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Stockholders' Equity (Tables)
 9 Months Ended
Dec. 31, 2022
Stockholders Equity Note [Abstract]  
Schedule of Stock-Based Compensation Expense

The following table summarizes total share-based compensation expense included in the condensed consolidated statements of net income and comprehensive income for the three and nine months ended December 31, 2022 and 2021:

 

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

$

749

 

 

$

561

 

 

$

2,263

 

 

$

1,619

 

Research and development costs

 

1,651

 

 

 

1,229

 

 

 

4,889

 

 

 

3,382

 

Selling, general and administrative

 

6,663

 

 

 

5,260

 

 

 

19,364

 

 

 

13,684

 

Total share-based compensation

 

9,063

 

 

 

7,050

 

 

 

26,516

 

 

 

18,685

 

Income tax benefit

 

(2,153

)

 

 

(1,704

)

 

 

(6,276

)

 

 

(4,437

)

Decrease in net income

$

6,910

 

 

$

5,346

 

 

$

20,240

 

 

$

14,248

 

 
Summary of Stock Option Activity

The following table summarizes the stock option transactions during the nine months ended December 31, 2022:

 

 

 

 

 

 

Weighted-

 

 

Weighted-

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Intrinsic

 

 

 

Number of

 

 

Price

 

 

Contractual

 

 

Value

 

 

 

Shares

 

 

per Share

 

 

Life (years)

 

 

(in thousands)

 

Outstanding, March 31, 2022

 

 

1,453,739

 

 

$

14.80

 

 

 

2.9

 

 

$

8,886

 

Exercised

 

 

(251,676

)

 

 

14.17

 

 

 

1.9

 

 

 

1,504

 

Expired

 

 

(2,000

)

 

 

15.99

 

 

 

 

 

 

 

Outstanding, December 31, 2022

 

 

1,200,063

 

 

$

14.93

 

 

 

2.1

 

 

$

4,666

 

Vested and expected to vest, December 31, 2022

 

 

1,200,063

 

 

$

14.93

 

 

 

2.1

 

 

$

4,666

 

Exercisable, December 31, 2022

 

 

1,200,063

 

 

$

14.93

 

 

 

2.1

 

 

$

4,666

 
Schedule of Employee Stock Options and Performance Based Awards by Non-vested Stock Options

Non-vested stock option award activity during the nine months ended December 31, 2022 is summarized as follows:

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant-Date

 

 

 

Number of

 

 

Fair Value

 

 

 

Shares

 

 

per Share

 

Outstanding, March 31, 2022

 

 

50,382

 

 

$

6.98

 

Vested

 

 

(50,382

)

 

 

6.98

 

Outstanding, December 31, 2022

 

 

-

 

 

$

-

 
Summary of Restricted Stock Awards Activity

Restricted stock awards activity during the nine months ended December 31, 2022 is summarized as follows:

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant-Date

 

 

 

Number of

 

 

Fair Value

 

 

 

Shares

 

 

per Share

 

Outstanding, March 31, 2022

 

 

3,242,763

 

 

$

15.30

 

Granted

 

 

1,811,454

 

 

 

18.23

 

Vested

 

 

(1,350,719

)

 

 

15.43

 

Canceled

 

 

(220,569

)

 

 

16.62

 

Outstanding, December 31, 2022

 

 

3,482,929

 

 

$

16.69