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Stock Based Compensation | 6 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATIONThe Under Armour, Inc. Third Amended and Restated 2005 Omnibus Long-Term Incentive Plan as amended (the "2005 Plan") provides for the issuance of stock options, restricted stock, restricted stock units and other equity awards to officers, directors, key employees and other persons. The 2005 Plan terminates in 2029. As of September 30, 2022, 8.3 million Class A shares and 25.2 million Class C shares are available for future grants of awards under the 2005 Plan. Awards Granted to Employees and Non-Employee Directors Total stock-based compensation expense associated with awards granted to employees and non-employee directors for the three and six months ended September 30, 2022 was $8.3 million and $19.7 million, respectively (three and six months ended September 30, 2021: $11.0 million and $22.6 million, respectively). As of September 30, 2022, the Company had $84.9 million of unrecognized compensation expense related to these awards expected to be recognized over a weighted average period of 2.28 years. Refer to "Stock Options" and "Restricted Stock and Restricted Stock Unit Awards" below for further information on these awards. A summary of each of these plans is as follows: Employee Stock Compensation Plan Stock options, restricted stock and restricted stock unit awards under the 2005 Plan generally vest ratably over a period of two to five years. The contractual term for stock options is generally 10 years from the date of grant. The Company generally receives a tax deduction for any ordinary income recognized by a participant in respect to an award under the 2005 Plan. Non-Employee Director Compensation Plan The Company's Non-Employee Director Compensation Plan (the "Director Compensation Plan") provides for cash compensation and equity awards to non-employee directors of the Company under the 2005 Plan. Non-employee directors have the option to defer the value of their annual cash retainers as deferred stock units in accordance with the Under Armour, Inc. Non-Employee Deferred Stock Unit Plan (the "DSU Plan"). Each new non-employee director receives an award of restricted stock units upon the initial election to the Board of Directors, with the units covering stock valued at $100 thousand on the grant date and vesting in three equal annual installments. In addition, each non-employee director receives, following each annual stockholders' meeting, a grant under the 2005 Plan of restricted stock units covering stock valued at $150 thousand on the grant date. However, in May 2022, following the 2022 annual stockholders' meeting, each non-employee director received a grant under the 2005 plan of restricted stock units covering stock valued at $187.5 thousand to account for the Company's change in fiscal year. Each award vests 100% on the date of the next annual stockholders' meeting following the grant date. The receipt of the shares otherwise deliverable upon vesting of the restricted stock units automatically defers into deferred stock units under the DSU Plan. Under the DSU Plan each deferred stock unit represents the Company’s obligation to issue one share of the Company's Class A or Class C Common Stock with the shares delivered six months following the termination of the director's service. The Company had 0.8 million deferred stock units outstanding as of September 30, 2022. Employee Stock Purchase Plan The Company's Employee Stock Purchase Plan (the "ESPP") allows for the purchase of Class A Common Stock and Class C Common Stock by all eligible employees at a 15% discount from fair market value subject to certain limits as defined in the ESPP. As of September 30, 2022, 2.7 million Class A shares and 1.4 million Class C shares are available for future purchases under the ESPP. During the three and six months ended September 30, 2022, 171.6 thousand and 293.0 thousand Class C shares were purchased under the ESPP, respectively (three and six months ended September 30, 2021: 58.0 thousand and 118.9 thousand, respectively). Awards granted to Marketing Partners In addition to the plans discussed above, the Company may also, from time to time, issue deferred stock units or restricted stock units to certain of our marketing partners in connection with their entering into endorsement and other marketing services agreements with us. The terms of each agreement set forth the number of units to be granted and the delivery dates for the shares, which range over a multi-year period, depending on the contract. Total stock-based compensation expense related to these awards for the three and six months ended September 30, 2022 was $0.8 million and $1.7 million, respectively (three and six months ended September 30, 2021: $0.9 million and $1.8 million, respectively). As of September 30, 2022, we had $6.0 million of unrecognized compensation expense associated with these awards expected to be recognized over a weighted average period of 2.07 years. Summary by Award Classification: Stock Options A summary of the Company's stock options activity for the six months ended September 30, 2022 is presented below:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Total Intrinsic Value
Outstanding at March 31, 2022 | 1,578 |  |  | $ | 19.44 |  |  | 5.82 |  | $ | 217 |
Granted, at fair market value | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Outstanding at September 30, 2022 | 1,578 |  |  | $ | 19.44 |  |  | 5.32 |  | $ | — |
Options exercisable at September 30, 2022 | 1,369 |  |  | $ | 19.92 |  |  | 5.06 |  | $ | — |
Restricted Stock and Restricted Stock Unit Awards A summary of the Company's restricted stock and restricted stock unit awards activity for the six months ended September 30, 2022 is presented below:
| Number of Restricted Shares |  | Weighted Average Grant Date Fair Value
Outstanding at March 31, 2022 | 7,807 |  |  | $ | 16.57 |
Granted | 1,997 |  |  | 9.14 |
Forfeited | (1,486) |  |  | 15.52 |
Vested | (409) |  |  | 16.73 |
Outstanding at September 30, 2022 | 7,909 |  |  | $ | 14.88 |
Included in the table above are 1.2 million performance-based restricted stock units awarded to certain executives and key employees under the 2005 Plan during the three months ended June 30, 2022. The performance-based restricted stock units awarded have a weighted average fair value of $9.13 and have vesting that is tied to the achievement of certain combined annual revenue and operating income targets. During the three and six months ended September 30, 2022, the Company deemed the achievement of these targets probable and recorded $0.9 million and $1.3 million, respectively, of compensation expense related to these awards.

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