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Share Based Awards (Tables)
 12 Months Ended
Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity

The following table summarizes the stock option transactions during the years ended March 31, 2020, 2019, and 2018:

 

 

 

 

 

 

 

Weighted-

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Intrinsic

 

Employee Stock Options Summary

 

Number of

 

 

Price

 

 

Contractual

 

 

Value

 

 

 

Shares

 

 

per Share

 

 

Life (years)

 

 

(in thousands)

 

Outstanding, March 31, 2017

 

 

2,885,415

 

 

$

15.41

 

 

 

6.2

 

 

$

3,150

 

Granted

 

 

1,479,000

 

 

$

14.56

 

 

 

7.5

 

 

 

 

 

Exercised

 

 

(216,405

)

 

$

16.62

 

 

 

5.8

 

 

$

119

 

Forfeited/Canceled

 

 

(477,840

)

 

$

18.90

 

 

 

3.1

 

 

 

 

 

Outstanding, March 31, 2018

 

 

3,670,170

 

 

$

15.51

 

 

 

6.2

 

 

$

766

 

Granted

 

 

326,130

 

 

$

16.40

 

 

 

6.8

 

 

 

 

 

Exercised

 

 

(375,645

)

 

$

15.49

 

 

 

4.7

 

 

$

1,589

 

Forfeited/Canceled

 

 

(451,730

)

 

$

18.00

 

 

 

4.9

 

 

 

 

 

Expired

 

 

(2,400

)

 

$

28.15

 

 

 

 

 

 

 

 

 

Outstanding, March 31, 2019

 

 

3,166,525

 

 

$

15.36

 

 

 

5.5

 

 

$

7,040

 

Exercised

 

 

(55,325

)

 

$

15.87

 

 

 

4.3

 

 

$

138

 

Forfeited/Canceled

 

 

(75,450

)

 

$

23.38

 

 

 

1.5

 

 

 

 

 

Expired

 

 

(34,400

)

 

$

43.04

 

 

 

 

 

 

 

 

 

Outstanding, March 31, 2020

 

 

3,001,350

 

 

$

14.83

 

 

 

4.7

 

 

$

—

 

Vested and expected to vest, March 31, 2020

 

 

2,825,186

 

 

$

14.83

 

 

 

4.6

 

 

$

—

 

Exercisable, March 31, 2020

 

 

1,909,678

 

 

$

14.83

 

 

 

4.3

 

 

$

—

 

 
Summary of Stock Options Granted

There were no stock options granted during the year ended March 31, 2020. During the years ended March 31, 2019 and 2018, we granted total stock options of 326,130 and 1,479,000, respectively, to purchase shares of common stock under the Amended 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 30, 2018

 

 

241,130

 

 

$

16.83

 

 

Four Years

 

June 1, 2026

August 3, 2018

 

 

60,000

 

 

$

21.27

 

 

Four Years

 

August 3, 2026

November 2, 2018

 

 

25,000

 

 

$

15.09

 

 

Four Years

 

November 2, 2026

Fiscal year 2019 grants

 

 

326,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 13, 2017

 

 

249,000

 

 

$

16.37

 

 

Four Years

 

June 13, 2025

May 24, 2017

 

 

60,000

 

 

$

14.57

 

 

Four Years

 

May 24, 2025

August 4, 2017

 

 

25,000

 

 

$

16.13

 

 

Four Years

 

August 4, 2025

October 31, 2017

 

 

915,000

 

 

$

14.07

 

 

Four Years

 

October 31, 2025

December 4, 2017

 

 

230,000

 

 

$

14.38

 

 

Four Years

 

December 4, 2025

Fiscal year 2018 grants

 

 

1,479,000

 

 

 

 

 

 

 

 

 

 

(1)

Unless otherwise indicated, options vest in equal annual installments on each grant anniversary date commencing one year following the date of grant   
Schedule of Assumptions Used in Black-Scholes Model to Estimate Fair Value of Stock Awards

We utilize the Black-Scholes valuation model for estimating the fair value of share-based compensation with the following assumptions:

 

 

 

Year Ended

 

 

Year Ended

 

 

 

March 31, 2019

 

 

March 31, 2018

 

Expected term

 

6.1 - 6.3 years

 

 

5.6 - 6.1 years

 

Expected volatility

 

34.6% - 36.8%

 

 

37.0% - 37.7%

 

Expected dividends

 

0.0%

 

 

0.0%

 

Risk-free rate

 

2.8% - 3.1%

 

 

1.9% - 2.2%

 
Schedule of Employee Stock Options and Performance Based Awards by Non-vested Stock Options

Non-vested stock option award activity during the years ended March 31, 2020, 2019, and 2018 is summarized as follows:

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant-Date

 

Non-Vested Stock Option Award Summary

 

Number of

 

 

Fair Value

 

 

 

Shares

 

 

per Share

 

Outstanding, March 31, 2017

 

 

2,073,295

 

 

$

5.09

 

Granted

 

 

1,479,000

 

 

 

5.59

 

Vested

 

 

(621,440

)

 

 

4.92

 

Forfeited/Canceled

 

 

(273,850

)

 

 

4.57

 

Outstanding, March 31, 2018

 

 

2,657,005

 

 

$

5.18

 

Granted

 

 

326,130

 

 

 

7.18

 

Vested

 

 

(778,900

)

 

 

5.12

 

Forfeited/Canceled

 

 

(358,380

)

 

 

5.36

 

Outstanding, March 31, 2019

 

 

1,845,855

 

 

$

5.52

 

Vested

 

 

(745,033

)

 

 

5.29

 

Forfeited/Canceled

 

 

(9,150

)

 

 

6.42

 

Outstanding, March 31, 2020

 

 

1,091,672

 

 

$

5.67

 
Summary of Restricted Stock Awards Activity

Restricted stock awards activity during the years ended March 31, 2020, 2019, and 2018 is summarized as follows:

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant-Date

 

Restricted Stock

 

Number of

 

 

Fair Value

 

 

 

Shares

 

 

per Share

 

Outstanding, March 31, 2017

 

 

902,948

 

 

$

12.92

 

Granted

 

 

1,424,441

 

 

 

15.00

 

Vested

 

 

(386,226

)

 

 

14.26

 

Canceled

 

 

(120,253

)

 

 

14.29

 

Outstanding, March 31, 2018

 

 

1,820,910

 

 

$

14.52

 

Granted

 

 

885,845

 

 

 

18.14

 

Vested

 

 

(642,695

)

 

 

14.63

 

Canceled

 

 

(348,102

)

 

 

14.79

 

Outstanding, March 31, 2019

 

 

1,715,958

 

 

$

16.29

 

Granted

 

 

1,529,831

 

 

 

16.93

 

Vested

 

 

(764,290

)

 

 

16.05

 

Canceled

 

 

(168,719

)

 

 

17.06

 

Outstanding, March 31, 2020

 

 

2,312,780

 

 

$

16.74