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Capital Stock | 12 Months Ended
--- | ---
Mar. 31, 2024
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 March 31, 2024 and March 31, 2023. The table below outlines common shares reserved for future issuance:
| March 31, 2024 |  | March 31, 2023
| (Amounts in millions)
Stock options and share appreciation rights (SARs) outstanding | 20.7 |  |  | 24.8 |
Restricted share units and restricted stock — unvested | 13.4 |  |  | 14.0 |
Common shares available for future issuance | 15.4 |  |  | 11.4 |
Shares reserved for future issuance | 49.5 |  |  | 50.2 |
(b) Share Repurchases On February 2, 2016, the Company's Board of Directors authorized the Company to increase its previously announced share repurchase plan from a total authorization of $300 million to $468 million. During the fiscal years ended March 31, 2024, 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. (c) Share-based Compensation General. The Company has a performance incentive plan (the “2019 Plan”), as amended, which provides for granting awards which include stock options, share appreciation rights, restricted stock, restricted share units, stock bonuses and other forms of awards granted or denominated in the Company’s Class A voting shares and the Company’s Class B non-voting shares ("Common Shares") or units of Common Shares, as well as certain cash bonus awards. Persons eligible to receive awards under the 2019 Plan include directors of the Company, officers or employees of the Company or any of its subsidiaries, and certain consultants and advisors to the Company or any of its subsidiaries. Stock options are generally granted at exercise prices equal to or exceeding the market price of the Company's Common Shares at the date of grant. Substantially all stock options vest ratably over one to five years from the grant date based on continuous service and expire seven to ten years from the date of grant. Restricted stock and restricted share units generally vest ratably over one to three years based on continuous service. The Company satisfies stock option exercises and vesting of restricted stock and restricted share units with newly issued shares. The measurement of all share-based awards uses a fair value method and the recognition of the related share-based compensation expense in the consolidated financial statements is recorded over the requisite service period. Further, the Company estimates forfeitures for share-based awards that are not expected to vest. As share-based compensation expense recognized in the Company’s consolidated financial statements is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Share-Based Compensation Expense. The Company recognized the following share-based compensation expense during the years ended March 31, 2024, 2023 and 2022:
| Year Ended
| March 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in millions)
Compensation Expense: |  |  |  |  |
Stock options | $ | 2.2 |  |  | $ | 7.0 |  |  | $ | 19.2 |
Restricted share units and other share-based compensation | 77.5 |  |  | 86.8 |  |  | 73.4 |
Share appreciation rights | 1.5 |  |  | 4.0 |  |  | 7.4 |
| 81.2 |  |  | 97.8 |  |  | 100.0 |
Impact of accelerated vesting on equity awards(1) | 9.4 |  |  | 4.2 |  |  | — |
Total share-based compensation expense | $ | 90.6 |  |  | $ | 102.0 |  |  | $ | 100.0 |
Tax impact(2) | (18.6) |  |  | (18.4) |  |  | (19.7) |
Reduction in net income | $ | 72.0 |  |  | $ | 83.6 |  |  | $ | 80.3 |
___________________ (1)Represents the impact of the acceleration of 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 prior to the effects of changes in the valuation allowance. Share-based compensation expense, by expense category, consisted of the following:
| Year Ended
| March 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in millions)
Share-Based Compensation Expense: |  |  |  |  |
Direct operating | $ | 2.8 |  |  | $ | 1.7 |  |  | $ | 1.2 |
Distribution and marketing | 0.8 |  |  | 0.7 |  |  | 0.5 |
General and administration | 77.6 |  |  | 95.4 |  |  | 98.3 |
Restructuring and other | 9.4 |  |  | 4.2 |  |  | — |
| $ | 90.6 |  |  | $ | 102.0 |  |  | $ | 100.0 |
Stock Options The following table sets forth the stock option, and share appreciation rights ("SARs") activity during the year ended March 31, 2024:
| Stock Options and SARs
| Class A Voting Shares |  | Class B Non-Voting Shares
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value |  | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
| (Amounts in millions, except for weighted-average exercise price and years)
Outstanding at March 31, 2023 | 4.3 |  |  | $26.35 |  |  |  |  |  | 20.5 |  |  | $15.23 |  |  |  |
Granted | — |  |  | — |  |  |  |  |  |  | 0.3 |  |  | $8.88 |  |  |  |
Exercised | — |  | (1) | $7.70 |  |  |  |  |  | (0.1) |  |  | $7.11 |  |  |  |
