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Share Based Awards (Tables)
 6 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
A summary of stock option transactions during the six months ended September 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
 
1,006,500

 
12.83

 
7.7
 
 
Forfeited/Canceled
 
(274,435
)
 
20.51

 
1.5
 


Outstanding, September 30, 2016
 
3,179,351

 
$
17.34

 
6.4
 
$
—

Vested and expected to vest, September 30, 2016
 
2,882,425

 
$
17.61

 
6.4
 
$
—

Exercisable, September 30, 2016
 
757,466

 
$
25.89

 
4.1
 
$
—
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 September 30,
 
Six Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Expected term
6.6 years
 
3.9 years
 
6.0 - 6.6 years
 
3.8 - 3.9 years
Expected volatility
36.9%
 
38.9%
 
36.9% - 37.4%
 
38.3% - 38.9%
Expected dividends
—%
 
5.3%
 
—%
 
4.1% - 5.3%
Risk-free rate
1.2%
 
1.3%
 
1.2% - 1.5%
 
1.3% - 1.6%
Summary of stock options granted
During the six months ended September 30, 2016, a total of 1,006,500 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
July 11, 2016
 
150,000

 
$
12.60

 
Four years
 
July 11, 2024
Fiscal year 2017 grants
 
1,006,500

 
 
 
 
 
 
Schedule of Employee Stock Options and Performance Based Awards by Nonvested Stock options
Non-vested stock option award activity during the six months ended September 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
 
993,250

 
4.92

Vested
 
(275,595
)
 
5.39

Forfeited/Canceled
 
(168,770
)
 
4.37

Outstanding, September 30, 2016
 
2,408,635

 
$
4.71