XML 31 R21.htm IDEA: XBRL DOCUMENT v3.23.4
Stock-Based Compensation
 9 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations:
 Three Months Ended
December 31,		Nine Months Ended
December 31,
 2023202220232022
Cost of revenue$9,348 $9,091 $26,300 $26,227 
General and administrative expenses14,419 9,679 34,977 24,765 
Total$23,767 $18,770 $61,277 $50,992 
The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards, including stock options, time-based and performance-based restricted stock awards. Compensation expense for performance-based awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria of each tranche during the respective performance periods:
 Three Months Ended
December 31,		Nine Months Ended
December 31,
 2023202220232022
Equity Incentive Plan Options$297 $772 $991 $2,005 
Restricted Stock and other awards23,470 17,998 60,286 48,987 
Total$23,767 $18,770 $61,277 $50,992 
As of December 31, 2023, there was $79.2 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. The unrecognized compensation cost as of December 31, 2023 is expected to be fully amortized over the next 3.75 years. Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized:
December 31, 2023
Unrecognized Compensation CostWeighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options$1,923 2.95
Restricted Stock Awards77,267 1.77
Total$79,190 
Equity Incentive Plan
As of December 31, 2023, there were 0.8 million EIP options outstanding, of which 0.3 million were unvested.
During the nine months ended December 31, 2023, the Board of Directors granted 0.9 million time-based and performance-based restricted stock units to certain employees of the Company. The aggregate value of these awards was $82.0 million based on the grant date fair value. The performance-based awards granted during the nine months ended December 31, 2023 included additional market conditions related to the Company’s total shareholder return relative to its peer group over the three-year performance period. The Company recognizes compensation expense for these performance-based awards with market conditions based on the grant-date fair value calculated using a Monte Carlo model.