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Stock-Based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summary Of Stock Option Activity | For purposes of determining the fair value of stock options granted, the Company used a Black-Scholes Model with the following assumptions:
|  | 2021 |  | 2020 |  | 2019
Risk-free interest rate |  | 0.39 | % |  | 1.52 | % |  | 2.77 | %
Dividend yield |  | 0.93 | % |  | 1.21 | % |  | 0.93 | %
Expected life (years) |  | 6 |  | 6 |  | 6
Volatility |  | 37.2 | % |  | 29.1 | % |  | 26.8 | %
The following table summarizes the Company’s stock option activity in the years indicated:
|  | Number of Options |  | Weighted- Average Remaining Contract Term (Years) |  | Weighted- Average Exercise Price |  | Aggregate Intrinsic Value
Options outstanding as of March 31, 2018 |  | 545,590 |  |  | 8.4 |  | $ | 68.65 |  |  | $ | 2,679 |
Granted |  | 192,700 |  |  |  |  | 75.17 |  |  | — |
Exercised |  | (171,630) |  |  |  |  | 63.66 |  |  | 2,707 |
Forfeited |  | (11,754) |  |  |  |  | 75.17 |  |  | — |
Expired |  | — |  |  |  |  | — |  |  | — |
Options outstanding as of March 31, 2019 |  | 554,906 |  |  | 8.0 |  | $ | 72.31 |  |  | $ | 1,040 |
Granted |  | 284,109 |  |  |  |  | 57.75 |  |  | — |
Exercised |  | (24,826) |  |  |  |  | 57.60 |  |  | 383 |
Forfeited |  | (22,607) |  |  |  |  | 72.19 |  |  | 88 |
Expired |  | — |  |  |  |  | — |  |  | — |
Options outstanding as of March 31, 2020 |  | 791,582 |  |  | 7.8 |  | $ | 67.55 |  |  | $ | — |
Granted |  | 295,068 |  |  |  |  | 79.62 |  |  | — |
Exercised |  | (247,975) |  |  |  |  | 66.11 |  |  | 6,382 |
Forfeited |  | (34,854) |  |  |  |  | 69.20 |  |  | 290 |
Expired |  | (4,320) |  |  |  |  | 80.25 |  |  | — |
Options outstanding as of March 31, 2021 |  | 799,501 |  |  | 7.8 |  | $ | 72.31 |  |  | $ | 14,781 |
Options exercisable as of March 31, 2021 |  | 291,440 |  |  | 6.1 |  | $ | 73.25 |  |  | $ | 5,114 |
Options vested and expected to vest, as of March 31, 2021 |  | 782,935 |  |  | 7.8 |  | $ | 72.28 |  |  | $ | 14,497 |
For purposes of determining the fair value of TSRs granted in fiscal 2020 and fiscal 2019, the Company used a Monte Carlo Simulation with the following assumptions:
|  | 2020 |  | 2019
Risk-free interest rate |  | 1.50 | % |  | 2.66 | %
Dividend yield |  | — | % |  | — | %
Expected life (years) |  | 3 |  | 3
Volatility |  | 34.39 | % |  | 26.41 | %
Summary Of Information Regarding Stock Options Outstanding And Exercisable | The following table summarizes information regarding stock options outstanding as of March 31, 2021:
Range of Exercise Prices |  | Number of Options |  | Weighted- Average Remaining Contractual Life (Years) |  | Weighted- Average Exercise Price
$57.60-$60.00 |  | 231,025 |  |  | 7.9 |  | $ | 57.73 |
$60.01-$70.00 |  | 56,530 |  |  | 3.9 |  | $ | 68.78 |
$70.01-$83.14 |  | 511,946 |  |  | 8.2 |  | $ | 79.28 |
|  | 799,501 |  |  | 7.8 |  | $ | 72.31 |
Summary Of The Changes In Restricted Stock Units And Market Share Units | A summary of the changes in restricted stock units, TSRs and PSUs awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2021 is presented below:
|  | Restricted Stock Units (RSU) |  | Market condition-based Share Units (TSR) |  | Performance condition-based Share Units (PSU)
|  | Number of RSU |  | Weighted- Average Grant Date Fair Value |  | Number of TSR |  | Weighted- Average Grant Date Fair Value |  | Number of PSU |  | Weighted- Average Grant Date
Non-vested awards as of March 31, 2020 |  | 880,335 |  |  | $ | 55.61 |  |  | 208,720 |  |  | $ | 80.78 |  |  | 101,130 |  |  | $ | 57.49 |
Granted |  | 324,262 |  |  | 71.53 |  |  | 37 |  |  | 79.51 |  |  | — |  |  | — |
Stock dividend |  | 8,125 |  |  | 57.69 |  |  | 1,165 |  |  | 83.15 |  |  | 917 |  |  | 57.52 |
Performance factor |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vested |  | (279,995) |  |  | 58.01 |  |  | (65,096) |  |  | 71.17 |  |  | — |  |  | — |
Forfeitures |  | (52,443) |  |  | 68.94 |  |  | (18,866) |  |  | 98.88 |  |  | (3,701) |  |  | 56.04 |
Non-vested awards as of March 31, 2021 |  | 880,284 |  |  | $ | 60.07 |  |  | 125,960 |  |  | $ | 83.48 |  |  | 98,346 |  |  | $ | 57.55 |

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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + 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 (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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