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Stock-Based Compensation | 3 Months Ended
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Jun. 30, 2021
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 $1.2 million and $0.7 million for the three months ended June 30, 2021 and 2020, respectively. The fair value of stock-based compensation awards granted during the three months ended June 30, 2021 were as follows:
|  |  |  |  | Fair Value |
|  | Shares |  |  | Per Award |
Stock options |  |  | 0.2 |  |  | $ | 9.39 |
Restricted stock awards |  |  | 0.2 |  |  | $ | 17.49 |
In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants during the first quarter of fiscal 2022. 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 growth in consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”) at the end of the three-year performance period ending March 31, 2024. In fiscal 2021, the Company granted stock-based awards to officers and other executives during the third quarter of the fiscal year. The Company used the following assumptions in determining fair value for stock options for the three months ended June 30, 2021:
Expected life of awards in years |  |  | 6.1 |
Risk-free interest rate |  |  | 1.0 | %
Expected volatility of the Company’s stock |  |  | 56.4 | %
Expected dividend yield on the Company’s stock |  |  | 0.0 | %
As of June 30, 2021, 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 |  |  |  | 3.3 |
Restricted stock awards |  |  | 8.2 |  |  |  | 3.0 |
Performance stock awards |  |  | 0.4 |  |  |  | 0.8 |
Total |  | $ | 11.7 |  |  |  | 3.0 |

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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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