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STOCKHOLDERS' EQUITY
 12 Months Ended
Mar. 31, 2022
Equity [Abstract]  
STOCKHOLDERS' EQUITY Stockholders' Equity There are two classes of authorized HL, Inc. common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share, and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock may be converted into one share of Class A common stock at the option of its holder and will be automatically converted into one share of Class A common stock upon transfer thereof, subject to certain exceptions.
On May 30, 2019, pursuant to a registered underwritten public offering, ORIX USA sold 3,000,000 shares of our Class A common stock to the public at a price of $45.80.

On August 1, 2019, pursuant to a registered underwritten public offering, ORIX USA sold its remaining ownership of 3,377,935 shares of our Class A common stock to the public at a price of $45.62.

On May 20, 2020, the Company completed an underwritten public offering of 3,000,000 shares of its Class A common stock. The offering generated net proceeds for the Company of approximately $188.7 million after deducting the underwriting discount and estimated offering expenses payable by us.
Class A common stock    

During the year ended March 31, 2022, the Company issued 6,512 shares to non-employee directors, and 1,874,009 shares were converted from Class B to Class A. During the year ended March 31, 2021, the Company issued 8,751 shares to non-employee directors, and 3,650,053 shares were converted from Class B to Class A. As of March 31, 2022, there were 49,801,577 Class A shares held by the public and 51,987 Class A shares held by non-employee directors. As of March 31, 2021, there were 51,199,967 Class A shares held by the public and 45,475 Class A shares held by non-employee directors.

Class B common stock

As of March 31, 2022, there were 17,649,555 Class B shares held by the HL Voting Trust. As of March 31, 2021, there were 16,951,696 Class B shares held by the HL Voting Trust.

Dividends

Previously declared dividends related to unvested shares of $9,312 and $6,744 were unpaid as of March 31, 2022 and 2021, respectively.
Stock subscriptions receivable

Employees of the Company periodically issued notes receivable to the Company documenting loans made by the Company to such employees for the purchase of restricted shares of the Company.
Share repurchases

In January 2021, the board of directors authorized a replacement to the existing July 2020 share repurchase program to a new aggregate amount of up to $200 million of the Company's Class A common stock and Class B common stock. In July 2021, the board of directors authorized an increase to the existing January 2021 share repurchase program to a new aggregate amount of up to $250 million of the Company's Class A common stock and Class B common stock.
During the years ended March 31, 2022, 2021, and 2020, the Company repurchased 455,402, 286,730, and 654,944 shares, respectively, of Class B common stock, to satisfy $33,700, $17,810, and $31,451 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the years ended March 31, 2022, 2021, and 2020, the Company repurchased an additional 3,272,399, 1,591,995, and 671,187 shares of its outstanding common stock, respectively, at a weighted average price of $94.35, $64.18, and $44.13 per share, excluding commissions, for an aggregate purchase price of $308,746, $102,173, and $29,621, respectively.