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Share-Based Compensation (Tables) | 3 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Compensation Expense Information | The following table provides information regarding our stock-based compensation:
|  |  |  | Three Months Ended June 30,
(In thousands) |  |  |  |  |  | 2021 |  | 2020
Pre-tax share-based compensation costs charged against income |  |  |  |  |  | $ | 1,878 |  |  | $ | 1,464 |
Income tax benefit recognized on compensation costs |  |  |  |  |  | $ | 143 |  |  | $ | 112 |
Total fair value of options and RSUs vested during the period |  |  |  |  |  | $ | 7,006 |  |  | $ | 5,781 |
Cash received from the exercise of stock options |  |  |  |  |  | $ | 2,204 |  |  | $ | 1,216 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises |  |  |  |  |  | $ | 1,721 |  |  | $ | 944 |
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
Three Months Ended June 30, 2020 |  |  |  |
Vested and unvested at March 31, 2020 |  | 512.1 |  |  | $ | 32.49 |
Granted |  | 153.6 |  |  | 39.98 |
Vested and issued |  | (74.0) |  |  | 44.38 |
Forfeited |  | (4.7) |  |  | 56.11 |
Vested and unvested at June 30, 2020 |  | 587.0 |  |  | 32.76 |
Vested at June 30, 2020 |  | 124.2 |  |  | 30.54 |
Three Months Ended June 30, 2021 |  |  |  |
Vested and unvested at March 31, 2021 |  | 607.4 |  |  | $ | 33.02 |
Granted |  | 152.1 |  |  | 44.33 |
Vested and issued |  | (144.5) |  |  | 30.57 |
Forfeited |  | (23.1) |  |  | 30.17 |
Vested and unvested at June 30, 2021 |  | 591.9 |  |  | 36.64 |
Vested at June 30, 2021 |  | 151.3 |  |  | 32.03 |
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:
|  | Three Months Ended June 30,
|  | 2021 |  | 2020
Expected volatility |  | 31.2% - 31.9% |  | 32.1% - 32.2%
Expected dividends |  | $ | — |  |  | $ | — |
Expected term in years |  | 6.0 to 7.0 |  | 6.0 to 7.0
Risk-free rate |  | 1.3 | % |  | 0.5%
Weighted average grant date fair value of options granted |  | $ | 14.77 |  |  | $ | 12.91 |
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)
Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |
Outstanding at March 31, 2020 |  | 1,020.2 |  |  | $ | 35.90 |  |  |  |  |
Granted |  | 249.9 |  |  | 39.98 |  |  |  |  |
Exercised |  | (60.5) |  |  | 20.10 |  |  |  |  |
Forfeited or expired |  | — |  |  | — |  |  |  |  |
Outstanding at June 30, 2020 |  | 1,209.6 |  |  | 37.53 |  |  | 7.3 |  | $ | 5,770 |
Vested at June 30, 2020 |  | 701.5 |  |  | 39.36 |  |  | 5.9 |  | $ | 3,874 |
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |
Outstanding at March 31, 2021 |  | 1,114.9 |  |  | $ | 37.92 |  |  |  |  |
Granted |  | 222.7 |  |  | 44.33 |  |  |  |  |
Exercised |  | (67.9) |  |  | 32.49 |  |  |  |  |
Forfeited or expired |  | (17.6) |  |  | 46.09 |  |  |  |  |
Outstanding at June 30, 2021 |  | 1,252.1 |  |  | 39.24 |  |  | 6.9 |  | $ | 17,068 |
Vested at June 30, 2021 |  | 779.5 |  |  | 38.72 |  |  | 5.6 |  | $ | 11,399 |

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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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- Definition 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. + References No definition available. + Details
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