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Share Based Awards (Tables)
 9 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
stock option transactions during the nine months ended December 31, 2016:
 
 
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
 
1,056,500

 
12.82

 
7.4
 
 
Forfeited/Canceled
 
(539,471
)
 
22.13

 
4.7
 


Outstanding, December 31, 2016
 
2,964,315

 
$
16.68

 
6.4
 
$
377

Vested and expected to vest, September 30, 2016
 
2,652,038

 
$
16.93

 
6.3
 
$
329

Exercisable, December 31, 2016
 
586,120

 
$
25.05

 
3.9
 
$
11
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 December 31,
 
Nine Months Ended December 31,
 
2016
 
2015
 
2016
 
2015
Expected term
6.3 years
 
3.9 years
 
6.0 - 6.6 years
 
3.8 - 3.9 years
Expected volatility
37.1%
 
38.9%
 
36.9% - 37.4%
 
38.3% - 38.9%
Expected dividends
—%
 
5.3%
 
—%
 
4.1% - 5.3%
Risk-free rate
1.5%
 
1.3%
 
1.2% - 1.5%
 
1.3% - 1.6%
Summary of stock options granted
During the nine months ended December 31, 2016, a total of 1,056,500 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
November 1, 2016
 
50,000

 
$
12.71

 
Four years
 
November 1, 2024
July 11, 2016
 
150,000

 
$
12.60

 
Four years
 
July 11, 2024
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
Fiscal year 2017 grants
 
1,056,500

 
 
 
 
 
 
Schedule of Employee Stock Options and Performance Based Awards by Nonvested Stock options
Non-vested stock option award activity during the nine months ended December 31, 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
 
1,056,500

 
4.92

Vested
 
(276,595
)
 
4.30

Forfeited/Canceled
 
(261,460
)
 
4.38

Outstanding, December 31, 2016
 
2,378,195

 
$
4.72