Stock-Based Compensation Expense |
3 Months Ended |
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Jun. 30, 2015 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Stock-Based Compensation Expense |
Stock-Based Compensation Expense
Our board of directors has adopted and the shareholders have approved two stock option award plans. The 2010 Thermon Group Holdings, Inc. Restricted Stock and Stock Option Plan (“2010 Plan”) was approved on July 28, 2010. The 2010 Plan authorized the issuance of 2,767,171 stock options or restricted shares (on a post-stock split basis). On April 8, 2011, the board of directors approved the Thermon Group Holdings, Inc. 2011 Long-Term Incentive Plan (“2011 LTIP”). The 2011 LTIP made available 2,893,341 shares of the Company’s common stock that may be awarded to employees, directors or non-employee contractors as compensation in the form of stock options, restricted stock awards or restricted stock units.
At June 30, 2015, there were 455,282 options outstanding. For the three months ended June 30, 2015 and 2014, stock compensation expense was $875 and $556, respectively.
During the three months ended June 30, 2015, 18,000 restricted stock units were issued to our employees with a grant date fair value of $432 as determined by the closing price of our stock on the date of the grants. The awards will be expensed on a straight-line basis over the service periods which range from one to three years. At each anniversary of the restricted stock unit's grant date, a proportionate number of stock units will become vested for the employees and the shares will become issued and outstanding.
In fiscal 2015, we established a plan to issue our directors awards of fully vested common stock every three months for a total award over a twelve-month period of approximately $385. During the three months ended June 30, 2015, 3,990 fully vested common shares with a grant date fair value of $96 were issued to our directors. The grant date fair values were determined by the closing price of our common stock on the date of issuance. The fair value of the awards will be expensed on each issuance date. Our directors were not issued any shares of common stock during the three months ended June 30, 2014 as the plan was not yet established.
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