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Share-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Compensation Expense Information

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

						Three Months Ended September 30,												Six Months Ended September 30,
(In thousands)						2021						2020						2021						2020
Pre-tax share-based compensation costs charged against income						$	3,219					$	2,892					$	5,097					$	4,356
Income tax benefit recognized on compensation costs						$	369					$	451					$	512					$	563
Total fair value of options and RSUs vested during the period						$	937					$	1,015					$	7,943					$	6,796
Cash received from the exercise of stock options						$	503					$	69					$	2,707					$	1,285
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises						$	350					$	4					$	2,071					$	948

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
Six Months Ended September 30, 2020
Unvested at March 31, 2020						387.9						$	33.11
Granted						179.7						40.22
Vested						(100.2)						42.94
Forfeited						(4.7)						56.11
Unvested at September 30, 2020						462.7						33.51
Vested at September 30, 2020						150.4						31.98
Six Months Ended September 30, 2021
Unvested at March 31, 2021						457.0						$	33.52
Granted						170.8						45.32
Vested						(162.3)						32.99
Forfeited						(24.6)						30.54
Unvested at September 30, 2021						440.9						38.45
Vested at September 30, 2021						152.3						33.92

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:

						Six Months Ended September 30,
						2021						2020
Expected volatility						31.1% - 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						1.0% to 1.3%						0.5%
Weighted average grant date fair value of options granted						$	14.87					$	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)
Six Months Ended September 30, 2020
Outstanding at March 31, 2020						1,020.2						$	35.90
Granted						249.9						39.98
Exercised						(62.8)						20.46
Forfeited						—						—
Expired						—						—
Outstanding at September 30, 2020						1,207.3						37.55						7.0						$	5,032
Vested at September 30, 2020						699.1						39.39						5.6						$	3,430
Six Months Ended September 30, 2021
Outstanding at March 31, 2021						1,114.9						$	37.92
Granted						234.2						44.74
Exercised						(87.6)						30.91
Forfeited						(13.7)						37.83
Expired						(8.5)						56.63
Outstanding at September 30, 2021						1,239.3						39.58						6.7						$	20,593
Vested at September 30, 2021						759.7						39.06						5.3						$	13,060

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