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Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of 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)						2024						2023						2024						2023
Pre-tax stock-based compensation costs charged against income						$	2,865					$	2,449					$	8,424					$	10,283
Income tax benefit recognized on compensation costs						$	356					$	241					$	1,085					$	910
Total fair value of options and RSUs vested during the period						$	—					$	—					$	12,185					$	12,213
Cash received from the exercise of stock options						$	8,748					$	1,635					$	12,340					$	10,818
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises						$	319					$	351					$	1,361					$	1,490

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
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
Nine Months Ended December 31, 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 December 31, 2024						381.1						62.57
Vested at December 31, 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:

						Nine Months Ended December 31,
						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)
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
Nine Months Ended December 31, 2024
Outstanding at March 31, 2024						728.0						$	48.30
Granted						109.7						69.94
Exercised						(243.9)						50.59
Forfeited						(15.6)						60.87
Outstanding at December 31, 2024						578.2						51.10						6.8						$	15,608
Vested at December 31, 2024						349.9						42.65						5.7						$	12,399

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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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