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Capital Stock (Tables)
 12 Months Ended
Mar. 31, 2017
Equity and Share-based Compensation [Abstract]  
Common Shares Reserved For Future Issuance
The table below outlines common shares reserved for future issuance:
 
 
March 31,
2017
 
March 31,
2016
 
(Amounts in millions)
Stock options outstanding, Class A voting shares average exercise price $26.67, Class B non-voting shares average exercise price $19.43 (March 31, 2016 - common shares average exercise price $24.55)
32.6

 
15.3

Restricted stock and restricted share units — unvested
2.7

 
1.6

Common shares available for future issuance under Lionsgate plan
0.8

 
2.1

Common shares available for future issuance under Starz plan
11.8

 
—

Shares issuable upon conversion of January 2012 4.00% Notes at conversion price of $10.26 at March 31, 2016
—

 
4.1

Shares issuable upon conversion of April 2013 1.25% Notes at conversion price of $29.19 per share (March 31, 2016 - $29.32)
2.1

 
2.1

Shares reserved for future issuance
50.0

 
25.2
Share Repurchases
For the years ended March 31, 2017, 2016 and 2015, the common shares repurchased under the Company's share repurchase plan were as follows:
Fiscal Year Ended
 
Shares Repurchased
 
Aggregate
Cost of
Shares
 
Weighted Average Repurchase Price Per Share
 
 
 
 
(in millions)
 
 
March 31, 2017
 
—

 
$
—

 
$—
March 31, 2016
 
3,600,395

 
73.2

 
$20.33
March 31, 2015
 
5,026,512

 
136.5

 
$27.16
Dividends Declared
During fiscal years 2017, 2016 and 2015, the Company's Board of Directors declared the following quarterly cash dividends:
 
 
Dividends Declared Per Common Share
 
Total Amount
 
Payment Date
 
 
 
 
(in millions)
 
 
Fiscal Year 2017:
 
 
 
 
 
 
First quarter ended June 30, 2016
 
$0.09
 
$
13.3

 
August 5, 2016
Total cash dividends declared in fiscal year 2017
 
$0.09
 
$
13.3

 
 
Fiscal Year 2016:
 
 
 
 
 
 
Fourth quarter ended March 31, 2016(1)
 
$0.09
 
$
13.2

 
May 27, 2016
Third quarter ended December 31, 2015
 
$0.09
 
13.5

 
February 5, 2016
Second quarter ended September 30, 2015
 
$0.09
 
13.3

 
November 10, 2015
First quarter ended June 30, 2015
 
$0.07
 
10.4

 
August 7, 2015
Total cash dividends declared in fiscal year 2016
 
$0.34
 
$
50.4

 
 
Fiscal Year 2015:
 
 
 
 
 
 
Fourth quarter ended March 31, 2015
 
$0.07
 
$
10.1

 
May 22, 2015
Third quarter ended December 31, 2014
 
$0.07
 
9.8

 
February 6, 2015
Second quarter ended September 30, 2014
 
$0.07
 
9.6

 
November 7, 2014
First quarter ended June 30, 2014
 
$0.05
 
6.9

 
August 8, 2014
Total cash dividends declared in fiscal year 2015
 
$0.26
 
$
36.4

 
 
____________________________________________
(1) As of March 31, 2016, the Company had $13.2 million of cash dividends payable included in accounts payable and accrued liabilities on the consolidated balance sheet (2017 - none)
Share-Based Compensation Expense
The Company recognized the following share-based compensation expense during the years ended March 31, 2017, 2016 and 2015:
 
 
Year Ended
 
March 31,
 
2017
 
2016
 
2015
 
(Amounts in millions)
Compensation Expense:
 
 
 
 
 
Stock options
$
42.5

 
$
31.0

 
$
33.5

Restricted share units and other share-based compensation
34.0

 
25.0

 
25.8

Share appreciation rights
0.6

 
0.3

 
4.0

 
77.1

 
56.3

 
63.3

Immediately vested restricted share units issued under annual bonus program(1)
—

 
22.2

 
17.0

Impact of accelerated vesting on equity awards(2)
2.4

 
—

 
1.2

Total share-based compensation expense
$
79.5

 
$
78.5

 
$
81.5

 
 
 
 
 
 
Tax impact(3)
(28.0
)
 
(28.6
)
 
(29.7
)
Reduction in net income
$
51.5

 
$
49.9

 
$
51.8

___________________
(1)
Represents the impact of immediately vested stock awards granted as part of our annual bonus program, and issued in lieu of cash bonuses.
(2)
Represents the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements.
(3)
Represents the income tax benefit recognized in the statements of operations for share-based compensation arrangements.
Share-based compensation expense, by expense category, consisted of the following:
 
