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Share-Based Compensation (Tables)

12 Months Ended

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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