Forfeited or expired | (1.9) |  |  | $30.81 |  |  |  |  |  | (2.4) |  |  | $26.32 |  |  |  |
Outstanding at March 31, 2024 | 2.4 |  |  | $22.96 |  | 2.51 |  | $ | 0.1 |  |  | 18.3 |  |  | $13.73 |  | 5.10 |  | $ | 6.4 |
Vested or expected to vest at March 31, 2024 | 2.4 |  |  | $22.96 |  | 2.51 |  | $ | 0.1 |  |  | 18.3 |  |  | $13.75 |  | 5.09 |  | $ | 6.3 |
Exercisable at March 31, 2024 | 2.4 |  |  | $22.96 |  | 2.51 |  | $ | 0.1 |  |  | 17.6 |  |  | $13.95 |  | 4.95 |  | $ | 6.1 |
_____________________ (1)Represents less than 0.1 million shares. The fair value of each option award is estimated on the date of grant using a closed-form option valuation model (Black-Scholes). The following table presents the weighted average grant-date fair value of options granted in the years ended March 31, 2024, 2023 and 2022, 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,
| 2024 |  | 2023 |  | 2022
Weighted average fair value of grants | $4.63 |  | $4.56 |  | $6.27
Weighted average assumptions: |  |  |  |  |
Risk-free interest rate(1) | 4.3% - 4.5% |  | 2.8% - 3.7% |  | 0.8% - 2.5%
Expected option lives (in years)(2) | 3.3 - 7 years |  | 3.5 - 7 years |  | 3.3 - 7 years
Expected volatility for options(3) | 46% - 47% |  | 44% |  | 42% - 44%
Expected dividend yield(4) | 0% |  | 0% |  | 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 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. The total intrinsic value of options exercised during the year ended March 31, 2024 was $0.2 million (2023 — $1.2 million, 2022 — $2.3 million). During the year ended March 31, 2024, less than 0.1 million shares (2023 — less than 0.1 million shares, 2022 — less than 0.1 million) were cancelled to fund withholding tax obligations upon exercise of options. Restricted Share Units The following table sets forth the restricted share unit and restricted stock activity during the year ended March 31, 2024:
| Restricted Share Units and Restricted Stock
| Class A Voting Shares |  | Weighted-Average Grant-Date Fair Value |  | Class B Non-Voting Shares |  | Weighted-Average Grant-Date Fair Value
| (Amounts in millions, except for weighted-average grant date fair value)
Outstanding at March 31, 2023 | — |  | (1) | $10.95 |  | 14.0 |  |  | $9.48
Granted | 0.1 |  |  | $8.87 |  | 9.5 |  |  | $8.20
Vested | — |  | (1) | $10.89 |  | (9.4) |  |  | $9.34
Forfeited | — |  |  | — |  | (0.8) |  |  | $8.55
Outstanding at March 31, 2024 | 0.1 |  |  | $9.27 |  | 13.3 |  |  | $8.71
__________________ (1)Represents less than 0.1 million shares. The fair values of restricted share units and restricted stock are determined based on the market value of the shares on the date of grant. The total fair value of restricted share units and restricted stock vested during the year ended March 31, 2024 was $89.6 million (2023 - $54.9 million, 2022 - $67.8 million). The following table summarizes the total remaining unrecognized compensation cost as of March 31, 2024 related to non-vested stock options and restricted stock 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 | $ | 2.3 |  |  | 1.5
Restricted Share Units and Restricted Stock | 54.5 |  |  | 1.5
Total | $ | 56.8 |  |  |
Under the Company’s stock option and long term incentive plans, the Company withholds shares to satisfy minimum statutory federal, state and local tax withholding obligations arising from the vesting of restricted share units and restricted stock. During the year ended March 31, 2024, 3.9 million shares (2023 — 2.2 million shares, 2022 — 2.3 million shares) were withheld upon the vesting of restricted share units and restricted stock. The Company becomes entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the stock options and restricted share units when vesting or exercise occurs, the restrictions are released and the shares are issued. Restricted share units are forfeited if the employees are terminated prior to vesting. The Company recognized excess tax deficiencies of $12.0 million associated with its equity awards in its tax provision for the year ended March 31, 2024 (2023 — deficiencies of $11.3 million, 2022 — benefits of $14.9 million). Other Share-Based Compensation Pursuant to the terms of certain employment agreements, during the year ended March 31, 2024, the Company granted the equivalent of $2.3 million (2023 - $2.3 million, 2022 - $2.3 million) in shares to certain employees through the term of their employment contracts, which were recorded as compensation expense in the applicable period. Pursuant to this arrangement, for the year ended March 31, 2024, the Company issued 0.2 million shares (2023 - 0.3 million shares, 2022 - 0.1 million shares), net of shares withheld to satisfy minimum tax withholding obligations.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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