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Stock Award Plans and Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2015

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, 2015, 2014 and 2013 (in thousands):


	March 31,
	2015		2014		2013
	(in $000’s)
Cost of product revenue	$	665	$	614	$	450
Research and development		3,205		2,347		1,843
Selling, general and administrative		12,650		8,257		7,208

	$	16,520	$	11,218	$	9,501

Components of Stock-Based Compensation

The components of stock-based compensation for the fiscal years ended March 31, 2015, 2014 and 2013 were as follows (in thousands):


	March 31,
	2015		2014		2013
	(in $000’s)
Restricted stock units	$	13,524	$	8,008	$	5,970
Stock options		2,708		2,679		2,680
Restricted stock		15		314		653
Employee stock purchase plan		273		217		198

	$	16,520	$	11,218	$	9,501

Summary of Stock Option Activity

The following table summarized stock option activity for the year ended March 31, 2015:


	Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at beginning of year		3,492		$	13.27		4.92
Granted		322			22.83
Exercised		(911	)		11.99
Cancelled and expired		(11	)		18.34

Outstanding at end of year		2,892		$	14.72		5.18	$	164,439

Exercisable at end of year		2,150		$	11.95		4.08	$	128,200

Options vested and expected to vest at end of year		2,827		$	14.52		5.11	$	161,304

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

The fair value of options granted during the years ended March 31, 2015, 2014 and 2013 were calculated using the following weighted average assumptions:


	2015			2014			2013
Risk-free interest rate		1.60	%		0.94	%		0.78	%
Expected option life (years)		4.19			4.25			4.31
Expected volatility		49.3	%		51.7	%		56.2	%

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, 2015:


	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value (per share)
Restricted stock and restricted stock units at beginning of year		1,174		$	21.37
Granted		674			22.07
Vested		(543	)		20.67
Forfeited		(145	)		22.95

Restricted stock and restricted stock units at end of year		1,160		$	21.90

- 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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