Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Activity for stock options for the year ended March 31, 2021 is included in the following table:

	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2020	7,723,302	$	9.25	8.08	$	4,146
Granted	1,985,765	$	10.88
Exercised	(905,776)	$	7.41
Forfeited	(509,960)	$	8.32
Options outstanding at March 31, 2021	8,293,331	$	9.90	6.48	$	90,699
Options vested and expected to vest at March 31, 2021	8,293,331	$	9.90	6.48	$	90,699
Options exercisable at March 31, 2021	5,219,403	$	9.77	5.26	$	58,419

Additional information regarding stock options is set forth below (in thousands, except per share data).

	Year Ended March 31,
	2021		2020		2019
Intrinsic value of options exercised	$	12,154	$	1,036	$	2,167
Grant date fair value of options vested	$	19,923	$	2,112	$	11,409
Weighted-average grant date fair value per share of options granted	$	7.22	$	11.54	$	14.10

Schedule of Weighted Average Fair Value Assumptions

The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model applying the weighted average assumptions in the following table:

	Year Ended March 31,
	2021		2020		2019
Expected common share price volatility	75.7	%	69.5	%	71.6	%
Expected risk free interest rate	0.47	%	2.05	%	2.78	%
Expected term, in years	6.21		6.17		6.23
Expected dividend yield	—	%	—	%	—	%

Summary of Restricted Share Awards and Restricted Stock Units Activity

Activity for restricted stock awards (“RSA”) and RSUs for the year ended March 31, 2021 is included in the following table:

	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance at March 31, 2020	1,280,312	$	10.71
Granted	3,356,865	$	12.52
Vested	(1,041,684)	$	11.17
Forfeited	(400,931)	$	9.03
Unvested balance at March 31, 2021	3,194,562	$	12.68

Share-based Payment Arrangement, Performance Shares, Activity

Activity for performance share units (“PSU”) for the year ended March 31, 2021 is included in the following table:

	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance at March 31, 2020	299,870	$	7.78
Granted	568,976	$	8.08
Vested	(454,758)	$	7.98
Forfeited	(37,415)	$	7.78
Unvested balance at March 31, 2021	376,673	$	7.99

Schedule of Share-based Compensation

Share-based compensation expense was as follows (in thousands):

	Year Ended March 31,
	2021		2020		2019
Share-based compensation expense recognized as:
R&D expense	$	14,049	$	14,524	$	7,161
SG&A expense	39,627		25,727		11,535
Total	$	53,676	$	40,251	$	18,696