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Capital Stock
 6 Months Ended
Sep. 30, 2019
Equity and Share-based Compensation [Abstract]  
Capital Stock Capital Stock

(a) Common Shares
The Company had 500 million authorized Class A voting shares and 500 million authorized Class B non-voting shares at September 30, 2019 and March 31, 2019. The table below outlines common shares reserved for future issuance:
 
 
September 30,
2019
 
March 31,
2019
 
(Amounts in millions)
Stock options and equity-settled SARs outstanding
38.9

 
34.6

Restricted stock and restricted share units — unvested
4.1

 
2.0

Common shares available for future issuance
8.2

 
6.7

Shares reserved for future issuance
51.2

 
43.3




(b) Share-based Compensation

The Company recognized the following share-based compensation expense during the three and six months ended September 30, 2019, and 2018:
 
 
Three Months Ended
 
Six Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
 
(Amounts in millions)
Compensation Expense:
 
 
 
 
 
 
 
Stock options
$
5.2

 
$
6.7

 
$
8.8

 
$
13.5

Restricted share units and other share-based compensation
8.5

 
7.2

 
13.3

 
13.9

Share appreciation rights
0.8

 
1.2

 
1.7

 
2.8

 
14.5

 
15.1

 
23.8

 
30.2

Impact of accelerated vesting on equity awards(1)
—

 
—

 
0.3

 
—

Total share-based compensation expense
$
14.5

 
$
15.1

 
$
24.1

 
$
30.2

 
 
 
 
 
 
 
 
Tax impact(2)
(3.1
)
 
(3.4
)
 
(5.1
)
 
(6.9
)
Reduction in net income
$
11.4

 
$
11.7

 
$
19.0

 
$
23.3


___________________
(1)
Represents the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements.
(2)
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:
 
Three Months Ended
 
Six Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
 
(Amounts in millions)
Share-Based Compensation Expense:
 
 
 
 
 
 
 
Direct operating
$
0.3

 
$
0.3

 
$
0.4

 
$
0.5

Distribution and marketing
0.1

 
0.1

 
0.2

 
0.1

General and administration
14.1

 
14.7

 
23.2

 
29.6

Restructuring and other
—

 
—

 
0.3

 
—

 
$
14.5

 
$
15.1

 
$
24.1

 
$
30.2



The following table sets forth the stock option, equity-settled SARs, cash-settled SARs, restricted stock and restricted share unit activity during the six months ended September 30, 2019:

 
Stock Options, Equity-settled and Cash-settled SARs
 
Restricted Stock and Restricted Share Units
 
Class A Voting Shares
 
Class B Non-Voting Shares
 
Class A Voting Shares
 
Class B Non-Voting Shares
 
Number of Shares
 
Weighted-Average Exercise Price
 
Number of Shares
 
Weighted-Average Exercise Price
 
Number of Shares
 
Weighted-Average Grant-Date Fair Value
 
Number of Shares
 
Weighted-Average Grant-Date Fair Value
 
(Number of shares in millions)
Outstanding at March 31, 2019
8.4

 
$26.70
 
26.2

 
$20.72
 
0.1

 
$25.68
 
1.9

 
$24.24
Granted
—

 
—

 
7.1

(2) 
$12.44
 
—

(1) 
$11.01
 
2.8

 
$12.45
Options exercised or restricted stock or RSUs vested
—

 
—

 
(0.1
)
 
$10.50
 
(0.1
)
 
$26.24
 
(0.4
)
 
$23.34
Forfeited or expired
(0.9
)
 
$30.41
 
(1.8
)
 
$25.49
 
—

(1) 
$19.58
 
(0.2
)
 
$22.44
Outstanding at September 30, 2019
7.5

 
$26.28
 
31.4

 
$18.57
 
—

(1) 
$15.33
 
4.1

 
$16.51

__________________
(1)
Represents less than 0.1 million shares.
(2)
During the six months ended September 30, 2019, the Company granted 3.3 million cash-settled share-appreciation rights ("CSARs"). The CSARs are revalued each reporting period until settlement using a closed-form option pricing model (Black Scholes).

(c) Other

In connection with an amendment of an affiliation agreement with a customer and effective upon the close of the Starz merger (December 8, 2016), Lionsgate agreed to issue to the customer three $16.67 million annual installments of equity (or cash at the Company's election). The total value of the contract of $50 million was amortized as a reduction of revenue over the period from December 8, 2016 to August 31, 2019. During the year ended March 31, 2019, Lionsgate issued to the customer 0.4 million Class A voting shares valued at $8.3 million and 0.5 million Class B voting shares valued at $8.3 million (2018 - 0.3 million Class A voting shares valued at $8.3 million and 0.3 million Class B non-voting shares valued at $8.3 million).