STOCKHOLDERS' EQUITY

3 Months Ended

May 31, 2019

NOTE 12 – STOCKHOLDERS’ EQUITY

Stock Repurchase

On December 10, 2018, our Board of Directors authorized a new share repurchase program under which we may repurchase up to $20.0 million of our outstanding common stock over the next 12 months, of which $10.0 million was utilized as of February 28, 2019. Under the stock repurchase program, we may repurchase shares in the open market. There were no stock repurchases during the three months ended May 31, 2019.

Employee Stock Purchase Plan

On June 7, 2018, our Board of Directors adopted the CalAmp Corp. 2018 Employee Stock Purchase Plan (the “ESPP”), which was approved by our stockholders on July 25, 2018. The ESPP provides for the issuance of 1,750,000 shares of our common stock. The first enrollment under the ESPP Plan commenced in February 2019. Stock-based compensation expense related to the ESPP for the three months ended May 31, 2019 was $0.1 million.

Equity Awards

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

	Three Months Ended
	May 31,
	2019		2018
Cost of revenues	$	175	$	177
Research and development		413		365
Selling and marketing		669		571
General and administrative		1,286		1,354
	$	2,543	$	2,467

Changes in our outstanding stock options during the three months ended May 31, 2019 were as follows (options in thousands):

	Number of Options			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Outstanding at February 28, 2019		1,054		$	13.44		5.8
Granted		—			—
Exercised		(39	)		2.54
Forfeited or expired		—			—
Outstanding at May 31, 2019		1,015		$	13.86		5.7	$	1,840
Exercisable at May 31, 2019		660		$	10.67		4.3	$	1,840

Changes in our outstanding restricted stock shares, performance stock units (“PSUs”) and restricted stock units (“RSUs”) during the three months ended May 31, 2019 were as follows (restricted shares, PSUs and RSUs in thousands):

	Number of Restricted Shares, PSUs and RSUs			Weighted Average Grant Date Fair Value		Shares Retained to Cover Statutory Minimum Withholding Taxes
Outstanding at February 28, 2019		1,507		$	19.77
Granted		30			13.42
Vested		(47	)		16.16		16
Forfeited		(58	)		20.56
Outstanding at May 31, 2019		1,432		$	19.69

As of May 31, 2019, there was $22.2 million of total unrecognized stock-based compensation cost related to outstanding nonvested equity awards that is expected to be recognized as an expense over a weighted-average remaining vesting period of 2.9 years.