Year Ended
 
March 31,
 
2017
 
2016
 
2015
 
(Amounts in millions)
Compensation Expense:
 
 
 
 
 
Direct operating
$
1.2

 
$
—

 
$
—

Distribution and marketing
0.4

 
—

 
—

General and administration
75.5

 
78.5

 
80.3

Restructuring and other
2.4

 
—

 
1.2

 
$
79.5

 
$
78.5

 
$
81.5
Stock Options Activity
The activity prior to the December 8, 2016 consummation of the Starz Merger and related reclassification of Lionsgate stock discussed above is presented in the table below:
 
 

Number of
 
Weighted-
Average
Exercise
Options:
 
Shares
 
Price
Outstanding at April 1, 2014
 
12,094,010

 
$
19.70

Granted
 
1,765,809

 
29.49

Exercised
 
(609,160
)
 
14.39

Forfeited or expired
 
(35,963
)
 
17.69

Outstanding at March 31, 2015
 
13,214,696

 
$
21.26

Granted
 
3,538,346

 
31.50

Exercised
 
(640,008
)
 
13.01

Forfeited or expired
 
(19,138
)
 
26.54

Outstanding at March 31, 2016
 
16,093,896

 
$
23.83

Granted
 
5,997,539

 
22.73

Exercised
 
(2,145,852
)
 
9.78

Forfeited or expired
 
(552,067
)
 
32.39

Outstanding at December 8, 2016 before share reclassification
 
19,393,516

 
$
24.80

Reclassification of common stock to newly issued Class A voting shares and Class B non-voting shares
 
(19,393,516
)
 
 
Outstanding at December 8, 2016 after share reclassification
 
—

 
 


Immediately prior to the consummation of the Starz Merger and in accordance with the reclassification of Lionsgate stock discussed above, each outstanding share-based equity award (i.e., stock options and restricted share units) of Lionsgate was also adjusted to reflect the reclassification of the underlying stock of each award. Upon the closing of the Starz Merger, each outstanding share-based equity award (i.e., stock options, restricted stock, and restricted stock units) of Starz was replaced by a Class B non-voting share-based equity award (“Lions Gate replacement award”) with terms equivalent to the existing awards based on the exchange ratio set forth in the Merger Agreement. The stock option, restricted stock and restricted share unit activity from the December 8, 2016 consummation of the Starz Merger and related reclassification of Lionsgate stock discussed above, through December 31, 2016 is presented in the table below:
 
Stock Options
 
Class A Voting Shares
 
Class B Non-Voting Shares
 
Number of Shares
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term In Years
 
Aggregate Intrinsic Value as of March 31, 2017
 
Number of Shares
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term In Years
 
Aggregate Intrinsic Value as of March 31, 2017
Issuance of Class A voting shares and Class B non-voting upon reclassification of common stock at December 8, 2016
9,528,634

 
$25.53
 
 
 
 
 
9,528,634

 
$24.68
 
 
 
 
Issuance for Lions Gate replacement awards
—

 
—

 
 
 
 
 
15,395,707

 
$14.68
 
 
 
 
Granted
36,645

 
$26.03
 
 
 
 
 
946,671

 
$25.06
 
 
 
 
Exercised
(447,140
)
 
$10.25
 
 
 
 
 
(2,198,914
)
 
$12.43
 
 
 
 
Forfeited or expired
(28,224
)
 
$33.65
 
 
 
 
 
(207,169
)
 
$25.52
 
 
 
 
Outstanding at March 31, 2017
9,089,915

 
$26.67
 
7.13
 
$
26,882,498

 
23,464,929

 
$19.43
 
6.77
 
$
190,383,695

Outstanding as of March 31, 2017, vested or expected to vest in the future
9,041,899

 
$26.68
 
7.13
 
$
26,678,815

 
23,200,380

 
$19.38
 
6.74
 
$
189,651,262

Exercisable at March 31, 2017
4,591,258

 
$26.58
 
5.69
 
$
15,861,328

 
16,058,080

 
$16.71
 
5.10
 
$
171,087,638
Stock Options Granted Valuation Assumptions
The following table presents the weighted average grant-date fair value of options granted in the years ended March 31, 2017, 2016 and 2015, and the weighted average applicable assumptions used in the Black-Scholes option-pricing model for stock options and share-appreciation rights granted during the years then ended:
 
Year Ended March 31,
 
2017
 
2016
 
2015
Weighted average fair value of grants
$6.88
 
$7.64
 
$10.49
Weighted average assumptions:
 
