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Stock-Based Compensation | 3 Months Ended
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Jun. 30, 2024
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 6: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (i) a long-term incentive plan (“LTIP”) for officers and other executives that authorizes grants of stock awards, stock options, and performance-based awards for retention and performance, (ii) a discretionary equity program for other management and key employees, and (iii) 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 $4.2 million and $1.5 million for the three months ended June 30, 2024 and 2023, respectively. During the first quarter of fiscal 2025, the Company granted performance-based stock awards and restricted stock awards. The performance metrics for the performance-based stock 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, 2027. The fair value of stock-based compensation awards granted during the three months ended June 30, 2024 and 2023 were as follows:
|  | Three months ended June 30, |
|  | 2024 |  |  | 2023 |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
|  | Shares |  |  | Per Award |  |  | Shares |  |  | Per Award |
Performance stock awards |  |  | 0.1 |  |  | $ | 103.77 |  |  |  | 0.3 |  |  | $ | 27.29 |
Restricted stock awards |  |  | - |  |  | $ | 103.77 |  |  |  | 0.1 |  |  | $ | 27.29 |
As of June 30, 2024, 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 |
Performance stock awards |  | $ | 34.1 |  |  |  | 2.5 |
Restricted stock awards |  |  | 8.2 |  |  |  | 1.9 |
Stock options |  |  | 0.8 |  |  |  | 0.9 |
Total |  | $ | 43.1 |  |  |  | 2.4 |

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