Share-based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of share-based compensation expense

The following table summarizes the share-based compensation expense for SSARs, restricted and performance awards included in the Consolidated Statements of Operations for fiscal 2022, 2021 and 2020:

	Year Ended March 31,
(In thousands)	2022		2021		2020
Product development		8,186		21,634		2,241
Sales and marketing		1,355		4,254		321
General and administrative		5,008		14,206		2,643
Total share-based compensation expense		14,549		40,093		5,205

Schedule of principal assumptions utilized in valuing service condition SARs

We use a Black-Scholes-Merton option pricing model to estimate the fair value of service condition SSARs. There were no service condition SSARs granted in fiscal 2022. The following table summarizes the principal assumptions utilized in valuing service condition SSARs granted in fiscal 2021 and 2020:

	2021			2020
Risk-free interest rate		0.31	%	1.38%-1.74%
Expected life (in years)	4			4.5-5
Expected volatility		42.99	%	31.7%-32.42%
Weighted-average grant date fair value	$	22.57		$	10.01

We use a Lattice option pricing model to estimate the fair value of market condition SSARs. There were no market condition SSARs granted in fiscal 2022. The following table summarizes the principal valuation assumptions utilized and the resulting fair value of market condition SSARs granted in fiscal 2021 and 2020:

	2021			2020
Risk-free interest rate over contractual term		0.60	%		1.40	%
Expected volatility		40.00	%		31.70	%
Suboptimal exercise factor	2.50x			3.0x
Weighted-average grant date fair value	$	19.55		$	9.60

Activity related SSARs award

The following table summarizes the activity during fiscal 2022 for SSARs awarded under the 2020 and 2016 Plans:

(In thousands, except share and per share data)	Number of Rights			Weighted- Average Exercise Price		Remaining Contractual Term		Aggregate Intrinsic Value
				(per right)		(in years)
Outstanding at April 1, 2021		3,068,253		$	20.90
Granted		—			—
Exercised		(839,068	)		12.86
Forfeited		(55,599	)		20.02
Cancelled/expired		(647	)		14.22
Outstanding at March 31, 2022		2,172,939		$	24.02		4.4	$	34,454
Exercisable at March 31, 2022		1,462,262		$	23.75		4.3	$	23,590
Vested and expected to vest at March 31, 2022		2,172,939		$	24.02		4.4	$	34,454

The following table presents additional information related to SSARs activity during fiscal 2022, 2021 and 2020:

(In thousands)	2022		2021		2020
Compensation expense	$	10,030	$	35,808	$	1,666
Total intrinsic value of SSARs exercised	$	34,437	$	25,153	$	519
Total fair value of SSARs vesting	$	6,439	$	31,380	$	1,328

Activity related to restricted shares awarded by the Company

The following table summarizes the activity during the twelve months ended March 31, 2022 for restricted shares awarded under the 2020 and 2016 Plans:

	Number of Shares			Weighted- Average Grant- Date Fair Value
				(per share)
Outstanding at April 1, 2021		132,198		$	37.67
Granted		123,543			43.69
Vested		(96,214	)		36.74
Forfeited		(10,614	)		38.92
Outstanding at March 31, 2022		148,913		$	43.56

Restricted stock award activity

The following table presents additional information related to restricted share activity during fiscal years 2022, 2021, and 2020:

(In thousands)	2022		2021		2020
Compensation expense	$	4,339	$	4,105	$	3,232
Total fair value of restricted share vesting	$	3,297	$	7,554	$	3,491

Restricted Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of principal assumptions utilized in valuing service condition SARs

We use a Lattice option pricing model to estimate the fair value of restricted shares subject to a market condition. There were no restricted shares subject to a market condition granted in fiscal 2021 or 2020. The following table summarizes the principal valuation assumptions utilized and the resulting fair value of restricted shares subject to a market condition granted in fiscal 2022:

	2022
Risk-free interest rate over contractual term	0.5% - 0.9%
Expected volatility	54.0% - 56.0%
Weighted-average grant date fair value	$24.77 - $39.12