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Stock-based compensation
 12 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-based compensation Stock based compensation
Stock plans
The Company grants stock based awards under its 2016 Equity Incentive Award Plan (as amended) (the “2016 Plan”), which replaced its 2014 Equity Incentive Plan (the “2014 Plan”) and became effective immediately prior to the effectiveness of the Company’s registration statement on Form S-1 in September 2016. No grants have made under the 2014 Plan since the Company’s initial public offering and no further awards will be granted thereunder. Any awards outstanding under the 2014 Plan that are forfeited or lapse unexercised will be added to the shares reserved and available for grant under the 2016 Plan. The 2016 Plan permits the grant of incentive stock options, non-statutory stock options, restricted stock and other stock- or cash-based awards to employees, officers, directors, advisors and consultants. The 2016 Plan allows for option grants of the Company’s common stock based on service, performance and market conditions.
In the year ended March 31, 2022, no stock options were issued. As of March 31, 2022, a total of 15,526,003 shares have been authorized for issuance under the 2016 Plan, and 7,802,126 remain available for grant. As of March 31, 2022, there were 913,507 options and awards outstanding under the 2014 Plan that, if forfeited, would increase the number of shares authorized for grant under the 2016 Plan.
Service-based vesting stock options
The following table summarizes the activity for options that vest solely based upon the satisfaction of a service condition as follows:
 Options
outstanding		Weighted-average exercise priceWeighted-average remaining
contractual life
(in years)
Aggregate intrinsic
values
(in thousands) (1)
Balance as of March 31, 20192,575,579 $12.24 
Granted202,560 14.18 
Exercised(334,572)4.08 
Canceled or forfeited(444,014)15.07 
Balance as of March 31, 20201,999,553 13.17 6.8$3,773 
Exercised(337,376)4.36   
Canceled or forfeited(21,196)23.24   
Balance as of March 31, 20211,640,981 14.86 6.1$19,650 
Exercised(93,282)11.19 
Canceled or forfeited(4,200)26.63 
Balance as of March 31, 20221,543,499 $15.05 5.1$16,686 
Exercisable, March 31, 20221,395,444 $15.25 4.9$14,805 
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the Company's closing stock price of $25.83, as reported on the New York Stock Exchange on March 31, 2022.
Additional information relating to service-based options is as follows (in thousands, except per share data):
Year ended March 31,
 202220212020
Stock based compensation expense$924 $1,671 $2,308 
Intrinsic value of options exercised 1,695 5,620 3,580 
Weighted-average grant date fair value
   of options granted (per share) 		$— $— $5.55 
As of March 31, 2022, there was $0.6 million of total unrecognized compensation cost related to service-based stock options, which is expected to be recognized over the remaining weighted-average vesting period of 2.0 years.
The fair value of service-based stock options granted were calculated using the following weighted-average assumptions:
Year ended March 31,
2020
Expected term (in years)6.5
Expected volatility35.57 %
Risk-free interest rate2.07 %
Expected dividend yield— %
No service-based stock options were granted during the years ended March 31, 2022 and March 31, 2021.
The determination of the fair value of stock options on the date of grant using a Black-Scholes option-pricing model is affected by the fair value of the underlying common stock, as well as assumptions regarding a number of variables that are complex,
subjective and generally require significant judgment. The assumptions used in the Black-Scholes option-pricing model to calculate the fair value of stock options were:
Fair value of common stock
The fair value of shares of common stock underlying stock options is based on the closing stock price as quoted on the New York Stock Exchange on the date of grant.
Expected term
The expected term of the options represents the period of time that the options are expected to be outstanding. Options granted have a maximum contractual life of 10 years. Prior to the Company’s initial public offering of its common stock in September 2016, the Company estimated the expected term of the option based on the estimated timing of potential liquidity events. For grants upon or after the initial public offering, the Company estimated the expected term based upon the simplified method described in Staff Accounting Bulletin No. 107, as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded.
