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Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Compensation Expense Information

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

						Three Months Ended December 31,												Nine Months Ended December 31,
(In thousands)						2023						2022						2023						2022
Pre-tax stock-based compensation costs charged against income						$	2,449					$	2,433					$	10,283					$	9,756
Income tax benefit recognized on compensation costs						$	241					$	49					$	910					$	924
Total fair value of options and RSUs vested during the period						$	—					$	63					$	12,213					$	10,352
Cash received from the exercise of stock options						$	1,635					$	5,684					$	10,818					$	7,173
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises						$	351					$	731					$	1,490					$	3,626

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
Nine Months Ended December 31, 2022
Unvested at March 31, 2022						440.9						$	38.45
Granted						151.0						55.03
Incremental performance shares						42.4						—
Vested						(223.4)						32.09
Forfeited						(1.9)						49.51
Unvested at December 31, 2022						409.0						47.17
Vested at December 31, 2022						108.5						36.54
Nine Months Ended December 31, 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						(10.6)						52.68
Unvested at December 31, 2023						391.9						54.43
Vested at December 31, 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:

						Nine Months Ended December 31,
						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)
Nine Months Ended December 31, 2022
Outstanding at March 31, 2022						1,100.9						$	40.62
Granted						197.6						54.48
Exercised						(200.2)						35.82
Forfeited						(10.3)						49.53
Expired						(0.8)						44.33
Outstanding at December 31, 2022						1,087.2						43.94						6.7						$	20,289
Vested at December 31, 2022						670.5						41.18						5.4						$	14,360
Nine Months Ended December 31, 2023
Outstanding at March 31, 2023						1,081.0						$	43.96
Granted						131.1						61.81
Exercised						(268.9)						40.23
Forfeited						(41.0)						54.15
Expired						(2.8)						54.47
Outstanding at December 31, 2023						899.4						47.18						6.2						$	12,703
Vested at December 31, 2023						606.2						43.23						5.0						$	10,903

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