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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Performance Shares Vesting Based on EPS Targets | The Performance Option performance target is set forth below.
Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025 | Options Eligible for Vesting (Percentage of Award)
$25.30 | 100%
Fair value was estimated at grant date using the weighted-average | Fair value was estimated at grant date using the weighted-average assumptions listed below:
| Three months ended December 31, |  | Nine months ended December 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Dividend Yield | —% |  | —% |  | —% |  | —%
Expected Volatility | 57.09% |  | 52.87% |  | 56.48% |  | 52.09%
Average risk-free rate | 0.43% |  | 1.64% |  | 0.38% |  | 1.66%
Expected Life | 6.0 years |  | 6.0 years |  | 6.2 years |  | 6.2 years
Summary schedule of stock option activity | Option activity for the nine months ended December 31, 2020 was as follows:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Options outstanding, beginning of period | 646,728 |  |  | $ | 88.30 |  |  |  |  |
Granted during period | 26,402 |  |  | 95.59 |  |  |  |  |
Exercised during period | (33,776) |  |  | 66.79 |  |  |  |  |
Forfeited during period | (15,640) |  |  | 103.66 |  |  |  |  |
Expired during period | (300) |  |  | 76.51 |  |  |  |  |
Options outstanding, end of period | 623,414 |  |  | $ | 89.43 |  |  | 6.0 years |  | $ | 8,627,259 |
Options exercisable, end of period | 342,736 |  |  | $ | 79.29 |  |  | 4.2 years |  | $ | 7,992,605 |
Intrinsic value of options exercised | The total intrinsic value of options exercised during the periods ended December 31, 2020 and 2019 was as follows:
| December 31, 2020 |  | December 31, 2019
Three months ended | $ | 718,343 |  |  | $ | 728,193 |
Nine months ended | $ | 1,215,063 |  |  | $ | 5,078,750 |
Summary of the status and changes restricted stock | A summary of the status of the Company’s restricted stock as of December 31, 2020, and changes during the nine months ended December 31, 2020, are presented below:
| Shares |  | Weighted Average Fair Value at Grant Date
Outstanding at March 31, 2020 | 705,254 |  |  | $ | 101.47 |
Granted during the period | 39,675 |  |  | 96.14 |
Vested during the period | (83,250) |  |  | 101.17 |
Forfeited during the period | (60,000) |  |  | 100.79 |
Outstanding at December 31, 2020 | 601,679 |  |  | $ | 101.23 |
Share-based compensation included as a component of net income | Total stock-based compensation included as a component of net income during the three and nine month periods ended December 31, 2020 and 2019 was as follows:
| Three months ended December 31, |  | Nine months ended December 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Stock-based compensation related to equity classified awards: |  |  |  |  |  |  |
Stock-based compensation related to stock options | $ | 854,647 |  |  | $ | 1,168,033 |  |  | $ | 2,987,621 |  |  | $ | 4,394,143 |
Stock-based compensation related to restricted stock, net of adjustments and exclusive of cancellations | 4,043,813 |  |  | 5,162,777 |  |  | 11,521,082 |  |  | 18,539,144 |
Total stock-based compensation related to equity classified awards | $ | 4,898,460 |  |  | $ | 6,330,810 |  |  | $ | 14,508,703 |  |  | $ | 22,933,287 |
Restricted Stock |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Performance Shares Vesting Based on EPS Targets | The Performance Share performance targets are set forth below.
Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025 | Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35 | 40%
$20.45 | 60%

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