Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2020

Fair Market Value of Stock-Based Compensation Awards

The fair value of stock-based compensation awards granted during the nine months ended December 31, 2020 and 2019 were as follows:

	Nine months ended December 31,
	2020				2019
	Shares		Fair Value Per Award		Shares		Fair Value Per Award
Stock options		0.4	$	3.46		0.3	$	5.56
Restricted stock awards		0.6	$	8.34		0.3	$	13.26
Performance stock awards (a)		-		-		0.3	$	13.26
Unrestricted stock awards		0.2	$	5.21		0.1	$	14.50

(a)

In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants in fiscal 2021. The performance metrics for the cash awards are based upon a target three-year average cash flow return on invested capital and a target three-year average revenue growth at the end of the three-year performance period ending March 31, 2023. These performance metrics are the same as the metrics for the fiscal 2020 and 2019 performance-based stock awards.

Assumptions Used in Determining Fair Value of Stock Options

The Company used the following assumptions in determining fair value for stock options:

	Nine months ended December 31,
	2020			2019
Expected life of awards in years		6.1			6.3
Risk-free interest rate		0.4	%		2.2	%
Expected volatility of the Company's stock		54.1	%		39.2	%
Expected dividend yield on the Company's stock		0.0	%		0.0	%

Unrecognized Compensation Expenses Related to Non-Vested Stock-Based Compensation Awards

As of December 31, 2020, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows:

	Unrecognized Compensation Expense		Weighted-Average Remaining Service Period in Years
Stock options	$	2.3		3.0
Restricted stock awards		8.1		2.9
Performance stock awards		0.6		1.2
Total	$	11.0		2.8