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Stock-Based Compensation (Tables) | 3 Months Ended
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Jun. 30, 2023
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) |  |  |  |  |  | 2023 |  | 2022
Pre-tax stock-based compensation costs charged against income |  |  |  |  |  | $ | 4,146 |  |  | $ | 3,857 |
Income tax benefit recognized on compensation costs |  |  |  |  |  | $ | 406 |  |  | $ | 537 |
Total fair value of options and RSUs vested during the period |  |  |  |  |  | $ | 11,226 |  |  | $ | 10,225 |
Cash received from the exercise of stock options |  |  |  |  |  | $ | 7,028 |  |  | $ | 1,489 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises |  |  |  |  |  | $ | 876 |  |  | $ | 2,895 |
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, 2022 |  |  |  |
Unvested at March 31, 2022 |  | 440.9 |  |  | $ | 38.45 |
Granted |  | 134.0 |  |  | 54.47 |
Incremental performance shares |  | 42.4 |  |  | — |
Vested |  | (222.4) |  |  | 32.05 |
Unvested at June 30, 2022 |  | 394.9 |  |  | 46.65 |
Vested at June 30, 2022 |  | 108.5 |  |  | 36.54 |
Three Months Ended June 30, 2023 |  |  |  |
Unvested at March 31, 2023 |  | 409.0 |  |  | $ | 47.17 |
Granted |  | 142.8 |  |  | 61.73 |
Incremental performance shares |  | 41.3 |  |  | — |
Vested |  | (189.3) |  |  | 41.81 |
Forfeited |  | (4.2) |  |  | 54.92 |
Unvested at June 30, 2023 |  | 399.6 |  |  | 54.18 |
Vested at June 30, 2023 |  | 108.5 |  |  | 36.54 |
Fair Value of Options Granted | The fair value of each option 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,
|  | 2023 |  | 2022
Expected volatility |  | 30.2% - 31.6% |  | 30.8% - 30.9%
Expected dividends |  | $ | — |  |  | $ | — |
Expected term in years |  | 6.0 to 7.0 |  | 6.0 to 7.0
Risk-free rate |  | 3.6% |  | 2.8% to 2.9%
Weighted average grant date fair value of options granted |  | $ | 23.75 |  |  | $ | 20.10 |
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, 2022 |  |  |  |  |  |  |  |
Outstanding at March 31, 2022 |  | 1,100.9 |  |  | $ | 40.62 |  |  |  |  |
Granted |  | 197.6 |  |  | 54.48 |  |  |  |  |
Exercised |  | (39.1) |  |  | 38.04 |  |  |  |  |
Outstanding at June 30, 2022 |  | 1,259.4 |  |  | 42.88 |  |  | 6.9 |  | $ | 20,052 |
Vested at June 30, 2022 |  | 827.0 |  |  | 39.98 |  |  | 5.7 |  | $ | 15,567 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  | 1,081.0 |  |  | $ | 43.96 |  |  |  |  |
Granted |  | 128.1 |  |  | 61.73 |  |  |  |  |
Exercised |  | (172.9) |  |  | 40.64 |  |  |  |  |
Forfeited |  | (19.3) |  |  | 54.86 |  |  |  |  |
Expired |  | (1.7) |  |  | 54.47 |  |  |  |  |
Outstanding at June 30, 2023 |  | 1,015.2 |  |  | 46.54 |  |  | 6.5 |  | $ | 13,369 |
Vested at June 30, 2023 |  | 700.1 |  |  | 42.70 |  |  | 5.4 |  | $ | 11,714 |

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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