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SHARE-BASED COMPENSATION | 9 Months Ended
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Dec. 31, 2023
SHARE-BASED COMPENSATION [Abstract] |
SHARE-BASED COMPENSATION |
12. | SHARE-BASED COMPENSATION
SHARE-BASED PLANS As of December 31, 2023, we had share-based awards outstanding under the following plans: (1) the 2017 Non-Employee Director Long-Term Incentive Plan (“2017 Director LTIP”), (2) the 2012 Employee Long-Term Incentive Plan (“2012 Employee LTIP”), and (3) the 2021 Employee Long-Term Incentive Plan (“2021 Employee LTIP”). The 2021 Employee LTIP was approved by our shareholders on September 16, 2021, and became effective October 1, 2021. The 2021 Employee LTIP replaced the 2012 Employee LTIP that had previously been approved by our shareholders on September 13, 2012. Beginning September 16, 2021, we permanently ceased issuing any additional shares under the 2012 Employee LTIP. These share-based plans define fair market value as the closing sales price of a share of common stock as quoted on any established stock exchange for such date or the most recent trading day preceding such date if there were no trades on such date. RESTRICTED STOCK ACTIVITY For the nine months ended December 31, 2023, we granted 13,120 restricted shares of our stock under the 2017 Director LTIP, and 152,865 restricted shares of our stock under the 2021 Employee LTIP. For the nine months ended December 31, 2022, we granted 18,842 shares of our stock under the 2017 Director LTIP, and 138,643 restricted shares of our stock under the 2021 Employee LTIP. The following table provides a summary of our restricted stock activity:
|  | Number of Shares |  |  | Weighted Average Grant-date Fair Value |
Nonvested April 1, 2023 |  |  | 314,860 |  |  | $ | 49.57 |
Granted |  |  | 165,985 |  |  | $ | 56.43 |
Vested |  |  | (167,546 | ) |  | $ | 46.31 |
Forfeited |  |  | (2,509 | ) |  | $ | 55.60 |
Nonvested December 31, 2023 |  |  | 310,790 |  |  | $ | 55.01 |
PERFORMANCE STOCK UNITS On November 17, 2023, we granted 15,120 Performance Stock Units (“PSUs”) with a grant date fair value of $61.17 to our named executive officers under our 2021 Employee LTIP. The PSUs will vest based on the achievement of certain performance goals at the end of a three-year performance period ending March 31, 2026. The PSUs represent the right to receive shares of our common stock on a one-to-one basis. The total number of PSUs that vest range from 0% to 200% of the number of PSUs at the target level of achievement for one or more of the performance targets. No shares vested or were forfeited during the year. EMPLOYEE STOCK PURCHASE PLAN On September 15, 2022, our stockholders approved the 2022 Employee Stock Purchase Plan (“ESPP”) through which eligible employees may purchase up to an aggregate of 2.50 million shares of our stock at 6-month intervals at a discount off the lesser of the closing market price on the first or the last trading day of each offering period. During the nine months ended December 31, 2023, we issued 70,715 shares at a weighted average price of $42.69 per share under the ESPP. As of December 31, 2023, there were 2.43 million shares remaining under the ESPP. COMPENSATION EXPENSE The following table provides a summary of our total share-based compensation expense, including for restricted stock awards, ESPP, PSUs, and the related income tax benefit for the three and nine months ended December 31, 2023, and 2022, respectively (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Equity-based compensation expense |  | $ | 2,526 |  |  | $ | 1,950 |  |  | $ | 7,145 |  |  | $ | 5,681 |
Income tax benefit |  |  | (733 | ) |  |  | (540 | ) |  |  | (1,986 | ) |  |  | (1,608 | )
We recognized the income tax benefit as a reduction to our provision for income taxes. As of December 31, 2023, the total unrecognized compensation expense related to non-vested restricted stock was $12.6 million, which is expected to be recognized over a weighted-average period of 30 months. We also provide our employees with a contributory 401(k) profit sharing plan, to which we may contribute from time to time at our sole discretion. Employer contributions to the plan are always fully vested. Our estimated contribution expense to the plan for the three months ended December 31, 2023, and 2022, was $1.0 and $1.1 million, respectively. For the nine months ended December 31, 2023, and 2022, our estimated contribution expense for the plan was $3.6 million and $3.2 million, respectively.

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