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Stock-Based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2024
Stock-Based Compensation [Abstract] |
Assumptions Used in Determining Fair Value of Options | The Company estimated the fair value of option awards on the date of grant using the Black-Scholes option valuation model and the following assumptions:
|  | Years ended March 31, |
|  | 2023 |  |  | 2022 |
Fair value of options |  | $ | 6.99 |  |  | $ | 8.79 |
Expected life of awards in years |  |  | 6.0 |  |  |  | 6.1 |
Risk-free interest rate |  |  | 3.0 | % |  |  | 1.1 | %
Expected volatility of the Company’s stock |  |  | 57.8 | % |  |  | 56.5 | %
Expected dividend yield on the Company’s stock |  |  | 0.0 | % |  |  | 0.0 | %
Stock Option Activity | A summary of stock option activity for fiscal 2024 was as follows:
|  | Shares |  |  | Weighted-average exercise price |  |  | Weighted-average remaining contractual term (years) |  |  | Aggregate intrinsic value |
Outstanding, beginning of year |  |  | 0.9 |  |  | $ | 12.28 |  |  |  |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |
Exercised |  |  | (0.2 | ) |  |  | 11.08 |  |  |  |  |  |  |
Forfeited or expired |  |  | (0.1 | ) |  |  | 11.13 |  |  |  |  |  |  |
Outstanding, end of year |  |  | 0.6 |  |  | $ | 12.78 |  |  |  | 6.7 |  |  | $ | 51.9 |
Exercisable, March 31, 2024 |  |  | 0.4 |  |  | $ | 13.00 |  |  |  | 6.2 |  |  | $ | 29.8 |
Information Related to Stock Options Exercised | Additional information related to stock options exercised is as follows:
|  | Years ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Intrinsic value of stock options exercised |  | $ | 12.4 |  |  | $ | 1.5 |  |  | $ | 0.1 |
Proceeds from stock options exercised |  |  | 2.6 |  |  |  | 2.9 |  |  |  | 1.4 |
Restricted Stock Activity | A summary of restricted stock activity for fiscal 2024 was as follows:
|  | Shares |  |  | Weighted-average price |
Non-vested balance, beginning of year |  |  | 0.8 |  |  | $ | 12.95 |
Granted |  |  | 0.2 |  |  |  | 37.59 |
Vested |  |  | (0.4 | ) |  |  | 12.96 |
Forfeited |  |  | (0.1 | ) |  |  | 13.14 |
Non-vested balance, end of year |  |  | 0.5 |  |  | $ | 21.08 |

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- Definition Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2A + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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