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Share Based Awards (Tables)
 3 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
A summary of stock option transactions during the three months ended June 30, 2016 follows:
 
 
Number of
Shares
 
Weighted-
Average
Exercise
Price
per Share
 
Weighted-
Average
Remaining
Contractual
Life (years)
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, April 1, 2016
 
2,447,286

 
$
19.55

 
6.3
 
574

Granted
 
856,500

 
12.87

 
7.9
 


Forfeited/Canceled
 
(88,355
)
 
21.80

 
4.8
 


Outstanding, June 30, 2016
 
3,215,431

 
$
17.59

 
5.8
 
$
238

Vested and expected to vest, June 30, 2016
 
2,358,931

 
$
17.59

 
5.8
 
$
238

Exercisable, June 30, 2016
 
773,346

 
$
26.19

 
2.3
 
$
143
Schedule of Share Based Compensation Valuation Assumption
We utilize the Black-Scholes valuation model for estimating the fair value of share-based compensation with the following assumptions:
 
 
Three Months Ended June 30,
 
 
2016
 
2015
Expected term
 
6.0 years
 
3.8 years
Expected volatility
 
37.4%
 
38.3%
Expected dividends
 
—%
 
4.1%
Risk-free rate
 
1.5%
 
1.6%
Summary of stock options granted
During the three months ended June 30, 2016, a total of 856,500 options to purchase shares of common stock were granted under the 2015 Plan at an exercise price equal to the market price of our common stock on the date of grant, as summarized below:
Option Grant Date
 
Number of Shares
 
Exercise Price
 
Vesting Terms (1)
 
Expiration
May 31, 2016
 
100,000

 
$
12.71

 
Five years
 
May 31, 2024
May 25, 2016
 
216,500

 
$
12.78

 
Four years
 
May 25, 2024
May 24, 2016
 
540,000

 
$
12.93

 
Four years
 
May 24, 2024
Total
 
856,500

 
 
 
 
 
 
Schedule of Employee Stock Options and Performance Based Awards by Nonvested Stock options
Non-vested stock option award activity during the three months ended June 30, 2016 is summarized as follows:
 
 
Non-Vested
Number of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
per Share
Outstanding, April 1, 2016
 
1,859,750

 
$
4.67

Granted
 
856,500

 
4.92

Vested
 
(226,845
)
 
5.96

Forfeited/Canceled
 
(47,320
)
 
4.53

Outstanding, June 30, 2016
 
2,442,085

 
$
4.64