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Share-Based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation | The following table provides information regarding our stock-based compensation:
|  | March 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Pre-tax share-based compensation costs charged against income |  | $ | 14,010 |  |  | $ | 12,405 |  |  | $ | 9,039 |
Income tax benefit recognized on compensation costs |  | $ | 1,190 |  |  | $ | 1,138 |  |  | $ | 633 |
Total fair value of options and RSUs vested during the period |  | $ | 12,213 |  |  | $ | 10,352 |  |  | $ | 7,943 |
Cash received from the exercise of stock options |  | $ | 18,089 |  |  | $ | 7,372 |  |  | $ | 7,040 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises |  | $ | 2,161 |  |  | $ | 1,500 |  |  | $ | 3,419 |
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, 2021 |  | 457.0 |  |  | $ | 33.52 |
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 |
Granted |  | 157.1 |  |  | 62.06 |
Incremental performance shares |  | 41.4 |  | — |
Vested |  | (205.0) |  |  | 43.17 |
Forfeited |  | (10.6) |  |  | 52.68 |
Unvested at March 31, 2024 |  | 391.9 |  |  | 54.43 |
Vested at March 31, 2024 |  | 110.2 |  |  | 38.77 |
Stock Options, Valuation Assumptions |
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Expected volatility | 30.2% - 31.6% |  | 30.8% - 30.9% |  | 31.1% to 31.9%
Expected dividends | — |  | — |  | —
Expected term in years | 6.0 to 7.0 |  | 6.0 to 7.0 |  | 6.0 to 7.0
Risk-free rate | 3.6% to 4.1% |  | 2.8% to 2.9% |  | 1.0% to 1.3%
Weighted average grant date fair value of options granted | $23.79 |  | $20.10 |  | $14.87
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, 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 |  | (2.0) |  |  | 42.63 |  |  |  |  |
Outstanding at March 31, 2023 |  | 1,081.0 |  |  | 43.96 |  |  |  |  |
Granted |  | 131.1 |  |  | 61.81 |  |  |  |  |
Exercised |  | (440.3) |  |  | 41.08 |  |  |  |  |
Forfeited |  | (41.0) |  |  | 54.15 |  |  |  |  |
Expired |  | (2.8) |  |  | 54.47 |  |  |  |  |
Outstanding at March 31, 2024 |  | 728.0 |  |  | 48.30 |  |  | 6.4 |  | $ | 17,664 |
Exercisable at March 31, 2024 |  | 434.8 |  |  | 43.56 |  |  | 5.2 |  | $ | 12,610 |

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