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Share-based Compensation (Tables)
 12 Months Ended
Mar. 31, 2024
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 shares, restricted stock units, performance shares, and ESPP shares included in the Consolidated Statements of Operations for fiscal 2024, 2023 and 2022:

 

 

 

Year Ended March 31,

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

Product development

 

$

7,380

 

 

$

7,987

 

 

$

8,186

 

Sales and marketing

 

 

831

 

 

 

1,044

 

 

 

1,355

 

General and administrative

 

 

5,900

 

 

 

3,927

 

 

 

5,008

 

Total share-based compensation expense

 

$

14,111

 

 

$

12,958

 

 

$

14,549

 
Activity related SSARs award

The following table summarizes the activity during fiscal 2024 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, 2023

 

 

1,572,460

 

 

$

26.04

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(275,121

)

 

 

18.51

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Cancelled/expired

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding at March 31, 2024

 

 

1,297,339

 

 

$

27.63

 

 

 

2.0

 

 

$

73,465

 

Exercisable at March 31, 2024

 

 

1,297,339

 

 

$

27.63

 

 

 

2.0

 

 

$

73,465

 

Vested and expected to vest at March 31, 2024

 

 

1,297,339

 

 

$

27.63

 

 

 

2.0

 

 

$

73,465

 

The following table presents additional information related to SSARs activity during fiscal 2024, 2023 and 2022:

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

Compensation expense

 

$

—

 

 

$

3,188

 

 

$

10,030

 

Total intrinsic value of SSARs exercised

 

$

16,889

 

 

$

28,025

 

 

$

34,437

 

Total fair value of SSARs vesting

 

$

—

 

 

$

13,037

 

 

$

6,439

 
Activity related to restricted shares awarded by the Company The following table summarizes the activity during the twelve months ended March 31, 2024 for restricted shares awarded under the 2020 Plan:

 

 

 

Number
of Shares

 

 

Weighted-
Average
Grant-
Date Fair
Value

 

 

 

 

 

 

(per share)

 

Outstanding at April 1, 2023

 

 

407,324

 

 

$

47.53

 

Granted

 

 

199,138

 

 

 

88.35

 

Vested

 

 

(145,083

)

 

 

49.60

 

Forfeited

 

 

(25,202

)

 

 

47.21

 

Outstanding at March 31, 2024

 

 

436,177

 

 

$

65.52

 
Restricted stock activity

The following table presents additional information related to restricted share activity during fiscal years 2024, 2023, and 2022:

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

Compensation expense

 

$

11,146

 

 

$

9,274

 

 

$

4,339

 

Total fair value of restricted share vesting

 

$

6,595

 

 

$

2,952

 

 

$

3,297

 
Employee Stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of principal assumptions utilized in valuing service condition SARs We used the following inputs including principal assumptions for the following offering period reflected in our consolidated financial statements:

 

 

 

Offering Period Ending

 

 

 

June 30, 2024

 

Grant date fair value

 

$

81.60

 

Risk-free interest rate over contractual term

 

 

5.36

%

Expected term (in years)

 

 

0.41

 

Expected volatility

 

 

47.41

%
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 2024 or 2023. 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, 2024 for restricted stock units awarded under the 2020 Plan:

 

 

 

Number
of Shares

 

 

Weighted-
Average
Grant-
Date Fair
Value

 

 

 

 

 

 

(per share)

 

Outstanding at April 1, 2023

 

 

67,856

 

 

$

71.62

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(11,309

)

 

 

79.58

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at March 31, 2024

 

 

56,547

 

 

$

70.03

 
Restricted stock activity

The following table presents additional information related to restricted stock unit activity during fiscal 2024:

(In thousands)

 

2024

 

Compensation expense

 

$

2,321

 

Total fair value of restricted stock unit vesting

 

$

900