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Stockholders' Equity (Tables)
 12 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Stock-Based Compensation Expense

The following table summarizes total share-based compensation expense included in the consolidated statements of net income and comprehensive income for the fiscal years ended March 31, 2023, 2022 and 2021:

 

Fiscal Year Ended March 31,

 

 

2023

 

 

2022

 

 

2021

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of revenue

$

3,082

 

 

$

2,183

 

 

$

1,991

 

Research and development costs

 

4,243

 

 

 

4,508

 

 

 

4,036

 

Selling, general and administrative

 

26,133

 

 

 

19,861

 

 

 

16,683

 

Total share-based compensation

 

33,458

 

 

 

26,552

 

 

 

22,710

 

Income tax benefit

 

(7,641

)

 

 

(6,221

)

 

 

(5,415

)

Decrease in net income

$

25,817

 

 

$

20,331

 

 

$

17,295

 
Summary of Stock Option Activity

The following table summarizes the stock option transactions during the years ended March 31, 2023, 2022, and 2021:

 

 

 

 

 

Weighted-

 

 

Weighted-

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Intrinsic

 

 

 

Number of

 

 

Price

 

 

Contractual

 

 

Value

 

 

Shares

 

 

per Share

 

 

Life (years)

 

 

(in thousands)

 

Outstanding, March 31, 2020

 

 

3,001,350

 

 

 

14.83

 

 

 

4.7

 

 

$

—

 

Exercised

 

 

(116,916

)

 

 

16.21

 

 

 

3.3

 

 

$

303

 

Forfeited/Canceled

 

 

(47,350

)

 

 

18.58

 

 

 

3.7

 

 

 

 

Expired

 

 

(46,000

)

 

 

29.17

 

 

 

 

 

 

 

Outstanding, March 31, 2021

 

 

2,791,084

 

 

$

14.47

 

 

 

3.7

 

 

$

10,303

 

Exercised

 

 

(1,248,525

)

 

 

13.76

 

 

 

2.7

 

 

$

2,638

 

Forfeited/Canceled

 

 

(32,320

)

 

 

19.51

 

 

 

3.0

 

 

 

 

Expired

 

 

(56,500

)

 

 

18.85

 

 

 

 

 

 

 

Outstanding, March 31, 2022

 

 

1,453,739

 

 

$

14.80

 

 

 

2.9

 

 

$

8,886

 

Exercised

 

 

(300,926

)

 

 

14.57

 

 

 

1.6

 

 

$

1,623

 

Forfeited/Canceled

 

 

(20,000

)

 

 

21.27

 

 

 

 

 

 

 

Expired

 

 

(2,000

)

 

 

15.99

 

 

 

 

 

 

 

Outstanding, March 31, 2023

 

 

1,130,813

 

 

$

14.75

 

 

 

1.7

 

 

$

3,011

 

Vested and expected to vest, March 31, 2023

 

 

1,130,813

 

 

$

14.75

 

 

 

1.7

 

 

$

3,011

 

Exercisable, March 31, 2023

 

 

1,130,813

 

 

$

14.75

 

 

 

1.7

 

 

$

3,011

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

Non-vested stock option award activity during the years ended March 31, 2023, 2022, and 2021 is summarized as follows:

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant-Date

 

 

 

Number of

 

 

Fair Value

 

 

 

Shares

 

 

per Share

 

Outstanding, March 31, 2020

 

 

1,091,672

 

 

$

5.67

 

Vested

 

 

(605,433

)

 

 

5.40

 

Forfeited/Canceled

 

 

(26,900

)

 

 

6.80

 

Outstanding, March 31, 2021

 

 

459,339

 

 

$

5.96

 

Vested

 

 

(391,457

)

 

 

5.74

 

Forfeited/Canceled

 

 

(17,500

)

 

 

7.96

 

Outstanding, March 31, 2022

 

 

50,382

 

 

$

6.98

 

Vested

 

 

(50,382

)

 

 

6.98

 

Outstanding, March 31, 2023

 

 

—

 

 

$

—

 

 
Summary of Restricted Stock Awards Activity

Restricted stock awards activity during the years ended March 31, 2023, 2022, and 2021 is summarized as follows:

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant-Date

 

 

 

Number of

 

 

Fair Value

 

 

 

Shares

 

 

per Share

 

Outstanding, March 31, 2020

 

 

2,312,780

 

 

$

16.74

 

Granted

 

 

1,222,863

 

 

 

12.04

 

Vested

 

 

(1,053,792

)

 

 

16.22

 

Canceled

 

 

(218,282

)

 

 

15.30

 

Outstanding, March 31, 2021

 

 

2,263,569

 

 

$

14.58

 

Granted

 

 

2,391,578

 

 

 

15.87

 

Vested

 

 

(1,109,520

)

 

 

15.17

 

Canceled

 

 

(302,864

)

 

 

14.94

 

Outstanding, March 31, 2022

 

 

3,242,763

 

 

$

15.30

 

Granted

 

 

1,840,211

 

 

 

18.23

 

Vested

 

 

(1,479,453

)

 

 

15.45

 

Canceled

 

 

(306,009

)

 

 

16.82

 

Outstanding, March 31, 2023

 

 

3,297,512

 

 

$

16.72