XML 90 R17.htm IDEA: XBRL DOCUMENT v3.19.3
COMPENSATION
 6 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
COMPENSATION COMPENSATION

Stock-based Compensation

The Company recognizes the grant-date fair value of stock-based compensation as compensation expense using the straight-line attribution approach over the service period for which the stock-based compensation is expected to vest. The following table summarizes the amount of stock-based compensation included in the condensed consolidated statements of operations:
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
(in thousands)
 
2019
 
2018
 
2019
 
2018
 
Cost of revenues
 
$
997

 
$
1,073

 
$
1,975

 
$
2,036

 
 
 
 
 
 
 
 
 
 
 
Research, development, and engineering
 
4,213

 
2,768

 
7,932

 
4,990

 
Selling, general, and administrative
 
9,483

 
6,999

 
17,690

 
11,964

 
Stock-based compensation included in operating expenses
 
13,696

 
9,767

 
25,622

 
16,954

 
Total stock-based compensation
 
14,693

 
10,840

 
27,597

 
18,990

 
Income tax benefit
 
(3,147
)
 
(2,227
)
 
(3,143
)
 
(5,981
)
 
Total stock-based compensation, net of tax
 
$
11,546

 
$
8,613

 
$
24,454

 
$
13,009

 


Long Term Incentive Plan

Prior to the Acquisition of Polycom, certain Polycom employees were granted incentive rights under the Polycom, Inc. 2016 Long-Term Incentive Plan (“2016 LTIP”).  As of the date of Acquisition, Plantronics assumed the role of payer to participants of the 2016 LTIP through its payroll but is indemnified by Triangle for obligations under the 2016 LTIP.  The Acquisition accelerated vesting under the 2016 LTIP at 75% of awards held by participants in service as of that date and triggered an initial amount due to such participants. The cash purchase price of the Acquisition was reduced by this initial obligation. The remaining 25% of awards vested upon the one-year anniversary of the Acquisition and was paid in the second quarter of Fiscal Year 2020. Future distributions to its parents of cash made available to Triangle from the release of escrow amounts or the sale of shares issued in the transaction would trigger further compensation due to incentive rights holders under the plan. The Company is indemnified for any obligations in excess of the reduction to purchase price. Any future payments above the initial obligation under the 2016 LTIP require Triangle to fund the Company in order to pay participants for any amount in excess of the purchase price reduction.