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Note 7 - Stockholders' Equity
9 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
Note
7
.
Stockholders' Equity
 
Public Offering of Common Stock
On
August 12, 2019,
we completed the sale and issuance of a total of
431,250
shares of our common stock, which includes our underwriters' exercise in full of an option to purchase up to an additional
56,250
shares. The offering price to the public was
$210.00
per share. The total proceeds we received from the offering, net of underwriting discounts and commissions and other offering expenses we paid was
$84,995.
 
 
Stock-Based Compensation
Amounts recognized in the Condensed Consolidated Financial Statements related to stock-based compensation are as follows:
 
   
Three Months Ended December 31,
   
Nine Months Ended December 31,
 
   
2019
   
2018
   
2019
   
2018
 
Stock-based compensation expense
  $
3,260
    $
695
    $
5,310
    $
2,424
 
Amount of income tax (benefit) recognized in earnings
   
(78
)    
(160
)    
(986
)    
(1,018
)
Stock-based compensation expense, net of tax
  $
3,182
    $
535
    $
4,324
    $
1,406
 
 
Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying Condensed Consolidated Statements of Operations.
 
The following is a summary of stock option and restricted stock unit ("RSU") award activity for the
nine
months ended
December 31, 2019
(shares in thousands):
 
   
Stock Options
   
Restricted Stock Units
 
   
Shares Subject to Options
   
Weighted- Average Exercise Price per Share
   
Number of Shares
   
Weighted- Average Grant Date Fair Value per Share
 
Outstanding at March 31, 2019
   
354
    $
94.04
     
31
    $
162.23
 
Awards granted
   
29
     
205.87
     
28
     
213.33
 
Awards forfeited or expired
   
(28
)    
99.69
     
(2
)    
160.55
 
Awards exercised or distributed
   
(42
)    
85.35
     
(5
)    
168.58
 
Outstanding as of December 31, 2019
   
313
    $
105.03
     
52
    $
189.17
 
 
Eight
of the RSUs granted during the 
nine
months ended
December 31, 2019
 were subject to performance and service conditions and are considered performance share units ("PSUs"). 
 
During the
three
months ended
December 31, 2019,
we awarded
four
 PSUs to key employees of GPT that are subject to both service and performance conditions ("GPT PSUs"). The GPT PSUs had a grant date fair value of
$240.35
 per share and vest based on continued service, completion of certain compliance requirements related to the acquisition; and achievement of specific financial performance targets for the period from
January 1, 2020
through
March 31, 2021. 
The quantity of shares that will be issued upon vesting will range from
0%
to
150%
of the targeted number of shares; if financial performance is less than
90%
of targets, then
no
shares will vest. 
 
During the
three
months ended
December 31, 2019,
we adjusted our estimate of performance share units expected to vest, based on actual results achieved including the impact of the GPT Acquisition. As a result, we recorded a cumulative effect catch up of
$2,066
 during the period (
$1,561
 net of tax as well as
$0.38
 and
$0.35
 per basic and diluted share for the
nine
months ended
December 31, 2019,
respectively), which is recorded in general and administrative costs on our condensed consolidated statement of operations. In the future, we expect non-cash stock based compensation expense to increase approximately
$533
per quarter as a result of our new estimate of performance share units expected to vest. 
 
During the
three
months ended
June 30, 2019,
we awarded
8
 PSUs that are subject to both service and performance conditions to eligible employees. The PSUs had a grant date fair value of
$202.00
 per share and vest based on our achievement of specific performance criteria for the
three
-year period from
April 1, 2019 
through
March 31, 2022 
and on continued service through
June 15, 2022.
The quantity of shares that will be issued upon vesting will range from
0%
 to
200%
 of the targeted number of shares; if the defined minimum targets are
not
met, then
no
shares will vest.