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Stock-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Compensation Expense Information

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

						Three Months Ended September 30,												Six Months Ended September 30,
(In thousands)						2023						2022						2023						2022
Pre-tax stock-based compensation costs charged against income						$	3,688					$	3,466					$	7,834					$	7,323
Income tax benefit recognized on compensation costs						$	263					$	338					$	669					$	875
Total fair value of options and RSUs vested during the period						$	987					$	64					$	12,213					$	10,289
Cash received from the exercise of stock options						$	2,155					$	—					$	9,183					$	1,489
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises						$	263					$	—					$	1,139					$	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
Six Months Ended September 30, 2022
Unvested at March 31, 2022						440.9						$	38.45
Granted						148.9						55.04
Incremental performance shares						42.4						—
Vested						(222.4)						32.05
Unvested at September 30, 2022						409.8						47.14
Vested at September 30, 2022						108.5						36.54
Six Months Ended September 30, 2023
Unvested at March 31, 2023						409.0						$	47.17
Granted						157.1						62.06
Incremental performance shares						41.4						—
Vested						(205.0)						43.17
Forfeited						(8.6)						53.72
Unvested at September 30, 2023						393.9						54.40
Vested at September 30, 2023						110.2						38.77

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:

						Six Months Ended September 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% to 4.1%						2.8% to 2.9%
Weighted average grant date fair value of options granted						$	23.79					$	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)
Six Months Ended September 30, 2022
Outstanding at March 31, 2022						1,100.9						$	40.62
Granted						197.6						54.48
Exercised						(39.1)						38.04
Outstanding at September 30, 2022						1,259.4						42.88						6.6						$	10,963
Vested at September 30, 2022						830.8						40.04						5.4						$	9,403
Six Months Ended September 30, 2023
Outstanding at March 31, 2023						1,081.0						$	43.96
Granted						131.1						61.81
Exercised						(230.4)						39.85
Forfeited						(35.8)						54.81
Expired						(2.8)						54.47
Outstanding at September 30, 2023						943.1						47.00						6.3						$	10,166
Vested at September 30, 2023						644.7						43.19						5.2						$	9,025

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