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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Jun. 30, 2022
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 June 30,
|  |  |  |  | 2022 |  | 2021
Dividend Yield |  |  |  |  | —% |  | —%
Expected Volatility |  |  |  |  | 55.96% |  | 57.05%
Average risk-free rate |  |  |  |  | 2.94% |  | 1.01%
Expected Life |  |  |  |  | 5.9 years |  | 6.0 years
Summary Schedule of Stock Option Activity | Option activity for the three months ended June 30, 2022 was as follows:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Options outstanding, beginning of period | 348,566 |  |  | $ | 104.33 |  |  |  |  |
Granted during period | 643 |  |  | 148.64 |  |  |  |  |
Exercised during period | (4,300) |  |  | 93.85 |  |  |  |  |
Forfeited during period | (5,197) |  |  | 155.72 |  |  |  |  |
Expired during period | (272) |  |  | 161.83 |  |  |  |  |
Options outstanding, end of period | 339,440 | 2 |  | $ | 103.71 |  |  | 6.2 years |  | $ | 4,789,686 |
Options exercisable, end of period | 96,457 |  |  | $ | 89.38 |  |  | 4.6 years |  | $ | 2,365,777 |
Intrinsic Value of Options Exercised | The total intrinsic value of options exercised during the periods ended June 30, 2022 and 2021 was as follows:
| June 30, 2022 |  | June 30, 2021
Three months ended | $ | 430,466 |  |  | $ | 2,021,676 |
Summary of the Status and Changes Restricted Stock | A summary of the status of the Company’s restricted stock as of June 30, 2022, and changes during the three months ended June 30, 2022, are presented below:
| Shares |  | Weighted Average Fair Value at Grant Date
Outstanding at March 31, 2022 | 552,502 |  |  | $ | 102.51 |
Granted during the period | 1,750 |  |  | 148.64 |
Vested during the period | — |  |  | — |
Forfeited during the period | — |  |  | — |
Outstanding at June 30, 2022 | 554,252 |  |  | $ | 102.66 |
Share-Based Compensation Included as a Component of Net Income | Total stock-based compensation included as a component of net income during the three month periods ended June 30, 2022 and 2021 was as follows:
|  |  | Three months ended June 30,
|  |  |  |  | 2022 |  | 2021
Stock-based compensation related to equity classified awards: |  |  |  |  |  |  |
Stock-based compensation related to stock options |  |  |  |  | $ | 768,055 |  |  | $ | 943,627 |
Stock-based compensation related to restricted stock, net of adjustments and exclusive of cancellations |  |  |  |  | 3,048,003 |  |  | 3,240,463 |
Total stock-based compensation related to equity classified awards |  |  |  |  | $ | 3,816,058 |  |  | $ | 4,184,090 |
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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