 
 
 
 
Risk-free interest rate(1)
1.2% - 2.4%
 
0.9% - 1.9%
 
0.3% - 2.0%
Expected option lives (in years)(2)
4 - 10 years
 
3 - 6 years
 
1 - 6 years
Expected volatility for options(3)
35%
 
35%
 
35% - 38%
Expected dividend yield(4)
0.0% - 1.8%
 
0.8% - 1.8%
 
0.8% - 1.0%

____________________________
(1)
The risk-free rate assumed in valuing the options is based on the U.S. Treasury Yield curve in effect applied against the expected term of the option at the time of the grant.
(2)
The expected term of options granted represents the period of time that options granted are expected to be outstanding.
(3)
Expected volatilities are based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors.
(4)
The expected dividend yield is estimated by dividing the expected annual dividend by the market price of the Company's stock at the date of grant.
Restricted Share Units Award Activity
The activity prior to the December 8, 2016 consummation of the Starz Merger and related reclassification of Lionsgate stock discussed above is presented in the table below:

Restricted Share Units:
 
Number of Shares
 
Weighted Average Grant Date Fair Value
Outstanding at April 1, 2014
 
2,139,175

 
$
23.38

Granted
 
901,611

 
29.55

Vested
 
(1,360,524
)
 
22.05

Forfeited
 
(18,234
)
 
19.41

Outstanding at March 31, 2015
 
1,662,028

 
$
28.10

Granted
 
1,461,521

 
32.36

Vested
 
(1,438,207
)
 
28.22

Forfeited
 
(37,910
)
 
30.36

Outstanding at March 31, 2016
 
1,647,432

 
$
31.74

Granted
 
1,537,632

 
20.89

Vested
 
(1,789,908
)
 
25.01

Forfeited
 
(164,592
)
 
30.18

Outstanding at December 8, 2016 before share reclassification
 
1,230,564

 
$
28.18

Reclassification of common stock to newly issued Class A voting shares and Class B non-voting shares
 
(1,230,564
)
 
 
Outstanding at December 8, 2016 after share reclassification
 
—

 
 


The restricted stock and restricted share unit activity from the December 8, 2016 consummation of the Starz Merger and related reclassification of Lionsgate stock discussed above, through March 31, 2017 is presented in the table below:

 
Restricted Share Units
 
Restricted Stock
 
Class A Voting Shares
 
Weighted-Average Grant-Date Fair Value
 
Class B Non-Voting Shares
 
Weighted-Average Grant-Date Fair Value
 
Class B Non-Voting Shares
 
Weighted-Average Grant-Date Fair Value
Issuance of Class A voting shares and Class B non-voting shares upon reclassification of common stock at December 8, 2016
615,103

 
$26.48
 
615,103

 
$28.20
 
—

 
—

Issuance for Lions Gate replacement awards
—

 
—

 
—

 
—

 
1,861,342

 
$25.70
Granted
15,529

 
$26.78
 
410,857

 
$25.06
 
—

 
—

Vested
(105,796
)
 
$29.55
 
(109,201
)
 
$29.41
 
(373,148
)
 
$25.70
Forfeited
(5,688
)
 
$30.91
 
(5,688
)
 
$30.91
 
(141,259
)
 
$25.70
Outstanding at March 31, 2017
519,148

 
$27.85
 
911,071

 
$26.62
 
1,346,935

 
$25.70
Unrecognized Compensation Cost, Nonvested Awards
The following table summarizes the total remaining unrecognized compensation cost as of March 31, 2017 related to non-vested stock options and restricted share units and the weighted average remaining years over which the cost will be recognized:
 
Total
Unrecognized
Compensation
Cost
 
Weighted
Average
Remaining
Years
 
(Amounts in millions)
 
 
Stock Options
$
71.1

 
2.3
Restricted Stock and Restricted Share Units
41.6

 
1.8
Total
$
112.7

 
 
Cash-Settled Share Appreciation Rights Activity
A summary of the status of the Company’s share-appreciation rights ("SARs") as of March 31, 2017, 2016 and 2015, and changes during the years then ended is presented below:

Share-Appreciation Rights
 
Number of Shares
 
Weighted-
Average
Exercise Price
 
Weighted Average Grant Date Fair Value
Outstanding at March 31, 2015 and 2016
 
—

 
$
—

 
$
—

Granted
 
836,775

 
25.29

 
8.54

Exercised
 
—

 
—

 
—

Outstanding at March 31, 2017
 
836,775

 
$
25.29

 
$
8.54