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Stock-Based Compensation
9 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION

The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations:
 
 
Three Months Ended
December 31,
 
Nine Months Ended
December 31,
 
2014
 
2013
 
2014
 
2013
Cost of revenue
$
2,303

 
$
1,322

 
$
6,601

 
$
3,982

General and administrative expenses
4,764

 
3,456

 
13,353

 
10,137

Total
$
7,067

 
$
4,778

 
$
19,954

 
$
14,119


The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards:    
 
Three Months Ended
December 31,
 
Nine Months Ended
December 31,
 
2014
 
2013
 
2014
 
2013
Equity Incentive Plan Options
$
1,241

 
$
1,790

 
$
4,022

 
$
4,741

Class A Restricted Common Stock
5,826

 
2,988

 
15,932

 
8,741

Rollover Options

 

 

 
578

Class C Restricted Stock

 

 

 
59

Total
$
7,067

 
$
4,778

 
$
19,954

 
$
14,119



As of December 31, 2014, there was $34.6 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of December 31, 2014 is expected to be amortized over 4.25 years. Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following table summarizes the unrecognized compensation cost and the weighted average period the cost is expected to be amortized.
 
 
December 31, 2014
 
 
Unrecognized Compensation Cost
 
Weighted Average Remaining Period to be Recognized
Equity Incentive Plan Options
 
$
5,862

 
3.02
Class A Restricted Common Stock
 
28,723

 
2.90
Total
 
$
34,585

 
 

Equity Incentive Plan
On October 29, 2014, 34,766 options were granted under the EIP. The estimated fair value of the grant was $6.04, resulting in a total fair value of $0.2 million. The fair value of our Class A Common Stock on October 29, 2014 at the time of the option grant was $25.19.
On November 3, 2014, 65,310 options were granted under the EIP. The estimated fair value of the grant was $6.43, resulting in a total fair value of $0.4 million. The fair value of our Class A Common Stock on November 3, 2014 at the time of the option grant was $26.50.
As of December 31, 2014, there were 6,679,333 EIP options outstanding, of which 2,432,594 were unvested.
Grants of Class A Restricted Common Stock and Restricted Stock Units
There were no grants of Class A Restricted Stock or Restricted Stock Units during the three months ended December 31, 2014.
Special Dividends
The Board of Directors, as the Administrator of the Officers' Rollover Stock Plan and the EIP, has discretion in how to effect the required adjustment to keep option holders whole in the event of a distribution of dividends that triggers certain anti-dilution clauses within the respective plans. In the event the Board of Directors elects to grant option holders a cash payment equal to the amount of the special dividend, the Company accrues a stock-based compensation liability as the respective option's stock compensation expense is recorded in the condensed consolidated statement of operations. This obligation will be settled on the options' mandatory exercise date for Rollover options and on the later of the date the dividend is paid or vesting for the EIP options. The stock-based compensation liability includes all special dividends declared.    
Total compensation expense recorded in conjunction with the payment of the dividend equivalents to EIP options holders for the three months ended December 31, 2014 was $0.1 million. Future compensation expense related to the payment of the dividend equivalents to holders of EIP options not yet recognized in the statement of operations is $0.6 million and is expected to be recognized over 2.50 years.
As of December 31, 2014 and March 31, 2014, the Company calculated a total recorded and unrecorded stock-based compensation liability of $36.3 million and $73.1 million, respectively, related to the special dividends paid in July and December 2009, June and August 2012, November 2013 and February and August 2014. The recorded stock-based compensation liability is as follows:
 
December 31, 2014
 
March 31, 2014
 
EIP Options
 
Rollover Options
 
Total
 
EIP Options
 
Rollover Options
 
Total
Current portion of liability (1)
$
3,703

 
$
28,035

 
$
31,738

 
$
3,675

 
$
36,247

 
$
39,922

Long-term portion of liability (2)

 

 

 

 
25,966

 
25,966

 
$
3,703

 
$
28,035

 
$
31,738

 
$
3,675

 
$
62,213

 
$
65,888

(1)     Included in accrued compensation and benefits (Note 6).
(2)     Included in other long-term liabilities (Note 9).    
As of December 31, 2014, $4.6 million related to EIP options will be recorded as liabilities as the options vest over the next 4.25 years. As of March 31, 2014, there was an unrecorded liability of $7.2 million related to EIP options. There is no unrecorded liability related to Rollover options as of December 31, 2014 or March 31, 2014, as the Rollover options are fully vested.