We may grant incentive stock options, non-qualified stock options, SSARs, restricted shares, and performance shares under our shareholder-approved 2020 Equity Incentive Plan ("2020 Plan") for up to 2.25 million common shares, plus 868,864 common shares, the number of shares that were remaining for grant under the 2016 Stock Incentive Plan ("2016 Plan") as of the effective date of the 2020 Plan, plus the number of shares remaining for grant under the 2016 Plan that are forfeited, settled in cash, canceled or expired. The aggregate number of shares that may be granted under the 2020 Plan is 3.1 million.

We may distribute authorized but unissued shares or treasury shares to satisfy share option and SSAR exercises or restricted share and performance share grants.

The fair value of restricted share grants subject only to a service condition and performance share grants is based on the closing price of our common shares on the grant date. For stock option and SSAR grants subject only to a service condition, we estimate the fair value on the grant date using the Black-Scholes-Merton option pricing model with inputs including the closing market price at grant date, exercise price and assumptions regarding the risk-free interest rate, expected volatility of our common shares based on historical volatility, and expected term as estimated using the simplified method. For restricted share and SSAR grants subject to a market condition, we estimate the fair value on the grant date through a lattice option pricing model that utilizes a Monte Carlo analysis with inputs including the closing market price at grant date, share price threshold and assumptions regarding the risk-free interest rate and expected volatility of our common shares based on historical volatility. Inputs for SSAR grants subject to a market condition also include exercise price, remaining contractual term, and suboptimal exercise factor. We record compensation expense for restricted shares and SSAR grants subject to a service condition using the graded vesting method. We record compensation expense for SSAR grants subject only to a market condition over the derived service period, which is an output of the lattice option pricing model.

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

	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Product development	$	2,217	$	3,362	$	6,033	$	3,773
Sales and marketing		345		666		1,011		735
General and administrative		1,277		2,602		3,758		4,804
Total share-based compensation expense	$	3,839	$	6,630	$	10,802	$	9,312

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

The following table summarizes the activity during the nine months ended December 31, 2021 for SSARs awarded under the 2020 and 2016 Plans:

	Number of Rights			Weighted-Average Exercise Price		Remaining Contractual Term		Aggregate Intrinsic Value
				(per right)		(in years)		(in thousands)
Outstanding at April 1, 2021		3,068,253		$	20.90
Exercised		(820,341	)		12.72
Forfeited		(49,750	)		20.02
Expired		(246	)		14.22
Outstanding at December 31, 2021		2,197,916		$	23.97		4.9	$	45,041
Exercisable at December 31, 2021		1,262,704		$	23.54		4.7	$	26,421
Vested and expected to vest at December 31, 2021		2,197,916		$	23.97		4.9	$	45,041

As of December 31, 2021, total unrecognized share-based compensation expense related to non-vested service condition SSARs was $6.3 million, which is expected to be recognized over a weighted-average vesting period of 1.2 years.

As of December 31, 2021, there was no unrecognized share-based compensation expense related to non-vested market condition SSARs.

We granted shares to certain of our Directors, executives and key employees, the vesting of which is service-based. Certain restricted shares are also subject to a market condition. The following table summarizes the activity during the nine months ended December 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, 2021		132,198		$	37.67
Granted		108,473			43.77
Vested		(1,056	)		52.29
Forfeited		(8,416	)		37.66
Outstanding at December 31, 2021		231,199		$	40.34

The weighted-average grant date fair value of the restricted shares includes grants subject only to a service condition and certain grants subject to both a service condition and a market condition. As of December 31, 2021, total unrecognized share-based compensation expense related to unvested restricted stock was $5.4 million, which is expected to be recognized over a weighted-average vesting period of 2.3 years.

Upon approval of the Compensation Committee of our Board of Directors, after achieving the performance conditions associated with our annual bonus plan, we granted 3,403 common shares to our Chief Executive Officer in May 2021 that vested immediately for a total value of $0.2 million.