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Share-Based Compensation | 12 Months Ended
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Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-based Compensation | Share-Based Compensation In connection with our initial public offering, the Board of Directors adopted the 2005 Long-Term Equity Incentive Plan (the “Plan”), which provides for grants of up to a maximum of 5.0 million shares of restricted stock, stock options, restricted stock units and other equity-based awards. In June 2014, the Board of Directors approved, and in July 2014, the stockholders ratified, an increase of an additional 1.8 million shares of our common stock for issuance under the Plan, increased the maximum number of shares subject to stock options that may be awarded to any one participant under the Plan during any 12-month period from 1.0 million to 2.5 million shares and extended the term of the Plan by ten years, to February 2025. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing services for the Company, are eligible for grants under the Plan. During 2016, pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $10.0 million and $3.5 million, respectively. During 2015, pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $6.9 million and $1.9 million, respectively. During 2014, pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $5.1 million and $1.5 million, respectively. On April 22, 2015, we announced that Matthew M. Mannelly, our President and Chief Executive Officer and member of the Board of Directors, would retire effective June 1, 2015. In conjunction with his retirement, the Board of Directors accelerated the vesting of his previously unvested restricted stock units and stock options, and we recorded additional compensation expense of approximately $0.8 million associated with this acceleration. Effective June 1, 2015, the Board of Directors appointed Ron M. Lombardi, our then current Chief Financial Officer, to succeed Mr. Mannelly as President and Chief Executive Officer and as a member of the Board of Directors. In connection with his appointment, Mr. Lombardi was granted 57,924 restricted stock units on April 22, 2015. On October 28, 2015, we announced that David S. Marberger has been appointed as Chief Financial Officer of the Company, effective November 10, 2015. In connection with Mr. Marberger’s appointment as Chief Financial Officer, on October 28, 2015, the Company entered into an employment agreement with Mr. Marberger, which sets forth the terms of his compensation as approved by the Compensation Committee of the Board of Directors. In accordance with the terms of his employment agreement, on October 28, 2015, the Company granted to Mr. Marberger 6,612 shares of restricted stock units and stock options to acquire 8,079 shares of our common stock under the Plan. The restricted stock units vest in their entirety on the three-year anniversary of the date of grant. Upon vesting, the units will be settled in shares of our common stock. The stock options will vest 33.3% per year over three years and are exercisable for up to ten years from the date of grant. These stock options were granted at an exercise price of $50.42 per share, which is equal to the closing price of our common stock on the date of grant. On May 11, 2015, the Compensation Committee of our Board of Directors (the "Compensation Committee") granted 185,904 restricted stock units and stock options to acquire 186,302 shares of our common stock to certain executive officers and employees under the Plan. Of those grants, 163,404 restricted stock units vest in their entirety on the three-year anniversary of the date of grant and 22,500 restricted stock units vest 33.3% per year over three years. Upon vesting, the units will be settled in shares of our common stock. The stock options vest 33.3% per year over three years and are exercisable for up to ten years from the date of grant. These stock options were granted at an exercise price of $41.44 per share, which is equal to the closing price of our common stock on the date of grant. On July 1, 2015, the Compensation Committee granted 2,841 restricted stock units, which vest on the three-year anniversary of the date of grant, and stock options to acquire 13,861 shares of our common stock to certain employees under the Plan. The stock options vest 33.3% per year over three years and are exercisable for up to ten years from the date of grant. These stock options were granted at an exercise price of $46.58 per share, which is equal to the closing price of our common stock on the date of grant. Restricted Shares Restricted shares granted to employees under the Plan generally vest in three to five years, primarily upon the attainment of certain time vesting thresholds, and may also be contingent on the attainment of certain performance goals of the Company, including revenue and earnings before income taxes, depreciation and amortization targets. The restricted share awards provide for accelerated vesting if there is a change of control, as defined in the Plan. The restricted stock units granted to employees generally vest in their entirety on the three-year anniversary of the date of the grant. Termination of employment prior to vesting will result in forfeiture of the restricted stock units. The restricted stock units granted to directors will vest in their entirety one year after the date of grant so long as the membership on the Board of Directors continues through the vesting date, with the settlement in common stock to occur on the earliest of the director's death, disability or six-month anniversary of the date on which the director's Board membership ceases for reasons other than death or disability. Upon vesting, the units will be settled in shares of our common stock. Each of our six independent members of the Board of Directors received a grant of 2,075 restricted stock units on August 4, 2015 under the Plan. Additionally, on May 11, 2015, the Compensation Committee granted 362 restricted stock units to a newly appointed Board member. The restricted stock units vest on the one year anniversary of the date of grant and will be settled by delivery to the director of one share of common stock of the Company for each vested restricted stock unit promptly following the earliest of the director's (i) death, (ii) disability or (iii) the six-month anniversary of the date on which the director's Board membership ceases for reasons other than death or disability. The fair value of the restricted stock units is determined using the closing price of our common stock on the day of the grant. The weighted-average grant-date fair value during 2016, 2015, and 2014 was $42.41, $33.33 and $30.19, respectively. A summary of the Company’s restricted shares granted under the Plan is presented below:
