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Share-based Compensation (Tables)
 12 Months Ended
Mar. 31, 2020
Share Based Compensation [Abstract]  
Summary of share-based compensation expense for options

The following table summarizes the share-based compensation expense for options, SSARs, restricted and performance awards included in the Consolidated Statements of Operations for fiscal 2020, 2019 and 2018:

 

 

Year Ended March 31,

 

(In thousands)

2020

 

 

2019

 

 

2018

 

Product development

 

2,241

 

 

 

1,478

 

 

 

1,306

 

Sales and marketing

 

321

 

 

 

469

 

 

 

371

 

General and administrative

 

2,643

 

 

 

2,429

 

 

 

3,011

 

Total share-based compensation expense

 

5,205

 

 

 

4,376

 

 

 

4,688

 
Schedule of principal assumptions utilized in valuing SSARs

We use a Black-Scholes-Merton or a Lattice option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2020, 2019 and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

Risk-free interest rate

 

1.38%-1.74%

 

 

 

2.68

%

 

1.74%-1.94%

 

Expected life (in years)

 

4.5-5

 

 

5

 

 

5

 

Expected volatility

 

31.7%-32.42%

 

 

 

32.42

%

 

32.42% - 32.84%

 

Weighted-average grant date fair value

 

$

10.01

 

 

$

4.72

 

 

$

3.36

 
Activity related SSARs award

The following table summarizes the activity during fiscal 2020 for SSARs awarded under the 2016 and 2011 Plans:

 

(In thousands, except share and per share data)

 

Number

of Rights

 

 

Weighted-

Average

Exercise

Price

 

 

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

(per right)

 

 

(in years)

 

 

 

 

 

Outstanding at April 1, 2019

 

 

1,016,643

 

 

$

11.22

 

 

 

 

 

 

 

 

 

Granted

 

 

691,364

 

 

 

34.72

 

 

 

 

 

 

 

 

 

Exercised

 

 

(37,506

)

 

 

10.02

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(15,838

)

 

 

18.09

 

 

 

 

 

 

 

 

 

Cancelled/expired

 

 

(9,775

)

 

 

10.61

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2020

 

 

1,644,888

 

 

$

21.07

 

 

 

4.9

 

 

$

5,236

 

Exercisable at March 31, 2020

 

 

959,340

 

 

$

11.79

 

 

 

3.9

 

 

$

5,130

 

Vested and expected to vest at March 31, 2020

 

 

1,644,888

 

 

$

21.07

 

 

 

4.9

 

 

$

5,236

 

The following table presents additional information related to SSARs activity during fiscal 2020, 2019 and 2018:

 

(In thousands)

 

2020

 

 

2019

 

 

2018

 

Compensation expense

 

$

1,666

 

 

$

943

 

 

$

1,869

 

Total intrinsic value of SSARs exercised

 

$

519

 

 

$

907

 

 

$

88

 

Total fair value of SSARs vesting

 

$

1,328

 

 

$

1,165

 

 

$

1,325

 
Activity related to restricted shares awarded by the Company The following table summarizes the activity during the twelve months ended March 31, 2020 for restricted shares awarded under the 2016 and 2011 Plans:

 

 

Number

of Shares

 

 

Weighted-

Average

Grant-

Date Fair

Value

 

 

 

 

 

 

 

(per share)

 

Outstanding at April 1, 2019

 

 

237,146

 

 

$

13.46

 

Granted

 

 

223,404

 

 

 

22.72

 

Vested

 

 

(231,677

)

 

 

16.60

 

Forfeited

 

 

(50,411

)

 

 

17.34

 

Outstanding at March 31, 2020

 

 

178,462

 

 

$

19.89

 

 
Restricted stock award activity

The following table presents additional information related to restricted stock activity during fiscal years 2020, 2019, and 2018:

 

(In thousands)

 

2020

 

 

2019

 

 

2018

 

Compensation expense

 

$

3,385

 

 

$

2,803

 

 

$

2,594

 

Total fair value of restricted share vesting

 

$

4,004

 

 

$

4,383

 

 

$

4,315

 
Performance shares awarded

The following table summarizes the activity during fiscal 2020 for performance shares awarded under the 2016 Plan:

 

 

 

Number

of

Shares

 

 

Weighted-

Average

Grant-

Date Fair

Value

 

 

 

 

 

 

 

(per share)

 

Outstanding at April 1, 2019

 

 

63,291

 

 

$

14.22

 

Granted

 

 

30,120

 

 

 

22.41

 

Vested

 

 

(23,526

)

 

 

22.67

 

Forfeited

 

 

(39,765

)

 

 

14.22

 

Outstanding at March 31, 2020

 

 

30,120

 

 

$

22.41

 
Schedule of additional information related to performance share activity

The following table presents additional information related to performance share activity during fiscal 2020, 2019 and 2018:

 

(In thousands)

 

2020

 

 

2019

 

 

2018

 

Compensation expense

 

$

153

 

 

$

630

 

 

$

225

 

Total fair value of performance share vesting

 

$

513

 

 

$

243

 

 

 

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