Share Based Compensation

12 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Performance-Based Restricted Stock Units. Our Board of Directors has approved a performance-based equity compensation arrangement for our executive officers. This performance-based arrangement provides for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common shares based on our pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer will be determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 70,859 shares in the aggregate for fiscal 2024. The restricted shares issued, if any, will fully vest two years after the end of the fiscal year on which the performance is based. We record the compensation expense for the outstanding performance share units and then-converted restricted stock over the life of the awards.

The following table represents the restricted stock activity for fiscal 2022, 2023, and 2024:


	Shares	Weighted- Average Grant Date Fair Value
Outstanding at beginning of fiscal 2022	239,120	$	17.94
Granted	111,618	31.74
Vested	(123,002)	17.25
Forfeited	(13,258)	18.69
Outstanding at end of fiscal 2022	214,478	$	25.48
Granted	88,524	38.31
Vested	(102,860)	18.69
Forfeited	(10,884)	34.68
Outstanding at end of fiscal 2023	189,258	$	34.64
Granted	61,819	43.06
Vested	(105,600)	31.74

Outstanding at end of fiscal 2024	145,477	$	40.33

We recorded compensation expense on performance-based restricted stock of approximately $3.7 million for fiscal 2024, $2.8 million for fiscal 2023 and $2.9 million for fiscal 2022, substantially all of which was recorded in SG&A expense in the Consolidated Statements of Income. The total fair value of performance-based restricted stock units vested was $3.4 million in fiscal 2024, $1.9 million in fiscal 2023 and $2.1 million in fiscal 2022.

Until the performance-based restricted stock units result in the issuance of restricted stock, the amount of expense recorded each period is dependent upon our estimate of the number of shares that will ultimately be issued and our then current common share price. Upon issuance of restricted stock, we record compensation expense over the remaining vesting period using the award date closing price. Unrecognized compensation expense related to non-vested restricted stock and non-vested restricted share units as of March 31, 2024 was $4.5 million and is expected to be recognized over a weighted average period of 1.2 years.

Restricted Stock Awards. As part of their retainer, our directors, other than the Chief Executive Officer, receive restricted stock for their Board services. The restricted stock awards are expensed over a one-year vesting period, based on the market value on the date of grant.

The following table represents the Board’s restricted stock activity for fiscal 2022, 2023, and 2024:


	Shares	Weighted- Average Grant Date Fair Value
Outstanding at beginning of fiscal 2022	11,228	$	25.60
Granted	10,287	32.80
Vested	(11,228)	25.60

Outstanding at end of fiscal 2022	10,287	$	32.80
Granted	12,565	38.98
Vested	(10,287)	32.80

Outstanding at end of fiscal 2023	12,565	$	38.98
Granted	10,647	46.00
Vested	(12,565)	38.98

Outstanding at end of fiscal 2024	10,647	$	46.00

Annual expense related to the value of restricted stock was $0.5 million in fiscal 2024, $0.4 million in fiscal 2023, and $0.3 million in fiscal 2022, and was recorded in SG&A expense in the Consolidated Statements of Income. Unrecognized compensation expense related to non-vested restricted stock awards as of March 31, 2024 was $0.2 million and is expected to be recognized over a weighted average period of 0.3 years.