STOCKHOLDERS' EQUITY

9 Months Ended

Nov. 30, 2016

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 11 – STOCKHOLDERS’ EQUITY

Stock Repurchase

In June 2016, the Company’s Board of Directors authorized a stock repurchase program, under which the Company may repurchase up to $25 million of its outstanding shares of common stock. Under the stock repurchase program, the Company may repurchase shares in open market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which CalAmp repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by CalAmp’s management team. The repurchase program may be suspended or discontinued at any time. The Company expects to finance the purchases with existing cash balances.

During the nine months ended November 30, 2016, the Company repurchased 1.6 million shares of its common stock at an average share cost of $14.10, including commissions. The total cost of the stock repurchases during the nine months ended November 30, 2016 was $21.9 million. All of the stock repurchases were paid for as of November 30, 2016. All common stock repurchased was retired as of November 30, 2016. Of the $25 million authorized for stock repurchases, $3.1 million was remaining as of November 30, 2016.

Equity Awards

Stock-based compensation expense is included in the following captions of the unaudited consolidated statements of comprehensive income (loss) (in thousands):

	Three Months Ended				Nine Months Ended
	November 30,				November 30,
	2016		2015		2016		2015
Cost of revenues	$	118	$	51	$	250	$	170
Research and development		274		217		811		579
Selling		536		325		1,234		820
General and administrative		1,136		1,009		3,374		2,642
	$	2,064	$	1,602	$	5,669	$	4,211

Changes in the Company’s outstanding stock options during the nine months ended November 30, 2016 were as follows (options in thousands):

			Weighted
	Number of		Average
	Options		Exercise
Outstanding at February 29, 2016	860		$	6.96
Granted	228			14.49
Exercised	(86	)		9.74
Forfeited or expired	(7	)		(15.70	)
Outstanding at November 30, 2016	995		$	8.39
Exercisable at November 30, 2016	664		$	4.92

Changes in the Company’s outstanding restricted stock shares, performance stock units (“PSUs”) and restricted stock units (“RSUs”) during the nine months ended November 30, 2016 were as follows (shares, PSUs and RSUs in thousands):

	Number of
	Restricted		Weighted
	Shares,		Average
	PSUs and		Grant Date
	RSUs		Fair Value
Outstanding at February 29, 2016	953		$	16.66
Granted	760			14.63
Vested	(353	)		14.87
Forfeited	(94	)		15.68
Outstanding at November 30, 2016	1,266		$	16.01

During the nine months ended November 30, 2016, the Company retained 110,815 shares of vested restricted stock and RSUs to satisfy the minimum required statutory amount of employee withholding taxes.

As of November 30, 2016, there was $19.1 million of total unrecognized stock-based compensation cost related to outstanding nonvested equity awards that is expected to be recognized as expense over a weighted-average remaining vesting period of 3.0 years.