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Share-based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of share-based compensation expense | The following table summarizes the share-based compensation expense for SSARs, restricted and performance grants included in the Consolidated Statements of Operations for fiscal 2023, 2022 and 2021:
| Year Ended March 31, |
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
Product development |  | 7,987 |  |  |  | 8,186 |  |  |  | 21,634 |
Sales and marketing |  | 1,044 |  |  |  | 1,355 |  |  |  | 4,254 |
General and administrative |  | 3,927 |  |  |  | 5,008 |  |  |  | 14,206 |
Total share-based compensation expense |  | 12,958 |  |  |  | 14,549 |  |  |  | 40,093 |
Schedule of principal assumptions utilized in valuing service condition SARs | We use a Black-Scholes-Merton option pricing model to estimate the fair value of service condition SSARs. There were no service condition SSARs granted in fiscal 2023 or 2022. The following table summarizes the principal assumptions utilized in valuing service condition SSARs granted in fiscal 2021:
|  | 2021 |
Risk-free interest rate |  |  | 0.31 | %
Expected life (in years) |  | 4 |
Expected volatility |  |  | 42.99 | %
Weighted-average grant date fair value |  | $ | 22.57 |
We use a lattice option pricing model to estimate the fair value of market condition SSARs. There were no market condition SSARs granted in fiscal 2023 or 2022. The following table summarizes the principal valuation assumptions utilized and the resulting fair value of market condition SSARs granted in fiscal 2021:
|  | 2021 |
Risk-free interest rate over contractual term |  |  | 0.60 | %
Expected volatility |  |  | 40.00 | %
Suboptimal exercise factor |  | 2.50x |
Weighted-average grant date fair value |  | $ | 19.55 |
Activity related SSARs award | The following table summarizes the activity during fiscal 2023 for SSARs awarded under the 2020 and 2016 Plans:
(In thousands, except share and per share data) |  | Number of Rights |  |  | Weighted- Average Exercise Price |  |  | Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  | (per right) |  |  | (in years) |  |  |  |
Outstanding at April 1, 2022 |  |  | 2,172,939 |  |  | $ | 24.02 |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | (573,016 | ) |  |  | 18.70 |  |  |  |  |  |  |
Forfeited |  |  | (27,463 | ) |  |  | 20.02 |  |  |  |  |  |  |
Cancelled/expired |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 1,572,460 |  |  | $ | 26.04 |  |  |  | 3.2 |  |  | $ | 88,804 |
Exercisable at March 31, 2023 |  |  | 1,572,460 |  |  | $ | 26.04 |  |  |  | 3.2 |  |  | $ | 88,804 |
Vested and expected to vest at March 31, 2023 |  |  | 1,572,460 |  |  | $ | 26.04 |  |  |  | 3.2 |  |  | $ | 88,804 |
The following table presents additional information related to SSARs activity during fiscal 2023, 2022 and 2021:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Compensation expense |  | $ | 3,188 |  |  | $ | 10,030 |  |  | $ | 35,808 |
Total intrinsic value of SSARs exercised |  | $ | 28,025 |  |  | $ | 34,437 |  |  | $ | 25,153 |
Total fair value of SSARs vesting |  | $ | 13,037 |  |  | $ | 6,439 |  |  | $ | 31,380 |
Activity related to restricted shares awarded by the Company | The following table summarizes the activity during the twelve months ended March 31, 2023 for restricted shares awarded under the 2020 and 2016 Plans:
|  | Number of Shares |  |  | Weighted- Average Grant- Date Fair Value |
|  |  |  |  | (per share) |
Outstanding at April 1, 2022 |  |  | 147,973 |  |  | $ | 43.56 |
Granted |  |  | 342,761 |  |  |  | 48.77 |
Vested |  |  | (71,751 | ) |  |  | 45.73 |
Forfeited |  |  | (11,659 | ) |  |  | 45.35 |
Outstanding at March 31, 2023 |  |  | 407,324 |  |  | $ | 47.53 |
Restricted stock activity | The following table presents additional information related to restricted share activity during fiscal years 2023, 2022, and 2021:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Compensation expense |  | $ | 9,274 |  |  | $ | 4,339 |  |  | $ | 4,105 |
Total fair value of restricted share vesting |  | $ | 2,952 |  |  | $ | 3,297 |  |  | $ | 7,554 |
Restricted Shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of principal assumptions utilized in valuing service condition SARs | We use a lattice option pricing model to estimate the fair value of restricted shares subject to a market condition. There were no restricted shares subject to a market condition granted in fiscal 2023 or 2021. The following table summarizes the principal valuation assumptions utilized and the resulting fair value of restricted shares subject to a market condition granted in fiscal 2022:
|  | 2022
Risk-free interest rate over contractual term |  | 0.5% - 0.9%
Expected volatility |  | 54.0% - 56.0%
Weighted-average grant date fair value |  | $24.77 - $39.12
Restricted Stock Units |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of principal assumptions utilized in valuing service condition SARs | The following table summarizes the principal valuation assumptions utilized and the resulting fair value of restricted stock units subject to a market condition granted in fiscal 2023:
|  | 2023 |
Risk-free interest rate over contractual term |  |  | 4.3 | %
Expected volatility |  |  | 54.0 | %
Weighted-average grant date fair value |  | $60.02 - $65.89 |
Activity related to restricted shares awarded by the Company | The following table summarizes the activity during the twelve months ended March 31, 2023 for restricted stock units awarded under the 2020 Plan:
|  | Number of Shares |  |  | Weighted- Average Grant- Date Fair Value |
|  |  |  |  | (per share) |
Outstanding at April 1, 2022 |  |  | — |  |  | $ | — |
Granted |  |  | 67,856 |  |  |  | 71.62 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Outstanding at March 31, 2023 |  |  | 67,856 |  |  | $ | 71.62 |
Restricted stock activity | The following table presents additional information related to restricted stock unit activity during fiscal 2023:
(In thousands) |  | 2023 |
Compensation expense |  | $ | 136 |
Total fair value of restricted stock unit vesting |  | $ | — |

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