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Share-based Compensation (Tables)
 12 Months Ended
Mar. 31, 2023
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 grants included in the Consolidated Statements of Operations for fiscal 2023, 2022 and 2021:

 

 

Year Ended March 31,

 

(In thousands)

2023

 

 

2022

 

 

2021

 

Product development

 

7,987

 

 

 

8,186

 

 

 

21,634

 

Sales and marketing

 

1,044

 

 

 

1,355

 

 

 

4,254

 

General and administrative

 

3,927

 

 

 

5,008

 

 

 

14,206

 

Total share-based compensation expense

 

12,958

 

 

 

14,549

 

 

 

40,093

 
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 2023 or 2022. The following table summarizes the principal assumptions utilized in valuing service condition SSARs granted in fiscal 2021:

 

 

 

2021

 

Risk-free interest rate

 

 

0.31

%

Expected life (in years)

 

4

 

Expected volatility

 

 

42.99

%

Weighted-average grant date fair value

 

$

22.57

 

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 2023 or 2022. The following table summarizes the principal valuation assumptions utilized and the resulting fair value of market condition SSARs granted in fiscal 2021:

 

 

 

2021

 

Risk-free interest rate over contractual term

 

 

0.60

%

Expected volatility

 

 

40.00

%

Suboptimal exercise factor

 

2.50x

 

Weighted-average grant date fair value

 

$

19.55

 
Activity related SSARs award

The following table summarizes the activity during fiscal 2023 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, 2022

 

 

2,172,939

 

 

$

24.02

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(573,016

)

 

 

18.70

 

 

 

 

 

 

 

Forfeited

 

 

(27,463

)

 

 

20.02

 

 

 

 

 

 

 

Cancelled/expired

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding at March 31, 2023

 

 

1,572,460

 

 

$

26.04

 

 

 

3.2

 

 

$

88,804

 

Exercisable at March 31, 2023

 

 

1,572,460

 

 

$

26.04

 

 

 

3.2

 

 

$

88,804

 

Vested and expected to vest at March 31, 2023

 

 

1,572,460

 

 

$

26.04

 

 

 

3.2

 

 

$

88,804

 

The following table presents additional information related to SSARs activity during fiscal 2023, 2022 and 2021:

 

(In thousands)

 

2023

 

 

2022

 

 

2021

 

Compensation expense

 

$

3,188

 

 

$

10,030

 

 

$

35,808

 

Total intrinsic value of SSARs exercised

 

$

28,025

 

 

$

34,437

 

 

$

25,153

 

Total fair value of SSARs vesting

 

$

13,037

 

 

$

6,439

 

 

$

31,380

 
Activity related to restricted shares awarded by the Company The following table summarizes the activity during the twelve months ended March 31, 2023 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, 2022

 

 

147,973

 

 

$

43.56

 

Granted

 

 

342,761

 

 

 

48.77

 

Vested

 

 

(71,751

)

 

 

45.73

 

Forfeited

 

 

(11,659

)

 

 

45.35

 

Outstanding at March 31, 2023

 

 

407,324

 

 

$

47.53

 
Restricted stock activity

The following table presents additional information related to restricted share activity during fiscal years 2023, 2022, and 2021:

 

(In thousands)

 

2023

 

 

2022

 

 

2021

 

Compensation expense

 

$

9,274

 

 

$

4,339

 

 

$

4,105

 

Total fair value of restricted share vesting

 

$

2,952

 

 

$

3,297

 

 

$

7,554

 
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 2023 or 2021. 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

 
Restricted Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of principal assumptions utilized in valuing service condition SARs The following table summarizes the principal valuation assumptions utilized and the resulting fair value of restricted stock units subject to a market condition granted in fiscal 2023:

 

 

 

2023

 

Risk-free interest rate over contractual term

 

 

4.3

%

Expected volatility

 

 

54.0

%

Weighted-average grant date fair value

 

$60.02 - $65.89

 

 
Activity related to restricted shares awarded by the Company The following table summarizes the activity during the twelve months ended March 31, 2023 for restricted stock units awarded under the 2020 Plan:

 

 

 

Number
of Shares

 

 

Weighted-
Average
Grant-
Date Fair
Value

 

 

 

 

 

 

(per share)

 

Outstanding at April 1, 2022

 

 

—

 

 

$

—

 

Granted

 

 

67,856

 

 

 

71.62

 

Vested

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at March 31, 2023

 

 

67,856

 

 

$

71.62

 
Restricted stock activity

The following table presents additional information related to restricted stock unit activity during fiscal 2023:

(In thousands)

 

2023

 

Compensation expense

 

$

136

 

Total fair value of restricted stock unit vesting

 

$

—