cost and expense lines identified below (in thousands):
 Year Ended March 31,
 202020192018
Cost of product revenue$1,069  $1,463  $1,159  
Cost of service revenue5,774  5,959  4,824  
Research and development15,511  17,321  14,711  
Sales and marketing17,085  18,923  15,213  
General and administrative11,422  12,662  11,410  
$50,861  $56,328  $47,317  
Transactions under the Amended 2007 and 2019 Plan during the fiscal years ended March 31, 2020, 2019 and 2018 are summarized in the table below.
 Restricted Stock Units
 Number of
Awards		Weighted
Average
Fair Value
Outstanding – March 31, 20173,610,301  $30.24  
Granted1,962,590  34.01  
Vested(1,216,585) 31.09  
Canceled(277,526) 31.70  
Outstanding – March 31, 20184,078,780  $31.77  
Granted2,178,339  30.10  
Vested(1,438,219) 32.49  
Canceled(608,245) 30.52  
Outstanding – March 31, 20194,210,655  $30.84  
Granted2,062,110  26.32  
Vested(1,651,284) 31.03  
Canceled(347,008) 29.74  
Outstanding – March 31, 20204,274,473  $28.68  

At March 31, 2020, there were 6,967,333 shares of common stock available for grant under the 2019 Plan.
The Company does not currently expect to repurchase shares from any source to satisfy its obligations under the 2019 Plan.
The aggregate intrinsic value of stock options exercised and the fair value of restricted stock units vested at March 31, 2020, 2019 and 2018 were as follows (in thousands):
 Year Ended March 31,
  
202020192018
Total fair value of restricted stock unit awards vested$37,783  $38,070  $40,539  
At March 31, 2020, the total unrecognized compensation cost related to restricted stock unit awards was $93.6 million, which is expected to be amortized over a weighted-average period of 1.4 years.