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Stock-Based Compensation | 9 Months Ended
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Dec. 31, 2020
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 6: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive plan (“LTIP”) 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 $2.1 million and $0.8 million for the three months ended December 31,2020 and 2019, respectively. The Company recognized stock-based compensation expense of $4.2 million and $5.2 million for the nine months ended December 31, 2020 and 2019, respectively. The fair value of stock-based compensation awards granted during the nine months ended December 31, 2020 and 2019 were as follows:
|  | Nine months ended December 31, |
|  | 2020 |  |  | 2019 |
|  | Shares |  |  | Fair Value Per Award |  |  | Shares |  |  | Fair Value Per Award |
Stock options |  |  | 0.4 |  |  | $ | 3.46 |  |  |  | 0.3 |  |  | $ | 5.56 |
Restricted stock awards |  |  | 0.6 |  |  | $ | 8.34 |  |  |  | 0.3 |  |  | $ | 13.26 |
Performance stock awards (a) |  |  | - |  |  |  | - |  |  |  | 0.3 |  |  | $ | 13.26 |
Unrestricted stock awards |  |  | 0.2 |  |  | $ | 5.21 |  |  |  | 0.1 |  |  | $ | 14.50 |
(a) | In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants in fiscal 2021. The performance metrics for the cash awards are based upon 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 ending March 31, 2023. These performance metrics are the same as the metrics for the fiscal 2020 and 2019 performance-based stock awards.
The Company used the following assumptions in determining fair value for stock options:
|  | Nine months ended December 31, |
|  | 2020 |  |  | 2019 |
Expected life of awards in years |  |  | 6.1 |  |  |  | 6.3 |
Risk-free interest rate |  |  | 0.4 | % |  |  | 2.2 | %
Expected volatility of the Company's stock |  |  | 54.1 | % |  |  | 39.2 | %
Expected dividend yield on the Company's stock |  |  | 0.0 | % |  |  | 0.0 | %
As of December 31, 2020, 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 |  | $ | 2.3 |  |  |  | 3.0 |
Restricted stock awards |  |  | 8.1 |  |  |  | 2.9 |
Performance stock awards |  |  | 0.6 |  |  |  | 1.2 |
Total |  | $ | 11.0 |  |  |  | 2.8 |

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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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