v3.25.2
Stock-Based Compensation
 3 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
In connection with our initial public offering, the Board of Directors adopted the 2005 Long-Term Equity Incentive Plan (the “2005 Plan”), which provided for grants of up to a maximum of 5.0 million shares of restricted stock, stock options, restricted stock units ("RSUs") and other equity-based awards. In June 2014, the Board of Directors approved, and in July 2014, our stockholders ratified, an increase of an additional 1.8 million shares of our common stock for issuance under the 2005 Plan, among other changes.

On June 23, 2020, the Board of Directors adopted the Prestige Consumer Healthcare Inc. 2020 Long-Term Incentive Plan (the “2020 Plan”). The 2020 Plan became effective on August 4, 2020, upon the approval of the 2020 Plan by our stockholders. On June 23, 2020, a total of 2,827,210 shares were available for issuance under the 2020 Plan (comprised of 2,000,000 new shares plus 827,210 shares that were unissued under the 2005 Plan). Since the 2020 Plan became effective, all equity awards have been made from the 2020 Plan, and the Company will not grant any additional awards under the 2005 Plan.

At June 30, 2025, there were 1.4 million shares available for issuance under the 2020 Plan.
The following table provides information regarding our stock-based compensation:
Three Months Ended June 30,
(In thousands)20252024
Pre-tax stock-based compensation costs charged against income$3,682 $3,425 
Income tax benefit recognized on compensation costs$465 $438 
Total fair value of options and RSUs vested during the period$9,036 $11,150 
Cash received from the exercise of stock options$3,155 $1,975 
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises$780 $667 

At June 30, 2025, there were $4.6 million of unrecognized compensation costs related to unvested stock options under the 2005 Plan and the 2020 Plan, excluding an estimate for forfeitures which may occur.  We expect to recognize such costs over a weighted average period of 2.4 years. At June 30, 2025, there were $18.0 million of unrecognized compensation costs related to unvested RSUs and performance stock units ("PSUs") under the 2005 Plan and the 2020 Plan, excluding an estimate for forfeitures which may occur.  We expect to recognize such costs over a weighted average period of 2.4 years.

Restricted Stock Units
The fair value of the RSUs is determined using the closing price of our common stock on the date of the grant. A summary of the RSUs granted under the 2005 Plan and the 2020 Plan is presented below:
 
 
 
RSUs
 
Shares
(in thousands)
Weighted
Average
Grant-Date
Fair Value
Three Months Ended June 30, 2024
Unvested at March 31, 2024391.9 $54.43 
Granted131.9 69.87 
Incremental performance shares 41.1 — 
Vested (177.7)46.19 
Forfeited(3.2)58.16 
Unvested at June 30, 2024384.0 62.43 
Vested at June 30, 2024110.2 38.77 
   
Three Months Ended June 30, 2025
Unvested at March 31, 2025402.2 $63.20 
Granted114.9 82.98 
Vested (109.2)56.85 
Forfeited(21.2)61.03 
Unvested at June 30, 2025386.7 70.99 
Vested at June 30, 202598.6 40.22 
Options
The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions presented below:
 Three Months Ended June 30,
 2025 2024
Expected volatility
28.5% - 30.1%
 
30.4% - 30.8%
Expected dividends$—  $— 
Expected term in years
6.0 to 7.0
 
6.0 to 7.0
Risk-free rate
4.1%
4.5%
Weighted average grant date fair value of options granted$31.22 $27.97 
    

A summary of option activity under the 2005 Plan and the 2020 Plan is as follows:
 
 
 
 
Options
 
 
Shares
(in thousands)
Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value
(in thousands)
Three Months Ended June 30, 2024
Outstanding at March 31, 2024728.0 $48.30 
Granted109.7 69.94 
Exercised(38.3)51.61 
Forfeited(9.9)59.11 
Outstanding at June 30, 2024789.5 51.01 6.6$14,207 
Vested at June 30, 2024551.9 45.45 5.6$12,915 
Three Months Ended June 30, 2025    
Outstanding at March 31, 2025518.7 $52.22 
Granted104.7 82.98 
Exercised(52.7)59.84 
Forfeited (5.1)74.48 
Outstanding at June 30, 2025565.6 57.00 6.9$13,243 
Vested at June 30, 2025357.7 46.56 5.6$11,910 

The aggregate intrinsic value of options exercised during the three months ended June 30, 2025 was $1.4 million.