Restricted Shares |  | Shares (in thousands) |  | Weighted-Average Grant-Date Fair Value
Vested and Nonvested at March 31, 2013 |  | 421.3 |  |  | $ | 11.01 |
Granted |  | 126.6 |  |  | 30.19 |
Vested and issued |  | (104.8 | ) |  | 9.98 |
Forfeited |  | (5.6 | ) |  | 15.11 |
Vested and nonvested at March 31, 2014 |  | 437.5 |  |  | 16.76 |
Vested at March 31, 2014 |  | 69.6 |  |  | 9.34 |
Granted |  | 106.9 |  |  | 33.33 |
Vested and issued |  | (154.4 | ) |  | 13.37 |
Forfeited |  | (27.7 | ) |  | 21.45 |
Vested and nonvested at March 31, 2015 |  | 362.3 |  |  | 22.74 |
Vested at March 31, 2015 |  | 76.6 |  |  | 11.62 |
Granted |  | 266.1 |  |  | 42.41 |
Vested and issued |  | (155.6 | ) |  | 18.31 |
Forfeited |  | (5.0 | ) |  | 39.61 |
Vested and nonvested at March 31, 2016 |  | 467.8 |  |  | 35.22 |
Vested at March 31, 2016 |  | 69.8 |  |  | 14.76 |
Options The Plan provides that the exercise price of options granted shall be no less than the fair market value of the Company's common stock on the date the options are granted. Options granted have a term of no greater than ten years from the date of grant and vest in accordance with a schedule determined at the time the option is granted, generally three to five years. The option awards provide for accelerated vesting in the event of a change in control, as defined in the Plan. Termination of employment prior to vesting will result in forfeiture of the unvested stock options. Vested stock options will remain exercisable by the employee after termination of employment, subject to the terms of the Plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions noted in the table below. Expected volatilities are based on the historical volatility of our common stock and other factors, including the historical volatilities of comparable companies. We use appropriate historical data, as well as current data, to estimate option exercise and employee termination behaviors. Employees that are expected to exhibit similar exercise or termination behaviors are grouped together for the purposes of valuation. The expected terms of the options granted are derived from our historical experience, management’s estimates, and consideration of information derived from the public filings of companies similar to us, and represent the period of time that options granted are expected to be outstanding. The risk-free rate represents the yield on U.S. Treasury bonds with a maturity equal to the expected term of the granted options. The weighted-average grant-date fair values of the options granted during 2016, 2015, and 2014 were $17.24, $15.95, and $13.94, respectively.
| Year Ended March 31,
| 2016 |  | 2015 |  | 2014
Expected volatility | 40.2 | % |  | 47.3 | % |  | 48.0 | %
Expected dividends | — |  |  | — |  |  | — |
Expected term in years | 6.0 |  |  | 6.0 |  |  | 6.0 |
Risk-free rate | 1.7 | % |  | 2.2 | % |  | 1.3 | %
A summary of option activity under the Plan is as follows:
Options |  | Shares (in thousands) |  | Weighted-Average Exercise Price |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in thousands)
Outstanding at March 31, 2013 |  | 1,386.4 |  |  | $ | 10.43 |  |  |  |  |
Granted |  | 227.7 |  |  | 29.94 |  |  |  |  |
Exercised |  | (605.0 | ) |  | 9.76 |  |  |  |  |
Forfeited or expired |  | (14.2 | ) |  | 14.56 |  |  |  |  |
Outstanding at March 31, 2014 |  | 994.9 |  |  | 15.24 |  |  |  |  |
Granted |  | 317.9 |  |  | 33.54 |  |  |  |  |
Exercised |  | (386.3 | ) |  | 10.24 |  |  |  |  |
Forfeited or expired |  | (55.3 | ) |  | 26.77 |  |  |  |  |
Outstanding at March 31, 2015 |  | 871.2 |  |  | 23.40 |  |  |  |  |
Granted |  | 208.2 |  |  | 42.13 |  |  |  |  |
Exercised |  | (348.0 | ) |  | 19.22 |  |  |  |  |
Forfeited or expired |  | (3.7 | ) |  | 35.72 |  |  |  |  |
Outstanding at March 31, 2016 |  | 727.7 |  |  | 30.70 |  |  | 7.6 |  | $ | 16,512 |
Exercisable at March 31, 2016 |  | 308.4 |  |  | 21.75 |  |  | 6.5 |  | 9,756 |
The aggregate intrinsic value of options exercised during 2016, 2015 and 2014 was $8.6 million, $9.3 million and $14.0 million, respectively. At March 31, 2016, there were $10.1 million of unrecognized compensation costs related to nonvested share-based compensation arrangements under the Plan, based on management’s estimate of the shares that will ultimately vest. We expect to recognize such costs over a weighted-average period of 1.0 years. The total fair value of options and restricted shares vested during 2016, 2015, and 2014 was $7.0 million, $4.7 million and $3.4 million, respectively. Cash received from the exercise of stock options was $6.7 million during 2016, and we realized $2.1 million in tax benefits for the tax deductions resulting from option exercises in 2016. Cash received from the exercise of stock options was $4.0 million during 2015, and we realized $2.2 million in tax benefits for the tax deductions resulting from option exercises in 2015. Cash received from the exercise of stock options was $5.9 million during 2014, and we realized $1.7 million in tax benefits for the tax deductions from option exercises in 2014. At March 31, 2016, there were 2.6 million shares available for issuance under the Plan.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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