Capital Stock

3 Months Ended

Jun. 30, 2023

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 June 30, 2023 and March 31, 2023. The table below outlines common shares reserved for future issuance:


	June 30, 2023	March 31, 2023
	(Amounts in millions)
Stock options and share appreciation rights (SARs) outstanding	21.5	24.8
Restricted share units and restricted stock — unvested	10.4	14.0
Common shares available for future issuance	16.2	11.4
Shares reserved for future issuance	48.1	50.2

(b) Share-based Compensation

The Company recognized the following share-based compensation expense during the three months ended June 30, 2023 and 2022:


	Three Months Ended
	June 30,
		2023		2022
		(Amounts in millions)
Compensation Expense:
Stock options		$	0.9	$	1.7
Restricted share units and other share-based compensation		14.3		5.8
Share appreciation rights		0.7		0.3
		15.9		7.8
Impact of accelerated vesting on equity awards(1)		0.5		0.6
Total share-based compensation expense		$	16.4	$	8.4

___________________

(1)Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.

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


	Three Months Ended
	June 30,
		2023		2022
		(Amounts in millions)
Share-Based Compensation Expense:
Direct operating		$	0.4	$	0.2
Distribution and marketing		0.2		0.1
General and administration		15.3		7.5
Restructuring and other		0.5		0.6
		$	16.4	$	8.4

The following table sets forth the stock option, SARs, restricted stock and restricted share unit activity during the three months ended June 30, 2023:


	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, 2023	4.3	$26.35	20.5		$15.23	—	(1)	$10.95	14.0	$9.48
Granted	—	—	—		—	—		—	0.1	$9.17
Options exercised or restricted stock or RSUs vested	—	—	—	(1)	$7.15	—		—	(3.6)	$9.60


Forfeited or expired	(1.6)	$29.54	(1.7)		$29.77	—		—	(0.1)	$9.24
Outstanding at June 30, 2023	2.7	$24.45	18.8		$14.12	—	(1)	$10.95	10.4	$9.43

__________________

(1)Represents less than 0.1 million shares.

During the three months ended June 30, 2023 and 2022, 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.