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Stock-Based Compensation (Tables)

3 Months Ended

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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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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