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Stock-Based Compensation | 6 Months Ended
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Sep. 30, 2019
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 5: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive compensation program for officers and other executives that consists of stock awards, stock options, and performance-based stock awards granted for retention and performance, (2) a discretionary equity program for other management and key employees, and (3) stock awards for non-employee directors. The Company calculates compensation expense based upon the fair value of the instruments at the time of grant and subsequently recognizes expense ratably over the respective vesting periods of the stock-based awards. The Company recognized stock-based compensation expense of $2.7 million and $3.2 million for the three months ended September 30, 2019 and 2018, respectively. The Company recognized stock-based compensation expense of $4.4 million and $5.2 million for the six months ended September 30, 2019 and 2018, respectively. The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2020 is based upon both a target three-year average cash flow return on invested capital and a target three-year average revenue growth at the end of the three-year performance period. The fair value of stock-based compensation awards granted during the six months ended September 30, 2019 and 2018 were as follows:
|  | Six months ended September 30, |
|  | 2019 |  |  | 2018 |
|  | Shares |  |  | Fair Value Per Award |  |  | Shares |  |  | Fair Value Per Award |
Stock options |  |  | 0.3 |  |  | $ | 5.56 |  |  |  | 0.2 |  |  | $ | 7.81 |
Restricted stock awards |  |  | 0.3 |  |  | $ | 13.26 |  |  |  | 0.2 |  |  | $ | 17.90 |
Performance stock awards |  |  | 0.3 |  |  | $ | 13.26 |  |  |  | 0.2 |  |  | $ | 17.90 |
Unrestricted stock awards |  |  | 0.1 |  |  | $ | 14.50 |  |  |  | 0.1 |  |  | $ | 17.60 |
The Company used the following assumptions in determining fair value for stock options:
|  | Six months ended September 30, |
|  | 2019 |  |  | 2018 |
Expected life of awards in years |  |  | 6.3 |  |  |  | 6.3 |
Risk-free interest rate |  |  | 2.2 | % |  |  | 2.8 | %
Expected volatility of the Company’s stock |  |  | 39.2 | % |  |  | 39.7 | %
Expected dividend yield on the Company’s stock |  |  | 0.0 | % |  |  | 0.0 | %
As of September 30, 2019, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows:
|  | Unrecognized Compensation Expense |  |  | Weighted-Average Remaining Service Period in Years |
Stock options |  | $ | 3.1 |  |  |  | 2.9 |
Restricted stock awards |  |  | 7.1 |  |  |  | 2.8 |
Performance stock awards |  |  | 3.8 |  |  |  | 2.1 |
Total |  | $ | 14.0 |  |  |  | 2.6 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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