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Capital Stock (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2024 | Mar. 31, 2024
Schedule of Share-Based Compensation Expense | The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2024 and 2023:
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Amounts in millions) |
Compensation Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.6 |  |  | $ | 1.4 |
Restricted share units and other share-based compensation |  |  | 13.9 |  |  |  | 12.2 |  |  |  | 30.3 |  |  |  | 32.6 |
Share appreciation rights |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.5 |  |  |  | 0.2 |
Total Lionsgate Studios employee share-based compensation expense |  |  | 14.3 |  |  |  | 12.7 |  |  |  | 31.4 |  |  |  | 34.2 |
Corporate allocation of share-based compensation |  |  | — |  |  |  | 4.5 |  |  |  | 10.8 |  |  |  | 12.1 |
|  |  | 14.3 |  |  |  | 17.2 |  |  |  | 42.2 |  |  |  | 46.3 |
Impact of accelerated vesting on equity awards (1) |  |  | — |  |  |  | 6.8 |  |  |  | 4.7 |  |  |  | 7.3 |
Total share-based compensation expense |  | $ | 14.3 |  |  | $ | 24.0 |  |  | $ | 46.9 |  |  | $ | 53.6 |
(1) | Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements prior to the Separation.
Share-based compensation expense, by expense category, consisted of the following:
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Amounts in millions) |
Share-Based Compensation Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administration |  | $ | 14.3 |  |  | $ | 17.2 |  |  | $ | 42.2 |  |  | $ | 46.3 |
Restructuring and other |  |  | — |  |  |  | 6.8 |  |  |  | 4.7 |  |  |  | 7.3 |
|  | $ | 14.3 |  |  | $ | 24.0 |  |  | $ | 46.9 |  |  | $ | 53.6 |
| 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 |  | $ | 1.7 |  |  | $ | 2.3 |  |  | $ | 9.6 |
Restricted share units and other share-based compensation |  |  | 37.7 |  |  |  | 39.3 |  |  |  | 38.6 |
Share appreciation rights |  |  | 0.4 |  |  |  | 0.9 |  |  |  | 2.4 |
Total Studio employee share-based compensation expense |  |  | 39.8 |  |  |  | 42.5 |  |  |  | 50.6 |
Corporate allocation of share-based compensation |  |  | 15.0 |  |  |  | 26.7 |  |  |  | 19.6 |
|  |  | 54.8 |  |  |  | 69.2 |  |  |  | 70.2 |
Impact of accelerated vesting on equity awards (1) |  |  | 7.7 |  |  |  | 4.2 |  |  |  | — |
Total share-based compensation expense |  |  | 62.5 |  |  |  | 73.4 |  |  |  | 70.2 |
Tax impact (2) |  |  | (15.1 | ) |  |  | (17.8 | ) |  |  | (16.7 | )
Reduction in net income |  | $ | 47.4 |  |  | $ | 55.6 |  |  | $ | 53.5 |
(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.
Schedule of Stock Option, SARs, Restricted Stock and Restricted Share Unit Activity | The following table sets forth the stock option, share appreciation rights (“SARs”), restricted stock and restricted share unit activity at Lionsgate for grants related directly to the Company employees and Lionsgate corporate and shared service employees during the nine months ended December 31, 2024:
|  | Stock Options and SARs |  |  | Restricted Stock and Restricted Share Units |
|  | Lions Gate Class A Voting Shares |  |  | Lions Gate Class B Non-Voting Shares |  |  | Lions Gate Class A Voting Shares |  |  | Lions Gate 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, 2024 |  |  | 2.4 |  |  | $ | 22.96 |  |  |  | 17.1 |  |  | $ | 13.92 |  |  |  | 0.1 |  |  | $ | 9.27 |  |  |  | 9.8 |  |  | $ | 8.93 |
Granted |  |  | — |  |  |  | — |  |  |  | — | (1) |  | $ | 7.12 |  |  |  | 0.1 |  |  | $ | 8.20 |  |  |  | 8.1 |  |  | $ | 7.98 |
Options exercised or restricted stock or RSUs vested |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  | $ | 5.50 |  |  |  | (0.1 | ) |  | $ | 9.20 |  |  |  | (5.8 | ) |  | $ | 8.79 |
Forfeited or expired |  |  | (0.1 | ) |  | $ | 20.26 |  |  |  | (2.2 | ) |  | $ | 14.64 |  |  |  | — |  |  |  | — |  |  |  | (0.6 | ) |  | $ | 8.52 |
Outstanding at December 31, 2024 |  |  | 2.3 |  |  | $ | 23.10 |  |  |  | 14.8 |  |  | $ | 13.86 |  |  |  | 0.1 |  |  | $ | 8.39 |  |  |  | 11.5 |  |  | $ | 8.20 |
(1) | Represents less than 0.1 million shares.

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