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Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Activity for stock options for the year ended March 31, 2022 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, 2021	8,293,331	$	9.90	6.48	$	90,699
Granted	1,178,625	$	18.93
Exercised	(2,513,887)	$	9.80
Forfeited	(827,389)	$	17.07
Options outstanding at March 31, 2022	6,130,680	$	10.71	6.98	$	26,467
Options vested and expected to vest at March 31, 2022	6,130,680	$	10.71	6.98	$	26,467
Options exercisable at March 31, 2022	3,754,020	$	8.41	6.08	$	20,978

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


	Year Ended March 31,
	2022		2021		2020
Intrinsic value of options exercised	$	23,305	$	12,154	$	1,036
Grant date fair value of options vested	$	37,326	$	19,923	$	2,112
Weighted-average grant date fair value per share of options granted	$	12.12	$	7.22	$	11.54

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,
	2022		2021		2020
Expected common share price volatility	71.9	%	75.7	%	69.5	%
Expected risk free interest rate	1.03	%	0.47	%	2.05	%
Expected term, in years	6.2		6.21		6.17
Expected dividend yield	—	%	—	%	—	%

Summary of Restricted Share Awards and Restricted Stock Units Activity

Activity for RSUs for the year ended March 31, 2022 is included in the following table:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance at March 31, 2021	3,194,562	$	12.68
Granted	3,376,403	$	18.21
Vested	(1,220,572)	$	11.92
Forfeited	(964,426)	$	15.17
Unvested balance at March 31, 2022	4,385,967	$	16.60

Share-based Payment Arrangement, Performance Shares, Activity

Activity for performance share units (“PSU”) for the year ended March 31, 2022 is included in the following table:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance at March 31, 2021	376,673	$	7.99
Granted	—	$	—
Vested	(123,118)	$	7.87
Forfeited	(106,903)	$	8.08
Unvested balance at March 31, 2022	146,652	$	8.04

Schedule of Share-based Compensation

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


	Year Ended March 31,
		2022		2021		2020
Share-based compensation recognized as:
SG&A expense		$	22,918	$	39,627	$	25,727
R&D expense		16,010		14,049		14,524
Total		$	38,928	$	53,676	$	40,251