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Stock Award Plans and Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2014

The following table summarizes stock-based compensation expense by financial statement line item in the Company’s consolidated statements of operations for the fiscal years ended March 31, 2014, 2013 and 2012 (in thousands):


	March 31,
	2014		2013		2012
	(in $000’s)
Cost of product revenue	$	614	$	450	$	282
Research and development		2,347		1,843		1,719
Selling, general and administrative		8,257		7,208		5,772

	$	11,218	$	9,501	$	7,773

Components of Stock-Based Compensation

The components of stock-based compensation for the fiscal years ended March 31, 2014, 2013 and 2012 were as follows (in thousands):


	March 31,
	2014		2013		2012
	(in $000’s)
Restricted stock units	$	8,008	$	5,970	$	2,808
Stock options		2,679		2,680		2,722
Restricted stock		314		653		2,095
Employee stock purchase plan		217		198		148

	$	11,218	$	9,501	$	7,773

Summary of Stock Option Activity

The following table summarized stock option activity for the year ended March 31, 2014:


	Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at beginning of year		4,228		$	11.49		5.37
Granted		336			23.56
Exercised		(1,029	)		9.10
Cancelled and expired		(43	)		18.54

Outstanding at end of year		3,492		$	13.27		4.92	$	44,634

Exercisable at end of year		2,708		$	11.40		3.98	$	39,653

Options vested and expected to vest at end of year		3,401		$	13.17		4.85	$	43,819

Weighted-Average Assumptions Used to Calculate Fair Value of Options Granted

The fair value of options granted during the years ended March 31, 2014, 2013 and 2012 were calculated using the following weighted average assumptions:


	2014			2013			2012
Risk-free interest rate		0.94	%		0.78	%		1.47	%
Expected option life (years)		4.25			4.31			5.19
Expected volatility		51.7	%		56.2	%		53.1	%

Summary of Restricted Stock and Restricted Stock Units Activity

The following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended March 31, 2014:


	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value (per share)
Restricted stock and restricted stock units at beginning of year		1,022		$	18.44
Granted		570			23.34
Vested		(364	)		16.58
Forfeited		(54	)		18.93

Restricted stock and restricted stock units at end of year		1,174		$	21.37

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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