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STOCKHOLDERS' EQUITY | 6 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
STOCKHOLDERS' EQUITY | Stockholders' Equity There are two classes of authorized Company 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. Class A Common Stock During the three months ended September 30, 2024 and 2023, there were no shares issued to non-employee directors and 350,440 and 508,491 shares were converted from Class B to Class A, respectively. During the six months ended September 30, 2024 and 2023, 5,248 and 6,609 shares were issued to non-employee directors, respectively, and 958,524 and 1,159,559 shares were converted from Class B to Class A, respectively. As of September 30, 2024, there were 53,334,156 Class A shares held by the public and 69,783 Class A shares held by non-employee directors. As of September 30, 2023, there were 51,501,057 Class A shares held by the public and 64,935 Class A shares held by non-employee directors. Class B Common Stock As of September 30, 2024 and 2023, there were 16,082,738 and 17,427,625 Class B shares held by the HL Voting Trust, respectively. Dividends Previously declared dividends related to unvested shares of $15,803 and $17,236 were unpaid as of September 30, 2024 and 2023, respectively. Share Repurchases In April 2022, the board of directors authorized an increase to the existing July 2021 share repurchase program, which provides for share repurchases of a new aggregate amount of up to $500.0 million of the Company's Class A common stock and Class B common stock. As of September 30, 2024, shares with a value of $457.7 million remained available for purchase under the program. During the three months ended September 30, 2024 and 2023, the Company repurchased 2,814 and 4,235 shares, respectively, of Class B common stock, to satisfy $723 and $259, respectively, of required withholding taxes in connection with the vesting of restricted awards. During the three months ended September 30, 2024, there were no regular share repurchases made under the existing share repurchase program. During the three months ended September 30, 2023, the Company repurchased 239,100 shares of its outstanding Class A common stock at a weighted average price of $104.36 per share, excluding commissions, for an aggregate purchase price of $24,952. During the six months ended September 30, 2024 and 2023, the Company repurchased 675,395 and 766,832 shares, respectively, of Class B common stock, to satisfy $101,716 and $70,025 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the six months ended September 30, 2024, there were no regular share repurchases made under the existing share repurchase program. During the six months ended September 30, 2023, the Company repurchased 239,100 shares of its outstanding Class A common stock at a weighted average price of $104.36 per share, excluding commissions, for an aggregate purchase price of $24,952.

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