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Capital Stock (Tables) | 12 Months Ended
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Mar. 31, 2018
Equity and Share-based Compensation [Abstract] |
Common Shares Reserved For Future Issuance | The table below outlines common shares reserved for future issuance:
| March 31, 2018 |  | March 31, 2017
| (Amounts in millions)
Stock options and equity-settled SARs outstanding | 32.1 |  |  | 33.4 |
Restricted stock and restricted share units — unvested | 2.2 |  |  | 2.7 |
Common shares available for future issuance under Lionsgate plan(1) | 10.3 |  |  | 0.8 |
Common shares available for future issuance under Starz plan | — |  |  | 11.8 |
Shares issuable upon conversion of April 2013 1.25% Notes | 2.1 |  |  | 2.1 |
Shares reserved for future issuance | 46.7 |  |  | 50.8 |
______________
(1) | As of March 31, 2018, amounts represent common shares reserved for issuance under the Company's current 2017 Performance Incentive Plan. As of March 31, 2017, amounts represent common shares reserved for issuance under the Company's former 2012 Performance Incentive Plan. See Share Based Compensation section below for further information.
Dividends Declared | During the fiscal years ended March 31, 2018, 2017 and 2016, 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 2018: |  |  |  |  |  |
Fourth quarter ended March 31, 2018(1) |  | $0.09 |  | $ | 19.1 |  |  | May 1, 2018
Fiscal Year 2017: |  |  |  |  |  |
First quarter ended June 30, 2016 |  | $0.09 |  | $ | 13.3 |  |  | August 5, 2016
Fiscal Year 2016: |  |  |  |  |  |
Fourth quarter ended March 31, 2016 |  | $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 |  |  |
____________________________________________
(1) | As of March 31, 2018, the Company had $19.1 million of cash dividends payable included in accounts payable and accrued liabilities on the consolidated balance sheet
Share-Based Compensation Expense | The Company recognized the following share-based compensation expense during the years ended March 31, 2018, 2017 and 2016:
| Year Ended
| March 31,
| 2018 |  | 2017 |  | 2016
| (Amounts in millions)
Compensation Expense: |  |  |  |  |
Stock options | $ | 43.1 |  |  | $ | 42.5 |  |  | $ | 31.0 |
Restricted share units and other share-based compensation | 36.2 |  |  | 34.0 |  |  | 25.0 |
Share appreciation rights | 6.3 |  |  | 0.6 |  |  | 0.3 |
| 85.6 |  |  | 77.1 |  |  | 56.3 |
Immediately vested restricted share units issued under annual bonus program(1) | — |  |  | — |  |  | 22.2 |
Impact of accelerated vesting on equity awards(2) | 2.9 |  |  | 2.4 |  |  | — |
Total share-based compensation expense | $ | 88.5 |  |  | $ | 79.5 |  |  | $ | 78.5 |
Tax impact(3) | (29.6 | ) |  | (28.0 | ) |  | (28.6 | )
Reduction in net income | $ | 58.9 |  |  | $ | 51.5 |  |  | $ | 49.9 |
___________________
(1) | Represents the impact of immediately vested stock awards granted as part of the Company's 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 income for share-based compensation arrangements.
