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SHARE-BASED EMPLOYEE COMPENSATION (Tables)
6 Months Ended
Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Stock Option Activity

The following table represents stock option activity for the six months ended September 30, 2024:

 

 

 

Number
of Shares

 

 

Weighted-
Average
Exercise
Price

 

Outstanding Options at March 31, 2024

 

 

252,364

 

 

$

91.28

 

Granted

 

 

5,476

 

 

$

244.92

 

Exercised

 

 

(24,366

)

 

$

97.26

 

Cancelled

 

 

 

 

$

 

Outstanding Options at September 30, 2024

 

 

233,474

 

 

$

94.00

 

Options Exercisable at September 30, 2024

 

 

195,201

 

 

 

 

Weighted-Average Fair Value of Options Granted
During the Year

 

$

104.45

 

 

 

 

Stock Options Outstanding

The following table summarizes information about stock options outstanding at September 30, 2024:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise Prices

 

Number of
Shares
Outstanding

 

 

Weighted-
Average
Remaining
Contractual
Life (in years)

 

 

Weighted-
Average
Exercise
Price

 

 

Number of
Shares
Outstanding

 

 

Weighted-
Average
Exercise
Price

 

$59.32 - $81.28

 

 

101,349

 

 

 

5.11

 

 

$

62.64

 

 

 

101,349

 

 

$

62.64

 

$87.37 - $106.00

 

 

65,031

 

 

 

4.04

 

 

$

94.54

 

 

 

63,173

 

 

$

94.46

 

$118.27 - $139.25

 

 

52,615

 

 

 

7.60

 

 

$

126.54

 

 

 

24,673

 

 

$

126.33

 

$143.09 - $261.73

 

 

14,479

 

 

 

8.63

 

 

$

192.94

 

 

 

6,006

 

 

$

158.61

 

 

 

 

233,474

 

 

 

5.59

 

 

$

94.00

 

 

 

195,201

 

 

$

83.94

 

Summary of Activity for Restricted Stock Units and Nonvested Restricted Stock

The following table summarizes the activity for restricted stock units and nonvested restricted stock during the six months ended September 30, 2024:

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Restricted Stock Units and Nonvested Restricted Stock at March 31, 2024

 

 

204,946

 

 

$

121.12

 

Granted

 

 

66,741

 

 

$

240.61

 

Vested

 

 

(26,194

)

 

$

183.42

 

Forfeited

 

 

 

 

$

 

Restricted Stock Units and Nonvested Restricted Stock at September 30, 2024

 

 

245,493

 

 

$

156.30

 

 

Fiscal 2025 Employee Performance Stock Awards [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-Average Assumptions Used to Value Option Awards

The fair value of the above Performance Stock Awards was determined using a Monte Carlo simulation. The following are key inputs in the Monte Carlo analysis for the Fiscal 2025 Employee Performance Stock Award.

 

 

 

 

Measurement Period (in years)

 

 

2.85

 

Risk-Free Interest Rate

 

 

4.7

%

Dividend Yield

 

 

0.4

%

Volatility

 

 

31.4

%

Estimated Fair Value of Market-Based PSAs at Grant Date

 

$

238.27

 

Fiscal 2025 Board of Directors Stock Option Award [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-Average Assumptions Used to Value Option Awards The weighted-average assumptions used in the Black-Scholes model to value the Fiscal 2025 Board of Directors Stock Option Award are as follows:

 

 

 

 

Dividend Yield

 

 

0.5

%

Expected Volatility

 

 

38.8

%

Risk-Free Interest Rate

 

 

4.2

%

Expected Life

 

6.0 Years