Deferred Stock Units
DSU activity for Fiscal 2014 was as follows:
Weighted Average
Grant Date
Fair Value
DSUs Outstanding
179,286
Outstanding at March 31, 2013
Granted
Issued
Forfeited
15.40
29,609
23.41
—
—
—
Outstanding at March 31, 2014(1)
(1)
$
208,895
—
$
16.54
Of the 208,895 DSUs outstanding at March 31, 2014, 197,993 were vested but not issued. The DSUs are not issued until the director holding such DSUs
retires from the Board.
Restricted Stock Units
RSU activity for Fiscal 2014 was as follows:
Weighted Average
Grant Date Fair Value
per RSU
RSUs Outstanding
238,816
Outstanding at March 31, 2013
Granted
$
145,188
Vested and issued
39.43
(158,628)
Forfeited
—
(2,100)
223,276
Outstanding at March 31, 2014
4.09
33.65
$
26.78
The outstanding RSUs vest based either on meeting certain performance and market conditions or based on the satisfaction of
service requirements. In Fiscal 2014, 158,628 RSUs vested upon achieving one of the conditions related to the trading price of
our common stock. We recognized $30,000 of additional compensation expense included in research, technology and innovation
costs in our Consolidated Statements of Operations and capitalized $19,000 included in property, plant and equipment, net, in
accordance with our policies relating to Capitalized Software as described in Note 2 , as the awards vested prior to the completion
of the initially estimated requisite service period. In conjunction with the issuance of shares in settlement of these RSUs, we
withheld 64,590 shares in Fiscal 2014 to pay the associated withholding taxes on behalf of the employees.
In November 2011, Mr. Livek’s and Mr. Chemerow’s employment agreements were amended to extend the terms of the agreements
and to modify the termination related provisions under certain circumstances. The fair value of the modifications to the RSU
awards was estimated to be $0.6 million, based on a Monte Carlo simulation, and was recognized over the requisite service period.
In October 2012, the expiration date of a RSU award granted to an executive officer was extended by two years. The fair value
of the modification to the RSU award was $0.4 million, based on a Monte Carlo simulation, and was recognized over the requisite
service period.
Stock-Settled Stock Appreciation Rights
SSARs activity for Fiscal 2014 was as follows:
Weighted Average
Base Price
SSARs Outstanding
75,000
Outstanding at March 31, 2013
$
14.50
Weighted Average
Grant Date per SSAR
Fair Value
$
5.33
Granted
—
—
—
Issued
—
—
—
Forfeited
—
—
—
75,000
Outstanding at March 31, 2014
55
$
14.50
$
5.33