Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

For purposes of determining the fair value of stock options granted, the Company used a Black-Scholes Model with the following assumptions:


	2022		2021		2020
Risk-free interest rate	0.89	%	0.39	%	1.52	%
Dividend yield	0.76	%	0.93	%	1.21	%
Expected life (years)	6		6		6
Volatility	37.3	%	37.2	%	29.1	%

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, 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
Granted	246,222		97.32		—
Exercised	(42,640)		65.71		1,079
Forfeited	(27,478)		71.26		520

Options outstanding as of March 31, 2022	975,605	7.5	$	78.94	$	3,605
Options exercisable as of March 31, 2022	472,571	6.1	$	72.71	$	2,250
Options vested and expected to vest, as of March 31, 2022	960,129	7.4	$	78.77	$	3,590

For purposes of determining the fair value of TSRs granted in fiscal 2020, the Company used a Monte Carlo Simulation with the following assumptions:


	2020
Risk-free interest rate	1.50	%
Dividend yield	—	%
Expected life (years)	3
Volatility	34.39	%

Summary Of Information Regarding Stock Options Outstanding And Exercisable

The following table summarizes information regarding stock options outstanding as of March 31, 2022:


Range of Exercise Prices	Number of Options	Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price
$57.60-$60.00	194,661	7.0	$	57.73
$60.01-$70.00	56,530	2.9	$	68.78
$70.01-$80.00	222,765	7.3	$	75.27
$80.01-$90.00	260,247	7.2	$	83.00
$90.01-100.99	241,402	9.4	$	97.43
	975,605	7.5	$	78.94

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 2022 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, 2021	880,284	$	60.07	125,960	$	83.48	98,346	$	57.55
Granted	254,436	88.27		—	—		—	—
Stock dividend	7,639	64.22		670	71.04		714	56.04
Performance factor	—	—		1,116	—		—	—
Vested	(228,765)	68.34		(46,295)	104.89		(670)	68.48
Forfeitures	(35,829)	73.40		(6,468)	70.77		(21,517)	64.25
Non-vested awards as of March 31, 2022	877,765	$	65.48	74,983	$	71.25	76,873	$	55.56