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Stock-Based Compensation (Tables) | 6 Months Ended
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Sep. 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 September 30, |  | Six Months Ended September 30,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Pre-tax stock-based compensation costs charged against income |  | $ | 2,134 |  |  | $ | 3,688 |  |  | $ | 5,559 |  |  | $ | 7,834 |
Income tax benefit recognized on compensation costs |  | $ | 291 |  |  | $ | 263 |  |  | $ | 729 |  |  | $ | 669 |
Total fair value of options and RSUs vested during the period |  | $ | 1,035 |  |  | $ | 987 |  |  | $ | 12,185 |  |  | $ | 12,213 |
Cash received from the exercise of stock options |  | $ | 1,617 |  |  | $ | 2,155 |  |  | $ | 3,592 |  |  | $ | 9,183 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises |  | $ | 375 |  |  | $ | 263 |  |  | $ | 1,042 |  |  | $ | 1,139 |
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
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 |
Six Months Ended September 30, 2024 |  |  |  |
Unvested at March 31, 2024 |  | 391.9 |  |  | $ | 54.43 |
Granted |  | 145.7 |  |  | 69.70 |
Incremental performance shares |  | 41.1 |  |  | — |
Vested |  | (192.7) |  |  | 47.60 |
Forfeited |  | (4.9) |  |  | 59.31 |
Unvested at September 30, 2024 |  | 381.1 |  |  | 62.57 |
Vested at September 30, 2024 |  | 108.5 |  |  | 40.87 |
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:
|  | Six Months Ended September 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% to 4.1%
Weighted average grant date fair value of options granted |  | $ | 27.97 |  |  | $ | 23.79 |
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)
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 |
Six Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  | 728.0 |  |  | $ | 48.30 |  |  |  |  |
Granted |  | 109.7 |  |  | 69.94 |  |  |  |  |
Exercised |  | (73.3) |  |  | 48.99 |  |  |  |  |
Forfeited |  | (15.6) |  |  | 60.87 |  |  |  |  |
Outstanding at September 30, 2024 |  | 748.8 |  |  | 51.14 |  |  | 6.4 |  | $ | 15,697 |
Vested at September 30, 2024 |  | 520.5 |  |  | 45.48 |  |  | 5.3 |  | $ | 13,856 |

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