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Share-Based Compensation (Tables) | 9 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Compensation Expense Information | The following table provides information regarding our stock-based compensation:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Pre-tax share-based compensation costs charged against income |  | $ | 1,588 |  |  | $ | 1,780 |  |  | $ | 5,944 |  |  | $ | 5,682 |
Income tax benefit recognized on compensation costs |  | $ | 263 |  |  | $ | 275 |  |  | $ | 826 |  |  | $ | 886 |
Total fair value of options and RSUs vested during the period |  | $ | — |  |  | $ | 465 |  |  | $ | 6,796 |  |  | $ | 7,830 |
Cash received from the exercise of stock options |  | $ | 39 |  |  | $ | 463 |  |  | $ | 1,324 |  |  | $ | 1,007 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises |  | $ | 15 |  |  | $ | 105 |  |  | $ | 963 |  |  | $ | 587 |
Summary of Restricted Shares | A summary of the RSUs granted under the 2005 Plan and the 2020 Plan is presented below:
RSUs |  | Shares (in thousands) |  | Weighted Average Grant-Date Fair Value
Nine Months Ended December 31, 2019 |  |  |  |
Vested and unvested at March 31, 2019 |  | 413.0 |  |  | $ | 36.58 |
Granted |  | 220.3 |  |  | 31.02 |
Vested and issued |  | (73.0) |  |  | 47.68 |
Forfeited |  | (34.2) |  |  | 35.97 |
Vested and unvested at December 31, 2019 |  | 526.1 |  |  | 32.74 |
Vested at December 31, 2019 |  | 138.3 |  |  | 31.71 |
Nine Months Ended December 31, 2020 |  |  |  |
Vested and unvested at March 31, 2020 |  | 512.1 |  |  | $ | 32.49 |
Granted |  | 179.7 |  |  | 39.82 |
Vested and issued |  | (74.0) |  |  | 44.38 |
Forfeited |  | (4.7) |  |  | 56.11 |
Vested and unvested at December 31, 2020 |  | 613.1 |  |  | 33.02 |
Vested at December 31, 2020 |  | 150.4 |  |  | 31.98 |
Fair Value of Options Granted | The fair value of each award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions presented below:
|  | Nine Months Ended December 31,
|  | 2020 |  | 2019
Expected volatility |  | 32.1% - 32.2% |  | 30.9% - 31.3%
Expected dividends |  | $ | — |  |  | $ | — |
Expected term in years |  | 6.0 to 7.0 |  | 6.0 to 7.0
Risk-free rate |  | 0.5 | % |  | 2.3% to 2.4%
Weighted average grant date fair value of options granted |  | $ | 12.91 |  |  | $ | 10.83 |
Stock Option Activity | A summary of option activity under the 2005 Plan and the 2020 Plan is as follows:
Options |  | Shares (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Nine Months Ended December 31, 2019 |  |  |  |  |  |  |  |
Outstanding at March 31, 2019 |  | 944.6 |  |  | $ | 38.45 |  |  |  |  |
Granted |  | 302.7 |  |  | 30.53 |  |  |  |  |
Exercised |  | (36.0) |  |  | 27.96 |  |  |  |  |
Forfeited or expired |  | (155.3) |  |  | 41.18 |  |  |  |  |
Outstanding at December 31, 2019 |  | 1,056.0 |  |  | 36.14 |  |  | 6.9 |  | $ | 9,035 |
Vested at December 31, 2019 |  | 602.0 |  |  | 38.90 |  |  | 5.4 |  | $ | 4,756 |
Nine Months Ended December 31, 2020 |  |  |  |  |  |  |  |
Outstanding at March 31, 2020 |  | 1,020.2 |  |  | $ | 35.90 |  |  |  |  |
Granted |  | 249.9 |  |  | 39.98 |  |  |  |  |
Exercised |  | (65.8) |  |  | 20.14 |  |  |  |  |
Forfeited or expired |  | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2020 |  | 1,204.3 |  |  | 37.61 |  |  | 6.8 |  | $ | 3,987 |
Vested at December 31, 2020 |  | 696.2 |  |  | 39.50 |  |  | 5.4 |  | $ | 2,786 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: 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=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + 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 (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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