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Stock-Based Compensation | 9 Months Ended
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Dec. 31, 2022
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 plan (“LTIP”) for officers and other executives that consists of stock awards, stock options, and performance-based 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 awards 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 $1.5 million and $1.1 million for the three months ended December 31, 2022 and 2021, respectively. The Company recognized stock-based compensation expense of $5.0 million and $4.7 million for the nine months ended December 31, 2022 and 2021, respectively. The weighted-average fair value of stock-based compensation awards granted during the nine months ended December 31, 2022 and 2021 were as follows:
|  | Nine months ended December 31, |
|  | 2022 |  |  | 2021 |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
|  | Shares |  |  | Per Award |  |  | Shares |  |  | Per Award |
Stock options |  |  | 0.2 |  |  | $ | 6.99 |  |  |  | 0.2 |  |  | $ | 8.79 |
Restricted stock awards |  |  | 0.5 |  |  | $ | 13.49 |  |  |  | 0.3 |  |  | $ | 14.96 |
Unrestricted stock awards |  |  | - |  |  |  | - |  |  |  | 0.1 |  |  | $ | 15.93 |
In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants during the first nine months of fiscal 2023. 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 performance period ending March 31, 2025. The Company used the following assumptions in determining fair value for stock options:
|  | Nine months ended December 31, |
|  | 2022 |  |  | 2021 |
Expected life of awards in years |  |  | 6.0 |  |  |  | 6.1 |
Risk-free interest rate |  |  | 3.0 | % |  |  | 1.1 | %
Expected volatility of the Company’s stock |  |  | 57.8 | % |  |  | 56.5 | %
Expected dividend yield on the Company’s stock |  |  | 0.0 | % |  |  | 0.0 | %
As of December 31, 2022, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be recognized as expense over the remaining service periods, was as follows:
|  | Unrecognized Compensation Expense |  |  | Weighted-Average Remaining Service Period in Years |
Stock options |  | $ | 2.6 |  |  |  | 2.3 |
Restricted stock awards |  |  | 7.6 |  |  |  | 2.0 |
Total |  | $ | 10.2 |  |  |  | 2.1 |

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