Expected volatility
As the Company did not have sufficient trading history for its common stock, the expected stock price volatility for the common stock was estimated by taking the average historic price volatility for industry peers based on daily price observations over a period equivalent to the expected term of the stock option grants. Industry peers consist of several public companies within the same industry, which are of similar size, complexity and stage of development. The Company intends to continue to consistently apply this process using the same or similar public companies until a sufficient amount of historical information regarding the volatility of its own share price becomes available, or unless circumstances change such that the identified companies are no longer similar to the Company, in which case, more suitable companies whose share prices are publicly available would be used in the calculation.
Risk-free interest rate
The risk-free interest rate was based on the U.S. Treasury rate, with maturities similar to the expected term of the options.
Expected dividend yield
The Company does not anticipate paying any dividends in the foreseeable future. As such, the Company uses an expected dividend yield of zero.
Performance-based and market-based vesting stock options
The following table summarizes the activity for options that vest based upon the satisfaction of performance or market conditions as follows:
Options
outstanding		Weighted-average exercise price Weighted-average remaining
contractual life
(in years)
Aggregate intrinsic
values
(in thousands) (1)
Balance as of March 31, 20191,323,432 $7.96 
Exercised(53,100)2.40 
Canceled or forfeited(17,400)26.84 
Balance as of March 31, 20201,252,932 7.97 5.0$7,487 
Exercised(144,340)1.89 
Balance as of March 31, 20211,108,592 8.72 4.0$20,077 
Exercised(104,265)2.24   
Balance as of March 31, 20221,004,327 9.40 3.0$16,809 
Exercisable, March 31, 2022804,327 $5.06 2.6$16,809 
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the Company's closing stock price of $25.83, as reported on the New York Stock Exchange on March 31, 2022.
As of March 31, 2022, there was no further unrecognized compensation cost related to performance-based and market-based vesting stock options.

Additional information relating to options that vest based upon the satisfaction of performance or market conditions is as follows (in thousands, except per share data):
Year ended March 31,
202220212020
Stock based compensation expense$— $— $— 
Intrinsic value of options exercised2,921 3,117 $609 
Weighted-average grant date fair value
   of options granted (per share) 		$— $— $— 
In February 2017, the Company granted options that vest based upon the achievement of specified stock prices. The fair values and derived service periods were determined using a Monte Carlo simulation model. If the awards vest prior to the end of the derived service period, the remaining unamortized compensation cost will be recognized in the period of vesting.
Restricted stock
The following table summarizes the activities for restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) as follows:
 Shares of restricted stock outstandingWeighted-average grant date fair value
Balance as of March 31, 20192,786,398 $13.26 
Granted 673,461 14.26 
Vested(762,818)15.97 
Canceled or forfeited(385,273)12.66 
Balance as of March 31, 20202,311,768 12.86 
Granted1,206,870 17.45 
Vested(1,044,052)13.97 
Canceled or forfeited(184,971)14.19 
Balance as of March 31, 20212,289,615 14.67 
Granted1,103,890 27.62 
Vested(926,250)14.50 
Canceled or forfeited(191,513)16.67 
Balance as of March 31, 20222,275,742 $20.85 
As of March 31, 2022, there were 719,457 unvested shares subject to RSAs outstanding. Additional information relating to RSAs and RSUs is as follows (in thousands):
Year ended March 31,
 202220212020
Stock based compensation expense$18,722 $18,012 $13,181 
Intrinsic value of restricted stock released$25,621 $24,328 $12,448 
As of March 31, 2022, there was $33.4 million of total unrecognized compensation cost related to unvested RSAs and RSUs, which is expected to be recognized over the remaining weighted-average vesting period of 2.0 years. Stock based compensation expense related to restricted stock for the year ended March 31, 2022 of $0.3 million and $18.4 million were reported in cost of sales and selling, general and administrative expense in the Company’s consolidated statements of
operations and comprehensive income, respectively. Stock based compensation expense related to restricted stock for the year ended March 31, 2021 of $0.2 million and $17.8 million were reported in cost of sales and selling, general and administrative expense in the Company’s consolidated statements of operations and comprehensive income, respectively.Stock compensation expense for the year ended March 31, 2020 was reported in selling, general and administrative expenses in the Company's consolidated statements of comprehensive income.