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Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Expense Information

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

												Three Months Ended June 30,
(In thousands)																		2024						2023
Pre-tax stock-based compensation costs charged against income																		$	3,425					$	4,146
Income tax benefit recognized on compensation costs																		$	438					$	406
Total fair value of options and RSUs vested during the period																		$	11,150					$	11,226
Cash received from the exercise of stock options																		$	1,975					$	7,028
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises																		$	667					$	876

Schedule 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, 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
Three Months Ended June 30, 2024
Unvested at March 31, 2024						391.9						$	54.43
Granted						131.9						69.87
Incremental performance shares						41.1						—
Vested						(177.7)						46.19
Forfeited						(3.2)						58.16
Unvested at June 30, 2024						384.0						62.43
Vested at June 30, 2024						110.2						38.77

Schedule of 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,
						2024						2023
Expected volatility						30.4% - 30.8%						30.2% - 31.6%
Expected dividends						$	—					$	—
Expected term in years						6.0 to 7.0						6.0 to 7.0
Risk-free rate						4.5%						3.6%
Weighted average grant date fair value of options granted						$	27.97					$	23.75

Schedule of 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, 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
Three Months Ended June 30, 2024
Outstanding at March 31, 2024						728.0						$	48.30
Granted						109.7						69.94
Exercised						(38.3)						51.61
Forfeited						(9.9)						59.11
Outstanding at June 30, 2024						789.5						51.01						6.6						$	14,207
Vested at June 30, 2024						551.9						45.45						5.6						$	12,915

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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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