COMPENSATION

9 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

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 December 31,						Nine Months Ended December 31,
(in thousands)	2019			2018			2019			2018
Cost of revenues	$	1,019		$	1,067		$	2,994		$	3,103

Research, development, and engineering	4,584			2,887			12,516			7,877
Selling, general, and administrative	8,299			7,765			25,989			19,729
Stock-based compensation included in operating expenses	12,883			10,652			38,505			27,606
Total stock-based compensation	13,902			11,719			41,499			30,709
Income tax benefit	(2,798		)	(1,624		)	(5,941		)	(7,605		)
Total stock-based compensation, net of tax	$	11,104		$	10,095		$	35,558		$	23,104

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.