We maintain the shareholder-approved 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provides for the issuance of up to 1,230,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors. As of March 31, 2024, 336,032 shares were available for issuance under the 2015 Plan.


	Year Ended March 31,
	2024		2023		2022
Share-based compensation expense	$	11,537	$	9,751	$	8,450
Related income tax benefit (a)	(2,885)		(2,438)		(2,197)
Net share-based compensation expense	$	8,652	$	7,313	$	6,253

Stock option activity, which represents outstanding CSWI awards held by CSWI employees resulting from the conversion of Capital Southwest stock options held by former Capital Southwest employees, was as follows:


	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding and Exercisable at April 1, 2022	10,800	$	25.23
Exercised	(10,800)	25.23
Outstanding and Exercisable at March 31, 2023	—	—		0.0	$	—
Exercised	—	—
Outstanding and Exercisable at March 31, 2024	—	$	—	0.0	$	—

No options were granted or vested during the years ended March 31, 2024, 2023 and 2022, and all stock options were vested and recognized prior to the year ended March 31, 2019. The intrinsic value of options exercised during the years ended March 31, 2024, 2023 and 2022 was $0.0 million, $1.2 million and $5.8 million, respectively. Cash received for options exercised during the years ended March 31, 2024, 2023 and 2022 was $0.0 million, $0.3 million and $1.3 million, respectively, and the tax benefit received was $0.0 million, $0.3 million and $1.4 million, respectively. As of March 31, 2024, there were no outstanding stock options.


	Year Ended March 31, 2024
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2023	232,051	$	138.14
Granted	90,510	185.62
Vested	(95,995)	89.51
Canceled	(5,003)	142.09
Outstanding at March 31, 2024	221,563	$	166.62

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of March 31, 2024 and 2023 included 96,945 and 99,463 shares (at target), respectively, with performance-based vesting provisions, having vesting ranges from 0-200% based on predefined performance targets with market conditions. Performance-based awards accrue dividend equivalents, which are settled upon (and to the extent of) vesting of the underlying award, and do not have the right to vote until vested. Performance-based awards are earned upon the achievement of objective performance targets and are payable in common shares. Compensation expense is calculated based on the fair market value as determined by a Monte Carlo simulation and is recognized over a 36-month cliff vesting period. We granted 29,120 and 21,087 awards with performance-based vesting provisions during the years ended March 31, 2024 and 2023, respectively, with a vesting range of 0-200%.

At March 31, 2024, we had unrecognized compensation cost related to unvested restricted shares of $19.6 million, which will be amortized into net income over the remaining weighted average vesting period of 2.16 years. The total fair value of restricted shares vested during the years ended March 31, 2024 and 2023 was $14.9 million and $10.2 million, respectively.