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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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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.

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-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

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