Share-based compensation expense, by expense category, consisted of the following:
| Year Ended
| March 31,
| 2018 |  | 2017 |  | 2016
| (Amounts in millions)
Compensation Expense: |  |  |  |  |
Direct operating | $ | 1.1 |  |  | $ | 1.2 |  |  | $ | — |
Distribution and marketing | 0.9 |  |  | 0.4 |  |  | — |
General and administration | 83.6 |  |  | 75.5 |  |  | 78.5 |
Restructuring and other | 2.9 |  |  | 2.4 |  |  | — |
| $ | 88.5 |  |  | $ | 79.5 |  |  | $ | 78.5 |
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 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 shares 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 the Company's shares discussed above, each outstanding share-based equity award (i.e., stock options and restricted share units) of the Company was also adjusted to reflect the reclassification of the underlying shares 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 the Company's shares discussed above, through March 31, 2018 is presented in the table below:
| Stock Options and Equity-Settled SARs(1)
| 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, 2018 |  | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term In Years |  | Aggregate Intrinsic Value as of March 31, 2018
Issuance of Class A voting shares and Class B non-voting shares upon reclassification of common shares 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 |  |  |  |  |  | 1,783,446 |  |  | $25.17 |  |  |  |
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 |  |  |  |  |  | 24,301,704 |  |  | $19.63 |  |  |  |
Granted | 455,395 |  |  | $30.78 |  |  |  |  |  | 2,405,095 |  |  | $28.84 |  |  |  |
Exercised | (537,930 | ) |  | $19.29 |  |  |  |  |  | (2,612,877 | ) |  | $17.15 |  |  |  |
Forfeited or expired | (370,943 | ) |  | $36.31 |  |  |  |  |  | (630,807 | ) |  | $30.72 |  |  |  |
Outstanding at March 31, 2018 | 8,636,437 |  |  | $26.93 |  | 6.31 |  | $ | 20,567,305 |  |  | 23,463,115 |  |  | $20.56 |  | 6.17 |  | $ | 130,946,902 |
Outstanding as of March 31, 2018, vested or expected to vest in the future | 8,606,761 |  |  | $26.94 |  | 6.31 |  | $ | 20,449,524 |  |  | 23,317,418 |  |  | $20.52 |  | 6.15 |  | $ | 130,846,866 |
Exercisable at March 31, 2018 | 5,498,184 |  |  | $28.12 |  | 5.07 |  | $ | 12,157,537 |  |  | 16,776,803 |  |  | $18.55 |  | 4.70 |  | $ | 124,449,854 |
_____________________________
(1) | Amounts for the year ended March 31, 2017 have been reclassified to conform to the current period presentation, and now include the Company’s equity-settled share-appreciation rights ("SARs"), which were previously accounted for as cash-settled SARs.
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, 2018, 2017 and 2016, 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,
| 2018 |  | 2017 |  | 2016
Weighted average fair value of grants | $8.38 |  | $6.88 |  | $7.64
Weighted average assumptions: |  |  |  |  |
Risk-free interest rate(1) | 1.7% - 2.7% |  | 1.2% - 2.4% |  | 0.9% - 1.9%
Expected option lives (in years)(2) | 4 - 6 years |  | 4 - 10 years |  | 3 - 6 years
Expected volatility for options(3) | 35% |  | 35% |  | 35%
Expected dividend yield(4) | 0.0% - 1.5% |  | 0.0% - 1.8% |  | 0.8% - 1.8%
____________________________
(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 shares, historical volatility of the Company’s shares and other factors.
(4) | The expected dividend yield is estimated by dividing the expected annual dividend by the market price of the Company's shares 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 the Company's shares discussed above is presented in the table below:
Restricted Share Units: |  | Number of Shares |  | Weighted Average Grant Date Fair Value
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 shares 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 the Company's shares discussed above, through March 31, 2018 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 shares 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
Granted | 117,295 |  |  | $29.11 |  | 1,200,352 |  |  | $29.44 |  | — |  |  | $25.70
Vested | (393,137 | ) |  | $27.79 |  | (575,659 | ) |  | $26.97 |  | (587,733 | ) |  | $25.70
Forfeited | (12,745 | ) |  | $29.69 |  | (24,116 | ) |  | $28.06 |  | (269,801 | ) |  | $25.70
Outstanding at March 31, 2018 | 230,561 |  |  | $28.49 |  | 1,511,648 |  |  | $28.71 |  | 489,401 |  |  | $25.70
Unrecognized Compensation Cost, Nonvested Awards | The following table summarizes the total remaining unrecognized compensation cost as of March 31, 2018 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 | $ | 52.9 |  |  | 2.7
Restricted Stock and Restricted Share Units | 41.6 |  |  | 2.2
Total | $ | 94.5 |  |  |

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