Stock-Based Compensation Plans

6 Months Ended

Sep. 30, 2024

Stock-Based Compensation Plans:

Stock-Based Compensation Plans

11. Stock-Based Compensation Plans

Our stock-based compensation expense is included within general and administrative expenses in the unaudited condensed consolidated statements of operations and was $6.0 million and $4.2 million for the three months ended September 30, 2024 and 2023 and $7.3 and $5.0 for the six months ended September 30, 2024 and 2023, respectively. Unrecognized compensation cost was $8.6 million as of September 30, 2024 and will be recognized over a remaining weighted average life of 1.60 years. For more information on our equity incentive plan, refer to Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024.

A summary of the activity of restricted shares and units awarded under our equity incentive plan as of September 30, 2024 and changes during the six months ended September 30, 2024, is as follows:

		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2024	307,873	$	23.16
Granted	296,110		37.16
Vested	(330,987)		27.37
Unvested as of September 30, 2024	272,996	$	36.06

The total fair value of restricted shares that vested during the six months ended September 30, 2024 totaled $12.3 million, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.