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Stock-Based Compensation | 9 Months Ended
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Dec. 31, 2024
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, restricted stock units ("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). Since the 2020 Plan became effective, all equity awards have been made from the 2020 Plan, and the Company will not grant any additional awards under the 2005 Plan. On January 6, 2025, we announced that Christine Sacco, our Chief Financial Officer, has also been appointed Chief Operating Officer, effective that same day. In connection with Ms. Sacco's appointment as Chief Operating Officer, the Company granted Ms. Sacco 21,136 RSUs, which vest in their entirety on the four-year anniversary of the date of grant, subject to Ms. Sacco's continued employment. Upon vesting, the units will be settled in shares of our common stock. At December 31, 2024, there were 1.6 million shares available for issuance under the 2020 Plan. The following table provides information regarding our stock-based compensation:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Pre-tax stock-based compensation costs charged against income |  | $ | 2,865 |  |  | $ | 2,449 |  |  | $ | 8,424 |  |  | $ | 10,283 |
Income tax benefit recognized on compensation costs |  | $ | 356 |  |  | $ | 241 |  |  | $ | 1,085 |  |  | $ | 910 |
Total fair value of options and RSUs vested during the period |  | $ | — |  |  | $ | — |  |  | $ | 12,185 |  |  | $ | 12,213 |
Cash received from the exercise of stock options |  | $ | 8,748 |  |  | $ | 1,635 |  |  | $ | 12,340 |  |  | $ | 10,818 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises |  | $ | 319 |  |  | $ | 351 |  |  | $ | 1,361 |  |  | $ | 1,490 |
At December 31, 2024, there were $3.2 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 1.9 years. At December 31, 2024, there were $12.2 million of unrecognized compensation costs related to unvested RSUs and performance stock units ("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 1.9 years. 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
Nine Months Ended December 31, 2023 |  |  |  |
Unvested at March 31, 2023 |  | 409.0 |  |  | $ | 47.17 |
Granted |  | 157.1 |  |  | 62.06 |
Incremental performance shares |  | 41.4 |  |  | — |
Vested |  | (205.0) |  |  | 43.17 |
Forfeited |  | (10.6) |  |  | 52.68 |
Unvested at December 31, 2023 |  | 391.9 |  |  | 54.43 |
Vested at December 31, 2023 |  | 110.2 |  |  | 38.77 |
Nine Months Ended December 31, 2024 |  |  |  |
Unvested at March 31, 2024 |  | 391.9 |  |  | $ | 54.43 |
Granted |  | 145.7 |  |  | 69.70 |
Incremental performance shares |  | 41.1 |  |  | — |
Vested |  | (192.7) |  |  | 47.60 |
Forfeited |  | (4.9) |  |  | 59.31 |
Unvested at December 31, 2024 |  | 381.1 |  |  | 62.57 |
Vested at December 31, 2024 |  | 108.5 |  |  | 40.87 |
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:
|  | Nine Months Ended December 31,
|  | 2024 |  | 2023
Expected volatility |  | 30.4% - 30.8% |  | 30.2% - 31.6%
Expected dividends |  | $ | — |  |  | $ | — |
Expected term in years |  | 6.0 to 7.0 |  | 6.0 to 7.0
Risk-free rate |  | 4.5% |  | 3.6% to 4.1%
Weighted average grant date fair value of options granted |  | $ | 27.97 |  |  | $ | 23.79 |
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)
Nine Months Ended December 31, 2023 |  |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  | 1,081.0 |  |  | $ | 43.96 |  |  |  |  |
Granted |  | 131.1 |  |  | 61.81 |  |  |  |  |
Exercised |  | (268.9) |  |  | 40.23 |  |  |  |  |
Forfeited |  | (41.0) |  |  | 54.15 |  |  |  |  |
Expired |  | (2.8) |  |  | 54.47 |  |  |  |  |
Outstanding at December 31, 2023 |  | 899.4 |  |  | 47.18 |  |  | 6.2 |  | $ | 12,703 |
Vested at December 31, 2023 |  | 606.2 |  |  | 43.23 |  |  | 5.0 |  | $ | 10,903 |
Nine Months Ended December 31, 2024 |  |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  | 728.0 |  |  | $ | 48.30 |  |  |  |  |
Granted |  | 109.7 |  |  | 69.94 |  |  |  |  |
Exercised |  | (243.9) |  |  | 50.59 |  |  |  |  |
Forfeited |  | (15.6) |  |  | 60.87 |  |  |  |  |
Outstanding at December 31, 2024 |  | 578.2 |  |  | 51.10 |  |  | 6.8 |  | $ | 15,608 |
Vested at December 31, 2024 |  | 349.9 |  |  | 42.65 |  |  | 5.7 |  | $ | 12,399 |
The aggregate intrinsic value of options exercised during the nine months ended December 31, 2024 was $6.6 million.

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