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Capital Stock | 3 Months Ended
--- | ---
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Capital Stock | Capital Stock Common Shares The Company has an unlimited number of authorized common shares following the closing of the Separation and at June 30, 2025. The table below outlines common shares reserved for future issuance:
| June 30, 2025
| (Amounts in millions)
Stock options and share appreciation rights (SARs) outstanding | 0.8 |
Restricted share units and other share-based compensation — unvested | 2.5 |
Common shares available for future issuance | 3.0 |
Shares reserved for future issuance | 6.3 |
The Company recognized the following share-based compensation expense:
| Three Months Ended
| June 30,
| 2025 |  | 2024
| (Amounts in millions)
Compensation Expense: |  |  |
Restricted share units and other share-based compensation | $ | 5.2 |  |  | $ | 4.5 |
Corporate allocation of share-based compensation | — |  |  | 0.7 |
| 5.2 |  |  | 5.2 |
Impact of modification for change to cash payment(1) | 2.2 |  |  | — |
Total share-based compensation expense | $ | 7.4 |  |  | $ | 5.2 |
_____________________ (1)This balance reflects a one-time modification of equity awards in connection with the Separation. In June 2025, the Compensation Committee of the Company's Board of Directors approved a cash payment in lieu of share issuance for the restricted share units vesting during the quarter ending September 30, 2025. Refer to Note 17, Subsequent Events, for further detail regarding the modification. Share-based compensation expense from continuing operations, by expense category, consisted of the following:
| Three Months Ended
| June 30,
| 2025 |  | 2024
| (Amounts in millions)
Share-Based Compensation Expense: |  |  |
Other operating expense | $ | 0.9 |  |  | $ | 0.8 |
General and administration | 4.3 |  |  | 4.4 |
Restructuring and other | 2.2 |  |  | — |
| $ | 7.4 |  |  | $ | 5.2 |
Stock options, share appreciation rights, and restricted share units The following tables present Starz’s capital stock (including stock option and share appreciation rights, "SARs", and restricted share units, "RSUs") before and after the Separation and related conversion during the quarter ended June 30, 2025. Each outstanding stock award and strike price was exchanged at Separation date using a ratio as determined under the employee matters agreement. Stock awards prior to Separation date of May 6, 2025:
| Stock Options and SARs |  | Restricted Share Units |  |
| Class A Common Shares |  | Weighted-Average Exercise Price |  | Class B Common Shares |  | Weighted-Average Exercise Price |  | Number of Shares |  | Weighted-Average Grant Date Fair Value |  |
| (Amounts in millions, except for shares and weighted-average exercise price) |  |
Outstanding at March 31, 2025 | 593 |  |  | $ | 7.70 |  |  | 1,151,938 |  |  | $ | 13.66 |  |  | 3,125,047 |  |  | $ | 8.15 |  |  |
Granted |  |  |  |  |  |  |  |  | 7,813 |  |  | 8.01 |  |  |
Exercised |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  |  |  |  |  |  |  | (27,970) |  |  | 8.07 |  |  |
Outstanding at May 6, 2025 | 593 |  |  | $7.70 |  | 1,151,938 |  |  | $ | 13.66 |  |  | 3,104,890 |  |  | $ | 8.15 |  |  |
Stock awards after exchange post-Separation:
| Starz Stock Options and SARs |  | Restricted Share Units
| Number of Shares |  | Weighted-Average Exercise Price |  | Intrinsic Value |  | Remaining Term |  | Number of Shares |  | Weighted-Average Grant Date Fair Value |  | Remaining Term
| (Amounts in millions, except for shares and weighted-average exercise price and years)
Shares issued on May 6, 2025 | 696,187 |  |  | $ | 17.73 |  |  |  |  |  |  | 1,939,316 |  |  | $ | 8.15 |  |  |
Shares issued to Dual Director Grants on May 6, 2025 |  |  |  |  |  |  |  |  | 32,081 |  |  | 7.98 |  |  |
Granted | 143,265 |  |  | 11.20 |  |  |  |  |  |  | — |  |  |  |  |
Forfeited - Time RSUs |  |  |  |  |  |  |  |  | (42,494) |  |  | 8.03 |  |  |
Cancelled - Performance RSUs |  |  |  |  |  |  |  |  | (18,887) |  |  | 8.00 |  |  |
Forfeited - Performance RSUs |  |  |  |  |  |  |  |  | (72,623) |  |  | 8.10 |  |  |
Outstanding at June 30, 2025 | 839,452 |  |  | $ | 16.62 |  |  | $ | 1.6 |  |  | 4.8 |  | 1,837,393 |  |  | $ | 8.15 |  |  | 1.0
Exercisable at June 30, 2025 | 696,187 |  |  | $ | 17.73 |  |  | $ | 0.9 |  |  | 3.8 |  |  |  |  |  |
_____________________ The fair value of each option award is estimated on the date of grant using a closed-form option valuation model (Black-Scholes).

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