Stock-Based Compensation (Tables)
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12 Months Ended |
Mar. 31, 2019 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Summary of Stock-based Compensation Expense Recognized in the Consolidated Statements of Operations |
The following table summarizes stock-based compensation expense recognized in the consolidated statements of operations: | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2019 | | 2018 | | 2017 | Cost of revenue | $ | 8,990 |
| | $ | 7,771 |
| | $ | 5,756 |
| General and administrative expenses | 22,285 |
| | 15,547 |
| | 15,493 |
| Total | $ | 31,275 |
| | $ | 23,318 |
| | $ | 21,249 |
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The following table summarizes the total stock-based compensation expense recognized in the consolidated statements of operations by the following types of equity awards: | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2019 | | 2018 | | 2017 | Equity Incentive Plan Options | $ | 2,374 |
| | $ | 2,036 |
| | $ | 2,523 |
| Restricted Stock Awards | 28,901 |
| | 21,282 |
| | 18,726 |
| Total | $ | 31,275 |
| | $ | 23,318 |
| | $ | 21,249 |
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Schedule of Unrecognized Compensation Cost |
Absent the effect of accelerating stock compensation cost for any departures of employees who may continue to vest in their equity awards, the following tables summarize the unrecognized compensation cost, the weighted average period the cost is expected to be amortized, and the estimated annual compensation cost for the future periods indicated below (excludes any future awards): | | | | | | | | | | | | | | | | Unrecognized Compensation Cost | | Weighted Average Remaining Period to be Recognized | | | March 31, 2019 | | March 31, 2018 | | March 31, 2019 | | March 31, 2018 | Equity Incentive Plan Options | | $ | 3,501 |
| | $ | 2,809 |
| | 3.61 | | 3.60 | Restricted Stock Awards | | 24,259 |
| | 14,512 |
| | 1.75 | | 1.87 | Total | | $ | 27,760 |
| | $ | 17,321 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Unrecognized Compensation Cost | | | Total | | 2020 | | 2021 | | 2022 | | 2023 | | 2024 | Equity Incentive Plan Options | | $ | 3,501 |
| | $ | 1,766 |
| | $ | 1,001 |
| | $ | 541 |
| | $ | 182 |
| | $ | 11 |
| Restricted Stock Awards | | 24,259 |
| | 16,662 |
| | 7,570 |
| | 27 |
| | — |
| | — |
| Total | | $ | 27,760 |
| | $ | 18,428 |
| | $ | 8,571 |
| | $ | 568 |
| | $ | 182 |
| | $ | 11 |
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Summary of Stock Options Outstanding |
The following table summarizes stock option activity for the periods presented: | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price | | | Equity Incentive Plan Options | | | | | | | Options outstanding at March 31, 2018 | | 2,799,954 |
| | $ | 18.55 |
| | * | Granted | | 356,679 |
| | 44.14 |
| | | Forfeited | | 45,313 |
| | 33.96 |
| | | Expired | | — |
| | — |
| | | Exercised | | 1,019,965 |
| | 11.88 |
| | | Options outstanding at March 31, 2019 | | 2,091,355 |
| | $ | 25.83 |
| | * |
* Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued on July 30, 2012. The following table summarizes unvested stock options for the periods presented: | | | | | | | | | | | Number of Options | | Weighted Average Grant Date Fair Value | Equity Incentive Plan Options | | | | | Unvested at March 31, 2018 | | 637,867 |
| | $ | 7.68 |
| Granted | | 356,679 |
| | 9.67 |
| Vested | | 340,620 |
| | 7.24 |
| Forfeited | | 45,313 |
| | 8.47 |
| Unvested at March 31, 2019 | | 608,613 |
| | $ | 9.04 |
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The following table summarizes stock options outstanding at March 31, 2019: | | | | | | | | | | | | | | | | | | | | Range of exercise prices | | Stock Options Outstanding | | Weighted Average Exercise Price | | | Weighted Average Remaining Contractual Life | | Intrinsic Value | | Stock Options Exercisable | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life | Intrinsic Value | | | | | | | | (In years) | | | | | | | | (In years) | | Equity Incentive Plan | | | | | | | | | | | | | | | | | $4.28 - $51.82 | | 2,091,355 | | $25.83 | | (1) | 5.64 | | $ | 67,564 |
| | 1,482,742 | | $20.58 | | 4.49 | $55,694 |
(1) Reflects exercise price adjustment of $6.36 per grant for the $6.50 dividend per share issued July 30, 2012. The following table summarizes options granted under the Amended and Restated Equity Incentive Plan, or EIP during fiscal 2019: | | | | | | | | | | Grant Date | Options Granted | Estimated Fair Value per Option Grant | Total Fair Value | May 23, 2018 | 203,040 |
| $ | 9.36 |
| $ | 1,900 |
| July 25, 2018 | 4,737 |
| 10.55 |
| 50 |
| July 30, 2018 | 29,096 |
| 10.31 |
| 300 |
| October 24, 2018 | 5,169 |
| 9.67 |
| 50 |
| November 5, 2018 | 29,919 |
| 10.03 |
| 300 |
| November 13, 2018 | 4,558 |
| 10.97 |
| 50 |
| November 14, 2018 | 23,193 |
| 10.78 |
| 250 |
| January 29, 2019 | 56,967 |
| 9.65 |
| 550 |
| | 356,679 |
| | $ | 3,450 |
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Schedule of Black Scholes Weighted Average Assumptions |
The weighted average assumptions used in the Black-Scholes option-pricing model for stock option awards were as follows: | | | | | | | | | | | | | | | | For The Fiscal Year Ended March 31, | | | 2019 | | 2018 | | 2017 | Dividend yield | | 2.01 | % | | 1.90 | % | | 1.94 | % | Expected volatility | | 25.83 | % | | 33.04 | % | | 29.65 | % | Risk-free interest rate | | 2.81 | % | | 1.81 | % | | 1.38 | % | Expected life (in years) | | 5.00 |
| | 5.00 |
| | 5.00 |
| Weighted-average grant date fair value | | $ | 9.67 |
| | $ | 9.35 |
| | $ | 7.16 |
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Schedule of Unvested Restricted Stock Activity |
The following table summarizes unvested restricted stock activity for the periods presented: | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | | | | | | Unvested Restricted Stock Awards | | | | | Unvested at March 31, 2018 | | 957,106 |
| | 32.36 |
| Granted | | 654,897 |
| | 42.40 |
| Vested | | 637,212 |
| | 33.80 |
| Forfeited | | 42,010 |
| | 37.64 |
| Unvested at March 31, 2019 | | 932,781 |
| | 38.19 |
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