8. Stock-Based Compensation
|9 Months Ended|
Dec. 31, 2017
|Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]|
On April 1, 2017, the Company adopted ASU 2016-09 and, as a result, made a Company-wide accounting policy change with respect to accounting for forfeitures. The Company applied a modified retrospective approach for adoption of the new policy and accordingly recorded an $11,000 increase to opening accumulated deficit at April 1, 2017. In accordance with the adoption of the accounting policy, the Company no longer estimates forfeitures based on historical experience and no longer reduces compensation expense based on the expected forfeitures. Beginning April 1, 2017, the Company will record forfeitures as they occur and will reduce compensation cost at the time of forfeiture.
The weighted average grant date fair values of options granted during the nine months ended December 31, 2017 was $6.01.
Share-based awards compensation expense is as follows:
At December 31, 2017, there were unrecognized compensation costs of $2,636,000 related to stock options which is expected to be recognized over a weighted-average amortization period of 2.20 years.
At December 31, 2017, there were unrecognized compensation costs of $178,000 related to restricted stock which is expected to be recognized over a weighted-average amortization period of 1.66 years.
Stock-Based Award Activity
On April 1, 2017, pursuant to “evergreen” provisions in the 2011 Stock Incentive Plan and the 2016 Stock Incentive Plan, the number of shares authorized for issuance in the 2011 Plan increased by 643,383 shares and the number of shares authorized for issuance in the 2016 Plan increased by 343,137 shares.
Stock options award activity is as follows:
The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock, or $5.45 per share at December 31, 2017.
Restricted stock award activity is as follows:
No income tax benefit has been recognized relating to stock-based compensation expense and no tax benefits have been realized from exercised stock options.
The Company did not capitalize any cost associated with stock-based compensation.
The Company issues new shares of common stock upon exercise of stock options or release of restricted stock awards.
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
Reference 1: http://www.xbrl.org/2003/role/presentationRef