Capital Stock

9 Months Ended

Dec. 31, 2022

Equity and Share-based Compensation [Abstract]

(a) Common Shares

The Company had 500 million authorized Class A voting shares and 500 million authorized Class B non-voting shares at December 31, 2022 and March 31, 2022. The table below outlines common shares reserved for future issuance:


	December 31, 2022	March 31, 2022
	(Amounts in millions)
Stock options and share appreciation rights (SARs) outstanding	24.9	27.6
Restricted stock and restricted share units — unvested	14.5	7.9
Common shares available for future issuance	11.1	18.4
Shares reserved for future issuance	50.5	53.9

(b) Share-based Compensation

The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2022 and 2021:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2022		2021		2022		2021
	(Amounts in millions)
Compensation Expense:
Stock options	$	1.5	$	4.1	$	5.6	$	15.6
Restricted share units and other share-based compensation	20.8		16.4		49.7		56.4
Share appreciation rights	1.0		2.1		2.4		5.5
	23.3		22.6		57.7		77.5
Impact of accelerated vesting on equity awards(1)	1.5		—		2.1		—
Total share-based compensation expense	$	24.8	$	22.6	$	59.8	$	77.5

Tax impact(2)	(4.1)		(4.4)		(10.4)		(15.3)
Increase in net loss or reduction in net income	$	20.7	$	18.2	$	49.4	$	62.2

___________________

(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 unaudited condensed consolidated statements of operations for share-based compensation arrangements prior to the effects of changes in the valuation allowance.

Share-based compensation expense, by expense category, consisted of the following:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2022		2021		2022		2021
	(Amounts in millions)
Share-Based Compensation Expense:
Direct operating	$	0.5	$	0.4	$	1.2	$	0.9
Distribution and marketing	0.2		0.2		0.6		0.5
General and administration	22.6		22.0		55.9		76.1
Restructuring and other	1.5		—		2.1		—
	$	24.8	$	22.6	$	59.8	$	77.5

The following table sets forth the stock option, SARs, restricted stock and restricted share unit activity during the nine months ended December 31, 2022:


	Stock Options and 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, 2022	5.4		$24.34	22.2	$15.36	—	(1)	$11.51	7.9	$11.87
Granted	—		—	0.3	$8.97	—	(1)	$10.27	11.9	$9.02
Options exercised or restricted stock or RSUs vested	—	(1)	$7.70	(0.4)	$10.17	—	(1)	$11.19	(5.0)	$11.99


Forfeited or expired	(1.1)		$16.58	(1.5)	$17.21	—		—	(0.3)	$10.59
Outstanding at December 31, 2022	4.3		$26.31	20.6	$15.22	—	(1)	$10.95	14.5	$9.49

__________________

(1)Represents less than 0.1 million shares.

During the three and nine months ended December 31, 2022 and 2021 the Company did not repurchase any common shares. To date, approximately $288.1 million common shares have been repurchased, leaving approximately $179.9 million of authorized potential repurchases.