We may grant non-qualified stock options, incentive stock options, SSARs, restricted shares, and restricted share units under our shareholder-approved 2016 Stock Incentive Plan ("2016 Plan") for up to 2.0 million common shares, plus 957,575 common shares, the number of shares that were remaining for grant under the 2011 Stock Incentive Plan ("2011 Plan") as of the effective date of the 2016 Plan, plus the number of shares remaining for grant under the 2011 Plan that are forfeited, settled in cash, canceled or expired. The maximum aggregate number of restricted shares or restricted share units that may be granted under the 2016 Plan is 1.25 million.

We may distribute authorized but unissued shares or treasury shares to satisfy share option and appreciation right exercises or restricted share and performance share awards.

We record compensation expense related to stock options, SSARs, restricted shares, and performance shares granted to certain employees and non-employee directors based on the fair value of the awards on the grant date. The fair value of restricted share and performance share awards is based on the closing price of our common shares on the grant date. The fair value of stock option and SSARs awards is estimated on the grant date using the Black-Scholes-Merton option pricing model, which includes assumptions regarding the risk-free interest rate, dividend yield, life of the award, and the volatility of our common shares. During fiscal year 2020, we issued 125,000 SSAR awards which are subject to a market condition. The fair value of these awards is estimated using the Lattice

option pricing model which utilizes a binary tree and includes multiple assumptions which include volatility and life of the award to determine an appropriate fair value based on the award grant date.

The following table summarizes the share-based compensation expense for SSARs, restricted and performance awards included in the condensed consolidated statements of operations:

	Three Months Ended September 30,				Six Months Ended September 30,
(In thousands)	2020		2019		2020		2019
Product development	$	239	$	672	$	411	$	940
Sales and marketing		34		51		70		113
General and administrative		983		622		2,201		774
Total share-based compensation expense	$	1,256	$	1,345	$	2,682	$	1,827

SSARs are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled in common shares of Agilysys, Inc.

The following table summarizes the activity during the six months ended September 30, 2020 for SSARs awarded under the 2011 and 2016 Plans:

	Number of Rights			Weighted-Average Exercise Price		Remaining Contractual Term		Aggregate Intrinsic Value
(In thousands, except share and per share data)				(per right)		(in years)
Outstanding at April 1, 2020		1,644,888		$	21.07
Exercised		(63,872	)		11.64
Forfeited		(11,430	)		18.65
Expired		(1,522	)		14.22
Outstanding at September 30, 2020		1,568,064		$	21.48		4.4	$	11,674
Exercisable at September 30, 2020		973,110		$	13.82		3.7	$	11,214
Vested and expected to vest at September 30, 2020		1,568,064		$	21.48		4.4	$	11,674

As of September 30, 2020, total unrecognized share-based compensation expense related to unvested SSARs was $3.4 million, which is expected to be recognized over a weighted-average vesting period of 2.0 years.

We granted shares to certain of our Directors, executives and key employees, the vesting of which is service-based. The following table summarizes the activity during the six months ended September 30, 2020 for restricted shares awarded under the 2011 and 2016 Plans:

	Number of Shares			Weighted-Average Grant-Date Fair Value
(In thousands, except share and per share data)				(per share)
Outstanding at April 1, 2020		178,462		$	19.89
Forfeited		(17,420	)		19.03
Outstanding at September 30, 2020		161,042		$	19.98

The weighted-average grant date fair value of the restricted shares is determined based upon the closing price of our common shares on the grant date. As of September 30, 2020, total unrecognized share-based compensation expense related to unvested restricted stock was $1.2 million, which is expected to be recognized over a weighted-average vesting period of 1.4 years.

We awarded certain restricted shares to our Chief Executive Officer, the vesting of which is performance based. The number of shares that vested were based on relative attainment of a performance metric and any unvested shares were forfeited upon settlement of the bonus.

The following table summarizes the activity during the six months ended September 30, 2020 for the performance shares awarded under the 2016 Plan:

(In thousands, except share and per share data)	Number of Shares
Outstanding at April 1, 2020		30,120
Granted		—
Vested		(6,714	)
Forfeited		(23,406	)
Outstanding at September 30, 2020		—