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Share-based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Summary of share-based compensation expense for options

The following table summarizes the share-based compensation expense for options, SSARs, restricted and performance awards included in the Consolidated Statements of Operations for fiscal 2021, 2020 and 2019:

	Year Ended March 31,
(In thousands)	2021		2020		2019
Product development		21,634		2,241		1,478
Sales and marketing		4,254		321		469
General and administrative		14,206		2,643		2,429
Total share-based compensation expense		40,093		5,205		4,376

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. The following table summarizes the principal assumptions utilized in valuing service condition SSARs granted in fiscal 2021, 2020 and 2019:

	2021			2020		2019
Risk-free interest rate		0.31	%	1.38%-1.74%			2.68	%
Expected life (in years)	4			4.5-5		5
Expected volatility		42.99	%	31.7%-32.42%			32.42	%
Weighted-average grant date fair value	$	22.57		$	10.01	$	4.72

We use a Lattice option pricing model to estimate the fair value of market condition SSARs. The following table summarizes the principal assumptions utilized in valuing 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 2021 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, 2020		1,644,888		$	21.07
Granted		2,234,858			20.02
Exercised		(736,778	)		18.75
Forfeited		(72,207	)		19.80
Cancelled/expired		(2,508	)		14.22
Outstanding at March 31, 2021		3,068,253		$	20.90		5.1	$	83,038
Exercisable at March 31, 2021		1,913,692		$	17.74		4.6	$	57,829
Vested and expected to vest at March 31, 2021		3,068,253		$	20.90		5.1	$	83,038

The following table presents additional information related to SSARs activity during fiscal 2021, 2020 and 2019:

(In thousands)	2021		2020		2019
Compensation expense	$	35,808	$	1,666	$	943
Total intrinsic value of SSARs exercised	$	25,153	$	519	$	907
Total fair value of SSARs vesting	$	31,380	$	1,328	$	1,165

The following table summarizes the activity during the twelve months ended March 31, 2021 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, 2020		178,462		$	19.89
Granted		145,210			45.97
Vested		(159,905	)		28.72
Forfeited		(31,569	)		20.68
Outstanding at March 31, 2021		132,198		$	37.67

Restricted stock award activity

The following table presents additional information related to restricted stock activity during fiscal years 2021, 2020, and 2019:

(In thousands)	2021		2020		2019
Compensation expense	$	4,285	$	3,385	$	2,803
Total fair value of restricted share vesting	$	7,669	$	4,004	$	4,383

Performance shares awarded

The following table summarizes the activity during fiscal 2021 for performance shares awarded under the 2016 Plan:

	Number of Shares			Weighted- Average Grant- Date Fair Value
				(per share)
Outstanding at April 1, 2020		30,120		$	22.41
Granted		—			—
Vested		(6,714	)		22.41
Forfeited		(23,406	)		22.41
Outstanding at March 31, 2021		—		$	—

Schedule of additional information related to performance share activity

The following table presents additional information related to performance share activity during fiscal 2021, 2020 and 2019:

(In thousands)	2021		2020		2019
Compensation expense	$	180	$	153	$	630
Total fair value of performance share vesting	$	115	$	513		243