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Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

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

						March 31,
(In thousands)						2023						2022						2021
Pre-tax share-based compensation costs charged against income						$	12,405					$	9,039					$	8,543
Income tax benefit recognized on compensation costs						$	1,138					$	633					$	1,224
Total fair value of options and RSUs vested during the period						$	10,352					$	7,943					$	6,796
Cash received from the exercise of stock options						$	7,372					$	7,040					$	2,851
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises						$	1,500					$	3,419					$	1,153

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, 2020						387.9						$	33.11
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
Granted						151.0						55.03
Incremental performance shares						42.4						—
Vested						(223.4)						32.09
Forfeited						(1.9)						49.51
Unvested at March 31, 2023						409.0						47.17
Vested at March 31, 2023						108.5						36.54

Stock Options, Valuation Assumptions

			Year Ended March 31,
			2023						2022						2021
Expected volatility			30.8% - 30.9%						31.1% - 31.9%						32.1% to 32.2%
Expected dividends			—						—						—
Expected term in years			6.0 to 7.0						6.0 to 7.0						6.0 to 7.0
Risk-free rate			2.8% to 2.9%						1.0% to 1.3%						0.5%
Weighted average grant date fair value of options granted			$20.10						$14.87						$12.91

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, 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
Granted						197.6						54.48
Exercised						(205.2)						35.93
Forfeited						(10.3)						49.53
Expired						(0.8)						44.33
Outstanding at March 31, 2023						1,082.2						43.95						6.4						$	20,212
Exercisable at March 31, 2023						665.5						41.19						5.2						$	14,270

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