Share-based Payments

6 Months Ended

Sep. 30, 2025

16. Share-based Payments

Stock Options

During the six months ended September 30, 2025 and 2024, no options to purchase shares of the Company’s common stock were granted.

The following is a summary of stock option transactions:


	Number of Shares			Weighted Average Exercise Price
Outstanding at March 31, 2025	1,053,561		$	20.20
Exercised	(6,466	)	$	15.59
Forfeited/Cancelled	(5,825	)	$	20.72
Expired	(68,200	)	$	31.13
Outstanding at September 30, 2025	973,070		$	19.47

At September 30, 2025, options to purchase 43,645 shares of common stock were unvested at a weighted average exercise price of $9.32.

At September 30, 2025, there was $159,000 of total unrecognized compensation expense related to unvested stock option awards, which will be recognized over the weighted average remaining vesting period of approximately 1.0 year.

Restricted Stock Units (“RSUs”)

During the six months ended September 30, 2025 and 2024, the Company granted 487,597 and 316,040, respectively, of time-based vesting RSUs, based on the closing market price on the grant date.

The following is a summary of non-vested RSUs:


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at March 31, 2025	505,373			$	7.26
Granted	487,597			$	10.35
Vested	(230,354	)		$	8.09
Forfeited/Cancelled	(4,897	)		$	7.72
Outstanding at September 30, 2025	757,719			$	9.01

At September 30, 2025, there was $5,889,000 of unrecognized compensation expense related to RSUs, which will be recognized over the weighted average remaining vesting period of approximately 2.3 years.

Performance Stock Units (“PSUs”)

During the six months ended September 30, 2025, the Company granted 353,778 PSUs (at target performance levels) based on the Company’s stock price or a total shareholder return (“TSR”) market conditions. During the six months ended September 30, 2024, the Company granted 155,391 PSUs (at target performance levels), based on a TSR market condition. All PSUs granted have a three-year performance period, subject to continued employment.

Stock Price PSUs

During the six months ended September 30, 2025, the Company granted 176,893 PSUs (at target performance levels), which vest as follows: (i) if the stock price is greater than or equal to $15.00 per share, then 1/3 of the grant will vest, (ii) if the stock price is greater than or equal to $17.00 per share then the next 1/3 of the grant will vest, and (iii) if the stock price is greater than or equal to $20.00 per share then the final 1/3 of the grant will vest. Recipients are eligible to vest in between 50% and 150% of the third tranche by achieving a stock price between $18.00 and $22.00 per share (each stock price target must be met for thirty consecutive trading days). The Company calculated the fair value of these PSUs individually for each tranche using the Monte Carlo Simulation Model at the grant date. Compensation cost is recognized over the estimated derived service period. Compensation cost related to these awards will not be adjusted even if the market condition is not met.

During the six months ended September 30, 2024, the Company did not grant any PSUs based on the Company’s stock price.

TSR PSUs

During the six months ended September 30, 2025 and 2024, the Company granted 176,885 and 155,391 PSUs (at target performance levels), respectively, which cliff vest and the number of shares earned at the end of the three-year performance period will vary, based only on actual performance, from 0% to 150% of the target number of PSUs granted, depending on the Company’s TSR percentile rank relative to that of a peer group over the performance period. TSR is measured based on a comparison of the closing price on the first trading day of the performance period and the average closing price over the last 30 trading days of the performance period. TSR is considered a market condition because it measures the Company’s return against the performance of the Russell 3000, excluding companies classified as financials and real estate and companies with a market capitalization of more than $600 million, as of the start of the performance period. Compensation cost is determined at the grant date and recognized on a straight-line basis over the requisite service period to the extent the conditions are deemed probable. Compensation cost related to the TSR award will not be adjusted even if the market condition is not met.

The fair value of PSUs subject to a market condition is determined using the Monte Carlo simulation model. The following table summarizes the assumptions used in determining the fair value of the awards subject to market conditions:



	Six Months Ended
			September 30,
			2025			2024
Risk free interest rate			3.86	%		4.45	%
Expected life in years			0.7-3.0			3
Expected volatility of the Company's common stock			66.80	%		59.80	%
Average correlation coefficient of peer companies			15.70	%		16.50	%
Expected dividend yield			-			-
Grant date fair value		$	7.33-12.68		$	8.65

The following is a summary of non-vested PSUs:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 31, 2025	764,387		$	7.42
Granted	353,778		$	10.57
Vested	(294,540	)	$	6.77
Forfeited/Cancelled	(78,347	)	$	13.43
Outstanding at September 30, 2025	745,278		$	8.53

At September 30, 2025, there was $4,171,000 of unrecognized compensation expense related to these awards, which will be recognized over the weighted average remaining vesting period of approximately 2.1 years.