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v3.25.1

EQUITY AWARDS (Tables) | 12 Months Ended
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Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Stock Option Activity | The following table shows stock option activity for the years presented:
|  | For the Years Ended March 31, |  |
|  | 2025 |  |  |  | 2024 |  |  |  | 2023 |  |
|  | Number of Shares |  |  |  |  | Weighted- Average Exercise Price |  |  |  | Number of Shares |  |  |  |  | Weighted- Average Exercise Price |  |  |  | Number of Shares |  |  |  |  | Weighted- Average Exercise Price |  |
Outstanding Options at Beginning of Year |  |  | 252,364 |  |  |  | $ |  | 91.28 |  |  |  |  | 436,949 |  |  |  | $ |  | 89.69 |  |  |  |  | 456,849 |  |  |  | $ |  | 83.81 |  |
Granted |  |  | 5,476 |  |  |  | $ |  | 244.92 |  |  |  |  | 5,558 |  |  |  | $ |  | 172.62 |  |  |  |  | 56,621 |  |  |  | $ |  | 125.90 |  |
Exercised |  |  | (72,553 | ) |  |  | $ |  | 90.20 |  |  |  |  | (189,143 | ) |  |  | $ |  | 90.40 |  |  |  |  | (73,343 | ) |  |  | $ |  | 80.19 |  |
Cancelled |  |  | (1,054 | ) |  |  | $ |  | 125.97 |  |  |  |  | (1,000 | ) |  |  | $ |  | 73.37 |  |  |  |  | (3,178 | ) |  |  | $ |  | 109.15 |  |
Outstanding Options at End of Year |  |  | 184,233 |  |  |  | $ |  | 95.75 |  |  |  |  | 252,364 |  |  |  | $ |  | 91.28 |  |  |  |  | 436,949 |  |  |  | $ |  | 89.69 |  |
Options Exercisable at End of Year |  |  | 162,740 |  |  |  |  |  |  |  |  |  | 215,913 |  |  |  |  |  |  |  |  |  | 339,043 |  |  |  |  |  |  |
Weighted-Average Fair Value of Options Granted During the Year |  |  |  |  |  | $ |  | 104.45 |  |  |  |  |  |  |  | $ |  | 69.84 |  |  |  |  |  |  |  | $ |  | 48.36 |  |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at March 31, 2025:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Number of Shares Outstanding |  |  | Weighted- Average Remaining Contractual Life |  |  | Weighted- Average Exercise Price |  |  | Number of Shares Outstanding |  |  | Weighted- Average Exercise Price |
$59.32 - $81.28 |  |  | 88,060 |  |  |  | 4.54 |  |  | $ | 63.01 |  |  |  | 88,060 |  |  | $ | 63.01 |
$91.21 - $100.88 |  |  | 32,852 |  |  |  | 3.27 |  |  | $ | 94.95 |  |  |  | 32,852 |  |  | $ | 94.95 |
$118.27 - $139.25 |  |  | 48,931 |  |  |  | 7.11 |  |  | $ | 126.59 |  |  |  | 35,272 |  |  | $ | 127.06 |
$143.09 - $261.76 |  |  | 14,390 |  |  |  | 8.13 |  |  | $ | 193.10 |  |  |  | 6,556 |  |  | $ | 159.30 |
|  |  | 184,233 |  |  |  | 5.28 |  |  | $ | 95.75 |  |  |  | 162,740 |  |  | $ | 87.22 |
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 years presented:
|  | For the Years Ended March 31, |  |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |
|  | Number of Shares |  |  |  |  | Weighted- Average Grant Date Fair Value |  |  | Number of Shares |  |  |  |  | Weighted- Average Grant Date Fair Value |  |  | Number of Shares |  |  |  |  | Weighted- Average Grant Date Fair Value |  |
Restricted Stock Units and Nonvested Restricted Stock at Beginning of Year |  |  | 204,946 |  |  |  | $ |  | 121.12 |  |  |  | 222,384 |  |  |  | $ |  | 95.11 |  |  |  | 262,079 |  |  |  | $ |  | 84.66 |  |
Granted |  |  | 66,741 |  |  |  | $ |  | 240.61 |  |  |  | 97,257 |  |  |  | $ |  | 169.62 |  |  |  | 111,230 |  |  |  | $ |  | 126.23 |  |
Vested |  |  | (77,588 | ) |  |  | $ |  | 152.66 |  |  |  | (111,695 | ) |  |  | $ |  | 124.78 |  |  |  | (147,678 | ) |  |  | $ |  | 104.33 |  |
Cancelled |  |  | — |  |  |  | $ |  | — |  |  |  | (3,000 | ) |  |  | $ |  | 30.38 |  |  |  | (3,247 | ) |  |  | $ |  | 124.82 |  |
Restricted Stock Units and Nonvested Restricted Stock at End of Year |  |  | 194,099 |  |  |  | $ |  | 150.56 |  |  |  | 204,946 |  |  |  | $ |  | 121.12 |  |  |  | 222,384 |  |  |  | $ |  | 95.11 |  |
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.
|  | 2025 |  |
Measurement Period |  |  | 2.85 |  |
Risk-Free Interest Rate |  |  | 4.7 | % |
Dividend Yield |  |  | 0.4 | % |
Volatility |  |  | 31.4 | % |
Estimated Fair Value of Market-Based PSA at Grant Date |  | $ | 238.27 |  |
In addition to the Performance Stock Awards discussed above, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 1,963 time-vesting stock options, which vest ratably over three years (the Fiscal 2025 Employee Time-Vesting Stock Option Grant) and 30,272 shares of time-vesting restricted stock units, which vest ratably over three years (the Fiscal 2025 Employee Restricted Stock Unit Time-Vesting Award). The Fiscal 2025 Employee Restricted Stock Unit Time-Vesting Award was valued at the closing price of the stock on the grant date and is being expensed over a three-year period. The Fiscal 2025 Employee Time-Vesting Stock Option Grant was valued at its grant date using the Black-Scholes option pricing model, which used similar inputs as the Monte Carlo analysis shown above.
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:
|  | 2025 |  |  | 2024 |
Dividend Yield |  | 0.5% |  |  | 0.8% |
Expected Volatility |  | 38.8% |  |  | 38.8% |
Risk-Free Interest Rate |  | 4.35% |  |  | 3.74% |
Expected Life |  | 6.0 years |  |  | 6.0 years |

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