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Stock-Based Compensation (Tables)

6 Months Ended

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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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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