Description of Stock Plans (Tables)
|
9 Months Ended |
Dec. 31, 2015 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Summary of Options Granted |
The following table summarizes stock option activity for the Stock Plans for the periods or as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Shares
|
|
Weighted-Average
Exercise Price (per share)
|
|
Weighted-Average
Remaining Contractual
Life (in years)
|
|
Aggregate Intrinsic
Value (in thousands)
|
Options Outstanding, March 31, 2015 |
|
5,789,758 |
|
|
$ |
4.65 |
|
|
8.35 |
|
$ |
1,319 |
|
Granted |
|
426,400 |
|
|
|
|
|
|
|
Forfeited/Canceled |
|
(679,267 |
) |
|
|
|
|
|
|
Exercised |
|
(3,666 |
) |
|
|
|
|
|
|
Options Outstanding, June 30, 2015 |
|
5,533,225 |
|
|
$ |
4.74 |
|
|
8.18 |
|
$ |
899 |
|
Granted |
|
790,500 |
|
|
|
|
|
|
|
Forfeited/Canceled |
|
(270,209 |
) |
|
|
|
|
|
|
Exercised |
|
(59,541 |
) |
|
|
|
|
|
|
Options Outstanding, September 30, 2015 |
|
5,993,975 |
|
|
$ |
4.53 |
|
|
8.15 |
|
$ |
217 |
|
Granted |
|
2,119,750 |
|
|
|
|
|
|
|
Forfeited/Canceled |
|
(268,957 |
) |
|
|
|
|
|
|
Exercised |
|
(3,476 |
) |
|
|
|
|
|
|
Options Outstanding, December 31, 2015 |
|
7,841,292 |
|
|
$ |
3.74 |
|
|
8.43 |
|
$ |
124 |
|
Vested and expected to vest (net of estimated forfeitures) at December 31, 2015 (a)
|
|
6,033,530 |
|
|
$ |
4.03 |
|
|
8.19 |
|
$ |
124 |
|
Exercisable, December 31, 2015 |
|
2,570,806 |
|
|
$ |
5.73 |
|
|
7.10 |
|
$ |
101 |
|
|
|
(a) |
For options vested and expected to vest, options exercisable, and options outstanding, the aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between Digital Turbine's closing stock price on December 31, 2015 and the exercise price multiplied by the number of in-the-money options) that would have been received by the option holders, had the holders exercised their options on December 31, 2015. The intrinsic value changes based on changes in the price of the Company's common stock.
|
|
| Exercise Price for Options Outstanding and Options Exercisable |
Information about options outstanding and exercisable at December 31, 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
Options Exercisable |
|
|
Number of |
|
Weighted-Average
Exercise
|
|
Weighted-Average
Remaining
|
|
Number of |
|
Weighted-Average
Exercise
|
Exercise Price |
|
Shares |
|
Price |
|
Life (in years) |
|
Shares |
|
Price |
$0.00 - 0.50 |
|
8,065 |
|
|
$ |
0.24 |
|
|
4.24 |
|
8,065 |
|
|
$ |
0.24 |
|
$0.51 - 1.00 |
|
168,981 |
|
|
$ |
0.65 |
|
|
6.66 |
|
134,058 |
|
|
$ |
0.64 |
|
$1.01 - 1.50 |
|
1,644,125 |
|
|
$ |
1.43 |
|
|
7.75 |
|
— |
|
|
$ |
— |
|
$1.51 - 2.00 |
|
440,500 |
|
|
$ |
1.51 |
|
|
9.85 |
|
9,514 |
|
|
$ |
1.51 |
|
$2.01 - 2.50 |
|
253,776 |
|
|
$ |
2.43 |
|
|
5.08 |
|
153,776 |
|
|
$ |
2.40 |
|
$2.51 - 3.00 |
|
1,283,890 |
|
|
$ |
2.62 |
|
|
8.81 |
|
513,551 |
|
|
$ |
2.66 |
|
$3.51 - 4.00 |
|
1,863,729 |
|
|
$ |
3.93 |
|
|
8.94 |
|
558,295 |
|
|
$ |
3.94 |
|
$4.01 - 4.50 |
|
1,648,226 |
|
|
$ |
4.20 |
|
|
7.97 |
|
702,922 |
|
|
$ |
4.22 |
|
$4.51 - 5.00 |
|
60,000 |
|
|
$ |
4.65 |
|
|
7.24 |
|
55,000 |
|
|
$ |
4.65 |
|
$5.01 and over |
|
470,000 |
|
|
$ |
16.32 |
|
|
3.01 |
|
435,625 |
|
|
$ |
17.14 |
|
|
|
7,841,292 |
|
|
|
|
|
|
2,570,806 |
|
|
|
|
| Schedule of Intrinsic Value of stock option |
Other information pertaining to stock options for the Stock Plans for the nine months ended, as stated in the table below, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2015 |
|
2014 |
Total fair value of options vested |
|
$ |
4,050 |
|
|
$ |
2,636 |
|
Total intrinsic value of options exercised (a)
|
|
$ |
3 |
|
|
$ |
— |
|
|
|
(a) |
The total intrinsic value of options exercised represents the total pre-tax intrinsic value (the difference between the stock price at exercise and the exercise price multiplied by the number of options exercised) that was received by the option holders who exercised their options during the nine months ended December 31, 2015. No options were exercised during the nine months ended December 31, 2014.
|
|
| Fair Value of Options Granted Using the Black-Scholes Option-Pricing Model |
The assumptions utilized in this model during December 31, 2015 and 2014 are presented below.
|
|
|
|
|
|
|
|
December 31, |
|
|
2015 |
|
2014 |
Risk-free interest rate |
|
1.37% to 1.99% |
|
1.36% to 1.71% |
Expected life of the options |
|
5.73 to 6.5 years |
|
5.27 to 6 years |
Expected volatility |
|
102% to 145% |
|
150% to 155% |
Expected dividend yield |
|
—% |
|
—% |
Expected forfeitures |
|
10% to 35% |
|
10% to 35% |
|