Stock-Based Compensation

9 Months Ended

Dec. 31, 2014

Stock-Based Compensation

Stock-Based Compensation

8.Stock-Based Compensation

We currently administer two separate stock incentive plans. Of these plans, we may only grant future awards from the 2007 Omnibus Incentive Plan (the “2007 Plan”). The 2007 Plan allows for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and other stock-based awards. On October 17, 2014, our stockholders approved an amendment of the 2007 Plan to increase the number of shares of common stock authorized for issuance under the 2007 Plan by an additional 1,500,000 shares. At December 31, 2014, there were approximately 1,276,000 shares of common stock available for grant or issuance under the 2007 Plan.

Stock Options

A summary of activity with respect to our stock options for the nine months ended December 31, 2014 is as follows:

	Number of Shares		Weighted- Average Exercise Price Per Share
	(In thousands)
Options outstanding at March 31, 2014	2,019		$	1.88
Granted	630		1.86
Exercised	(23	)	1.40
Forfeited	(189	)	2.00
Expired	(60	)	2.40
Options outstanding at December 31, 2014	2,377		$	1.85

Restricted Stock Units

A summary of activity with respect to our RSUs, which entitle the holder to receive one share of our common stock for each RSU upon vesting, for the nine months ended December 31, 2014 is as follows:

	Number of
	Shares
	(In thousands)
Restricted stock units ouststanding at March 31, 2014	195
Restricted stock units granted	90
Restricted stock units vested	(84	)
Restricted stock units forfeited	—
Restricted stock units ouststanding at December 31, 2014	201

Stock-Based Compensation Expense

The following table presents stock-based compensation expense that is included in each functional line item on our unaudited consolidated statements of operations:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(In thousands)
Cost of revenues	$	5	$	5	$	14	$	26
Selling, general and administrative expense	64		75		219		212
Research and development expense	20		9		41		15
	$	89	$	89	$	274	$	253

At December 31, 2014, there was approximately $814,000 and $284,000 of unrecognized compensation expense related to unvested stock options and RSUs, respectively. This expense is currently expected to be recognized over a weighted average period of approximately 2.9 years for stock options and approximately 2.9 years for RSUs. If there are any modifications or cancellations of the underlying unvested awards, we may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense. Future stock-based compensation expense and unearned stock-based compensation will increase to the extent that we grant additional stock options, RSUs or other stock-based awards.