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STOCKHOLDERS' EQUITY | 9 Months Ended
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Dec. 31, 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 December 31, 2024 and 2023, there were no shares issued to non-employee directors and 611,795 and 461,684 shares were converted from Class B to Class A, respectively. During the nine months ended December 31, 2024 and 2023, 5,248 and 6,609 shares were issued to non-employee directors, respectively, and 1,570,319 and 1,621,243 shares were converted from Class B to Class A, respectively. As of December 31, 2024, there were 53,946,551 Class A shares held by the public and 69,183 Class A shares held by non-employee directors. As of December 31, 2023, there were 51,962,741 Class A shares held by the public and 64,935 Class A shares held by non-employee directors. Class B Common Stock As of December 31, 2024 and 2023, there were 16,129,101 and 17,114,509 Class B shares held by the HL Voting Trust, respectively. Dividends Previously declared dividends related to unvested shares of $20,383 and $20,110 were unpaid as of December 31, 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 $500,000 of the Company's Class A common stock and Class B common stock. As of December 31, 2024, shares with a value of $457,713 remained available for purchase under the program. During the three months ended December 31, 2024 and 2023, the Company repurchased 1,177 and 884 shares, respectively, of Class B common stock, to satisfy $247 and $95, respectively, of required withholding taxes in connection with the vesting of restricted awards. During the three months ended December 31, 2024 and 2023, there were no regular share repurchases made under the existing share repurchase program. During the nine months ended December 31, 2024 and 2023, the Company repurchased 676,572 and 767,716 shares, respectively, of Class B common stock, to satisfy $101,963 and $70,120 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the nine months ended December 31, 2024, there were no regular share repurchases made under the existing share repurchase program. During the nine months ended December 31, 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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