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Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table provides information regarding our stock-based compensation:

						March 31,
(In thousands)						2021						2020						2019
Pre-tax share-based compensation costs charged against income						$	8,543					$	7,644					$	7,438
Income tax benefit recognized on compensation costs						$	1,224					$	1,207					$	1,402
Total fair value of options and RSUs vested during the period						$	6,796					$	7,830					$	11,983
Cash received from the exercise of stock options						$	2,851					$	1,324					$	2,931
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises						$	1,153					$	745					$	1,268

Summary of Restricted Shares

A summary of the Company’s RSUs granted under the 2005 Plan and 2020 Plan is presented below:

RSUs						Shares (in thousands)						Weighted-Average Grant-Date Fair Value
Vested and unvested at March 31, 2018						393.5						$	44.13
Granted						226.4						30.09
Vested and issued						(175.8)						43.05
Forfeited						(31.1)						48.32
Vested and unvested at March 31, 2019						413.0						36.58
Vested at March 31, 2019						113.2						31.05
Granted						220.3						31.02
Vested and issued						(87.0)						46.78
Forfeited						(34.2)						35.97
Vested and unvested at March 31, 2020						512.1						32.49
Vested at March 31, 2020						124.2						30.54
Granted						179.7						39.82
Vested and issued						(74.0)						44.38
Forfeited						(10.4)						43.37
Vested and unvested at March 31, 2021						607.4						33.02
Vested at March 31, 2021						150.4						31.98

Stock Options, Valuation Assumptions

			Year Ended March 31,
			2021						2020						2019
Expected volatility			32.1% - 32.2%						30.9% - 31.3%						29.6		%
Expected dividends			—						—						—
Expected term in years			6.0 to 7.0						6.0 to 7.0						6.0
Risk-free rate			0.5		%				2.3% to 2.4%						2.9		%
Weighted-average grant-date fair value of options granted			$	12.91					$	10.83					$	10.22

Stock Option Activity

A summary of option activity under the 2005 Plan and 2020 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, 2018						873.2						$	41.79
Granted						294.5						29.46
Exercised						(97.7)						30.02
Forfeited or expired						(125.4)						47.16
Outstanding at March 31, 2019						944.6						38.45
Granted						302.7						30.53
Exercised						(47.9)						27.60
Forfeited or expired						(179.2)						42.49
Outstanding at March 31, 2020						1,020.2						35.90
Granted						249.9						39.98
Exercised						(119.6)						23.83
Forfeited or expired						(35.6)						41.75
Outstanding at March 31, 2021						1,114.9						37.92						6.6						$	9,854
Exercisable at March 31, 2021						628.4						40.16						5.2						$	5,453

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