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Share-Based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2022
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) |  | 2022 |  | 2021 |  | 2020
Pre-tax share-based compensation costs charged against income |  | $ | 9,039 |  |  | $ | 8,543 |  |  | $ | 7,644 |
Income tax benefit recognized on compensation costs |  | $ | 633 |  |  | $ | 1,224 |  |  | $ | 1,207 |
Total fair value of options and RSUs vested during the period |  | $ | 7,943 |  |  | $ | 6,796 |  |  | $ | 7,830 |
Cash received from the exercise of stock options |  | $ | 7,040 |  |  | $ | 2,851 |  |  | $ | 1,324 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises |  | $ | 3,419 |  |  | $ | 1,153 |  |  | $ | 745 |
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
Unvested at March 31, 2019 |  | 299.9 |  |  | $ | 38.66 |
Granted |  | 220.3 |  |  | 31.02 |
Vested |  | (98.1) |  |  | 44.35 |
Forfeited |  | (34.2) |  |  | 35.97 |
Unvested at March 31, 2020 |  | 387.9 |  |  | 33.11 |
Vested at March 31, 2020 |  | 124.2 |  |  | 30.54 |
Granted |  | 179.7 |  |  | 40.22 |
Vested |  | (100.2) |  |  | 42.94 |
Forfeited |  | (10.4) |  |  | 43.37 |
Unvested at March 31, 2021 |  | 457.0 |  |  | 33.52 |
Vested at March 31, 2021 |  | 150.4 |  |  | 31.98 |
Granted |  | 170.8 |  |  | 45.32 |
Vested |  | (162.3) |  |  | 32.99 |
Forfeited |  | (24.6) |  |  | 30.54 |
Unvested at March 31, 2022 |  | 440.9 |  |  | 38.45 |
Vested at March 31, 2022 |  | 106.8 |  |  | 36.42 |
Stock Options, Valuation Assumptions |
| Year Ended March 31,
| 2022 |  | 2021 |  | 2020
Expected volatility | 31.1% - 31.9% |  | 32.1% - 32.2% |  | 30.9% to 31.3%
Expected dividends | — |  | — |  | —
Expected term in years | 6.0 to 7.0 |  | 6.0 to 7.0 |  | 6.0 to 7.0
Risk-free rate | 1.0% to 1.3% |  | 0.5% |  | 2.3% to 2.4%
Weighted average grant date fair value of options granted | $14.87 |  | $12.91 |  | $10.83
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, 2019 |  | 944.6 |  |  | $ | 38.45 |  |  |  |  |
Granted |  | 302.7 |  |  | 30.53 |  |  |  |  |
Exercised |  | (47.9) |  |  | 27.60 |  |  |  |  |
Forfeited |  | (79.2) |  |  | 32.62 |  |  |  |  |
Expired |  | (100.0) |  |  | 50.31 |  |  |  |  |
Outstanding at March 31, 2020 |  | 1,020.2 |  |  | 35.90 |  |  |  |  |
Granted |  | 249.9 |  |  | 39.98 |  |  |  |  |
Exercised |  | (119.6) |  |  | 23.83 |  |  |  |  |
Forfeited |  | (21.7) |  |  | 34.65 |  |  |  |  |
Expired |  | (13.9) |  |  | 52.86 |  |  |  |  |
Outstanding at March 31, 2021 |  | 1,114.9 |  |  | 37.92 |  |  |  |  |
Granted |  | 234.2 |  |  | 44.74 |  |  |  |  |
Exercised |  | (226.0) |  |  | 31.15 |  |  |  |  |
Forfeited |  | (13.7) |  |  | 37.83 |  |  |  |  |
Expired |  | (8.5) |  |  | 56.63 |  |  |  |  |
Outstanding at March 31, 2022 |  | 1,100.9 |  |  | 40.62 |  |  | 6.6 |  | $ | 14,239 |
Exercisable at March 31, 2022 |  | 621.3 |  |  | 40.79 |  |  | 5.2 |  | $ | 8,226 |

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