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Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2022

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)						2022						2021						2022						2021
Pre-tax stock-based compensation costs charged against income						$	2,433					$	2,234					$	9,756					$	7,331
Income tax benefit recognized on compensation costs						$	49					$	132					$	924					$	644
Total fair value of options and RSUs vested during the period						$	63					$	—					$	10,352					$	7,943
Cash received from the exercise of stock options						$	5,684					$	3,011					$	7,173					$	5,718
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises						$	731					$	789					$	3,626					$	2,860

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, 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 December 31, 2021						440.9						38.45
Vested at December 31, 2021						152.3						33.92
Nine Months Ended December 31, 2022
Unvested at March 31, 2022						440.9						$	38.45
Granted						151.0						55.03
Incremental performance shares						42.4						—
Vested						(223.4)						32.09
Forfeited						(1.9)						49.51
Unvested at December 31, 2022						409.0						47.17
Vested at December 31, 2022						108.5						36.54

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

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, 2021
Outstanding at March 31, 2021						1,114.9						$	37.92
Granted						234.2						44.74
Exercised						(191.3)						29.90
Forfeited						(13.7)						37.83
Expired						(8.5)						56.63
Outstanding at December 31, 2021						1,135.6						40.54						6.8						$	22,833
Vested at December 31, 2021						656.0						40.65						5.5						$	13,122
Nine Months Ended December 31, 2022
Outstanding at March 31, 2022						1,100.9						$	40.62
Granted						197.6						54.48
Exercised						(200.2)						35.82
Forfeited						(10.3)						49.53
Expired						(0.8)						44.33
Outstanding at December 31, 2022						1,087.2						43.94						6.7						$	20,289
Vested at December 31, 2022						670.5						41.18						5.4						$	14,360

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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.

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