Stockholders' Equity

9 Months Ended

Dec. 31, 2015

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Stock Options

The Company has granted stock options to employees and non-employee directors under several plans. These option plans include two stockholder-approved plans (1992 Equity Incentive Plan and 2011 Equity Incentive Plan) and one plan not approved by stockholders (2000 Equity Incentive Plan).

A summary of the Company's stock option activities and related information during the nine months ended December 31, 2015 is as follows:

	Number of Shares (thousands)		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (millions)
Outstanding at the beginning of the year	1,794		$	9.15
Granted	—		—
Exercised	(25	)	$	5.23		—		(1	)
Cancelled	(119	)	$	10.91
Outstanding, vested and exercisable at the end of the period	1,650		$	9.09	1.2	$	0.1	(2	)

(1) The aggregate pre-tax intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares.

(2) The aggregate pre-tax intrinsic value is calculated as the difference between the market value as of December 31, 2015 and the exercise price of the shares. The closing price of the Company’s common stock was $6.37 per share on December 31, 2015.

Restricted Stock Units

The Company has granted RSUs to employees and non-employee directors pursuant to its 1992 Equity Incentive Plan and 2011 Equity Incentive Plan. RSUs are share awards that, upon vesting, will deliver to the holder shares of the Company’s common stock. RSUs vest over varying terms, to a maximum of four years from the date of the grant. 

In May and November 2013, May and October 2014 and November 2015, the Compensation Committee (the "Committee") authorized market-performance based RSUs ("MSUs"). The MSUs will be earned, if at all, based on the Company's Total Shareholder Return (“TSR”) compared to that of the Standard & Poor's Depositary Receipts (the "SPDR") S&P Semiconductor Index ("Index”) over a two-year performance period for half of the MSU award and a three-year performance period for the remaining half of the MSU award. The MSUs will vest between ranges of 0% and 150% or 0% and 175% based on the Company's relative TSR compared to the Index. Total grant-date fair value of these MSUs was $5.5 million, of which $2.6 million expired unvested as of December 31, 2015.

The Company has compensation programs with respect to fiscal 2016 and 2017. The programs include time-based RSUs and financial or operational performance-based awards with payouts that ranges from 0% to 150% of pre-established target levels. Awards under these programs vest in fiscal 2016 through 2018 and can be paid out in common stock or cash.

RSU activities during the nine months ended December 31, 2015 is set forth below (in thousands):

	Number of Shares
Outstanding at the beginning of the year	4,328
Awarded	3,406
Vested	(2,202	)
Cancelled	(780	)
Outstanding at the end of the period	4,752

The weighted average remaining contractual term for the RSUs outstanding as of December 31, 2015 was 1.2 years.

As of December 31, 2015, the aggregate pre-tax intrinsic value of RSUs outstanding was $30.3 million. The aggregate pretax intrinsic value was calculated based on the closing price of the Company’s common stock of $6.37 on December 31, 2015.

The aggregate pre-tax intrinsic value of RSUs vested during the nine months ended December 31, 2015 was $13.9 million. This intrinsic value represents the fair market value of the Company’s common stock on the date of release.

Employee Stock Purchase Plan

Under the Company's 2012 Employee Stock Purchase Plan, or ESPP, the Company reserved 3.8 million shares for issuance. Under the terms of the ESPP, eligible employees are entitled to purchase common stock, on a semi-annual basis, at a purchase price equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. At December 31, 2015, 1.6 million shares were available for future issuance under the ESPP.

Employees purchased 0.2 million shares at an average price of $4.46 and 0.2 million shares at an average price of $7.09 for the nine months ended December 31, 2015 and 2014, respectively. The intrinsic value of shares purchased during the nine months ended December 31, 2015 and 2014 was $0.4 million and $0.3 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of purchase and the purchase price of the shares.