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Stock-Based Compensation
 3 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
In connection with our initial public offering, the Board of Directors adopted the 2005 Long-Term Equity Incentive Plan (the “2005 Plan”), which provided for grants of up to a maximum of 5.0 million shares of restricted stock, stock options, RSUs and other equity-based awards. In June 2014, the Board of Directors approved, and in July 2014, our stockholders ratified, an increase of an additional 1.8 million shares of our common stock for issuance under the 2005 Plan, among other changes.

On June 23, 2020, the Board of Directors adopted the Prestige Consumer Healthcare Inc. 2020 Long-Term Incentive Plan (the “2020 Plan”). The 2020 Plan became effective on August 4, 2020, upon the approval of the 2020 Plan by our stockholders. On June 23, 2020, a total of 2,827,210 shares were available for issuance under the 2020 Plan (comprised of 2,000,000 new shares plus 827,210 shares that were unissued under the 2005 Plan). All future equity awards will be made from the 2020 Plan, and the Company will not grant any additional awards under the 2005 Plan.

The following table provides information regarding our stock-based compensation:
Three Months Ended June 30,
(In thousands)20232022
Pre-tax stock-based compensation costs charged against income$4,146 $3,857 
Income tax benefit recognized on compensation costs$406 $537 
Total fair value of options and RSUs vested during the period$11,226 $10,225 
Cash received from the exercise of stock options$7,028 $1,489 
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises$876 $2,895 

At June 30, 2023, there were $4.6 million of unrecognized compensation costs related to unvested stock options under the 2005 Plan and the 2020 Plan, excluding an estimate for forfeitures which may occur.  We expect to recognize such costs over a weighted average period of 2.3 years. At June 30, 2023, there were $15.1 million of unrecognized compensation costs related to unvested RSUs and PSUs under the 2005 Plan and the 2020 Plan, excluding an estimate for forfeitures which may occur.  We expect to recognize such costs over a weighted average period of 2.3 years.

At June 30, 2023, there were 1.9 million shares available for issuance under the 2020 Plan.
Restricted Stock Units
The fair value of the RSUs is determined using the closing price of our common stock on the date of the grant. A summary of the RSUs granted under the 2005 Plan and the 2020 Plan is presented below:
 
 
 
RSUs
 
Shares
(in thousands)
Weighted
Average
Grant-Date
Fair Value
Three Months Ended June 30, 2022
Unvested at March 31, 2022440.9 $38.45 
Granted134.0 54.47 
Incremental performance shares 42.4 — 
Vested (222.4)32.05 
Unvested at June 30, 2022394.9 46.65 
Vested at June 30, 2022108.5 36.54 
   
Three Months Ended June 30, 2023
Unvested at March 31, 2023409.0 $47.17 
Granted142.8 61.73 
Incremental performance shares41.3 — 
Vested (189.3)41.81 
Forfeited(4.2)54.92 
Unvested at June 30, 2023399.6 54.18 
Vested at June 30, 2023108.5 36.54 
Options

The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions presented below:
 Three Months Ended June 30,
 2023 2022
Expected volatility
30.2% - 31.6%
 
30.8% - 30.9%
Expected dividends$—  $— 
Expected term in years
6.0 to 7.0
 
6.0 to 7.0
Risk-free rate
3.6%
 
2.8% to 2.9%
Weighted average grant date fair value of options granted$23.75 $20.10 

A summary of option activity under the 2005 Plan and the 2020 Plan is as follows:
 
 
 
 
Options
 
 
Shares
(in thousands)
Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value
(in thousands)
Three Months Ended June 30, 2022
Outstanding at March 31, 20221,100.9 $40.62 
Granted197.6 54.48 
Exercised(39.1)38.04 
Outstanding at June 30, 20221,259.4 42.88 6.9$20,052 
Vested at June 30, 2022827.0 39.98 5.7$15,567 
Three Months Ended June 30, 2023    
Outstanding at March 31, 20231,081.0 $43.96 
Granted128.1 61.73 
Exercised(172.9)40.64 
Forfeited (19.3)54.86 
Expired(1.7)54.47 
Outstanding at June 30, 20231,015.2 46.54 6.5$13,369 
Vested at June 30, 2023700.1 42.70 5.4$11,714 

The aggregate intrinsic value of options exercised during the three months ended June 30, 2023 was $3.2 million.