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Stock-Based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Nonvested Stock Units Activity | The Company granted annual awards under the 2015 SIP, as recorded in the consolidated statements of comprehensive income, as summarized below:
|  | Years Ended March 31,
|  | 2021 |  | 2020 |  | 2019
|  | Shares Granted |  | Weighted-average grant date fair value per share |  | Shares Granted |  | Weighted-average grant date fair value per share |  | Shares Granted |  | Weighted-average grant date fair value per share
Annual RSUs |  | 47,015 |  |  | $ | 220.31 |  |  | 47,577 |  |  | $ | 171.50 |  |  | 62,743 |  |  | $ | 116.85 |
Annual PSUs |  | — |  |  | — |  |  | 19,938 |  |  | 174.36 |  |  | 31,320 |  |  | 116.34 |
Total |  | 47,015 |  |  | $ | 220.31 |  |  | 67,515 |  |  | $ | 172.34 |  |  | 94,063 |  |  | $ | 116.68 |
Annual award activity recorded in the consolidated statements of comprehensive income, were as follows:
| Number of Shares |  | Weighted- Average Grant-Date Fair Value
Nonvested, March 31, 2018 | 289,297 |  |  | $ | 65.18 |
Granted | 94,063 |  |  | 116.68 |
Vested | (118,903) |  |  | (64.39) |
Forfeited | (33,058) |  |  | (77.60) |
Nonvested, March 31, 2019 | 231,399 |  |  | 84.75 |
Granted | 67,515 |  |  | 172.34 |
Vested | (121,572) |  |  | (76.81) |
Forfeited | (14,993) |  |  | (113.49) |
Nonvested, March 31, 2020 | 162,349 |  |  | 124.47 |
Granted | 47,015 |  |  | 220.31 |
Vested | (92,614) |  |  | (104.92) |
Forfeited | (3,664) |  |  | (147.34) |
Nonvested, March 31, 2021 | 113,086 |  |  | $ | 179.58 |
LTIP award activity recorded in the consolidated statements of comprehensive income, were as follows:
| Number of Shares |  | Weighted- Average Grant-Date Fair Value
Nonvested, March 31, 2018 | — |  |  | $ | — |
Granted* | 83,586 |  |  | 120.24 |
Forfeited | (6,488) |  |  | (120.24) |
Nonvested, March 31, 2019 | 77,098 |  |  | 120.24 |
Granted* | 76,348 |  |  | 146.96 |
Nonvested, March 31, 2020 | 153,446 |  |  | 133.53 |
Granted* | 39,780 |  |  | 376.45 |
Vested | (77,098) |  |  | (106.37) |
Nonvested, March 31, 2021 | 116,128 |  |  | $ | 215.30 |
*The amounts granted are the maximum amounts under the terms of the applicable LTIP PSUs.
Schedule of LTIP Option Activity | LTIP option activity recorded in the consolidated statements of comprehensive income, were as follows:
| Number of Shares |  | Weighted- Average Grant-Date Fair Value |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Nonvested, March 31, 2018 | 397,340 |  |  | $ | 65.70 |  |  | 7.1 |  | $ | 9,666 |
Forfeited | (35,957) |  |  | (69.29) |  |  |  |  |
Nonvested, March 31, 2019 | 361,383 |  |  | 65.35 |  |  | 6.2 |  | 29,504 |
Exercised | (58,444) |  |  | (61.86) |  |  |  |  |
Nonvested, March 31, 2020 | 302,939 |  |  | 66.02 |  |  | 5.0 |  | 20,594 |
Exercised | (107,197) |  |  | (63.20) |  |  |  |  |
Nonvested, March 31, 2021 | 195,742 |  |  | $ | 67.56 |  |  | 3.6 |  | $ | 51,452 |
Schedule of LTIP Valuation Assumptions | The Company measured stock-based compensation expense for the 2018 LTIP NQSOs at the date of grant using the Black-Scholes option pricing model, with the following weighted-average valuation assumptions:
|  | 2018 LTIP NQSOs |  |
Expected life (in years) |  | 4.90 |  |
Expected volatility |  | 38.73 | % |  |
Risk free interest rate |  | 1.78 | % |  |
Dividend yield |  | — | % |  |
Weighted-average exercise price |  | $ | 69.29 |  |  |
Weighted-average option value |  | $ | 25.03 |  |  |
Schedule of Stock Compensation Expense | Components of stock-based compensation expense recorded in the consolidated statements of comprehensive income, were as follows:
| Years Ended March 31,
| 2021 |  | 2020 |  | 2019
Annual RSUs | $ | 7,820 |  |  | $ | 6,509 |  |  | $ | 6,588 |
Annual PSUs | 1,900 |  |  | 2,851 |  |  | 2,373 |
LTIP PSUs | 11,555 |  |  | 2,203 |  |  | 885 |
LTIP NQSOs | — |  |  | 1,641 |  |  | 3,516 |
Grants to Directors | 1,195 |  |  | 1,045 |  |  | 1,223 |
Employee Stock Purchase Plan | 231 |  |  | 228 |  |  | 189 |
Total stock-based compensation expense, pre-tax | 22,701 |  |  | 14,477 |  |  | 14,774 |
Income tax benefit | (5,441) |  |  | (3,308) |  |  | (3,546) |
Total stock-based compensation expense, net of tax | $ | 17,260 |  |  | $ | 11,169 |  |  | $ | 11,228 |
Employee Stock Purchase Plan. The 2015 Employee Stock Purchase Plan (ESPP) authorizes 1,000,000 shares of the Company’s common stock for sale to eligible employees using their after-tax payroll deductions, which are refundable until purchases are made, and are liability-classified. ESPP shares are excluded from basic earnings per share until purchases are made, while included in diluted earnings per share computations as after-tax payroll deductions are made. Each consecutive purchase period is six months (purchase period) in duration and shares are purchased on the last trading day of the purchase period (no look-back provision) for a fixed amount at a 15% discount to the closing price on that date. Purchase windows take place in February and August of each fiscal year. The net difference between the timing of compensation expense incurred and remeasured during the purchase period and purchase windows are recorded in other accrued expenses in the consolidated balance sheets.
Schedule of Unrecognized Compensation Expense | Total remaining unrecognized stock-based compensation expense as of March 31, 2021 related to non-vested awards that the Company considers probable to vest and the weighted-average period over which the cost is expected to be recognized in future periods, are as follows:
| Unrecognized Stock-based Compensation Expense |  | Weighted-Average Remaining Vesting Period (Years)
Annual RSUs | $ | 8,911 |  |  | 1.1
Annual PSUs | 842 |  |  | 0.7
LTIP PSUs | 14,645 |  |  | 1.4
Total | $ | 24,398 |  |  |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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