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Benefit Plans | 12 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Benefit Plans | Benefit Plans Retirement Plan The Company provides a defined contribution employee benefit plan (401(k) plan) covering full-time employees, whereby employees can invest up to the maximum designated for that year. The Company matches 50% of each employee's contributions up to the first 6% of the employee's eligible compensation, providing a maximum employer contribution of 3% of compensation. The Company's expense under this plan was $1.5 million, $1.6 million, and $1.5 million, for the years ended March 31, 2026, 2025, and 2024, respectively. Supplemental Executive Retirement Plan The Company has instituted two supplemental executive retirement plans, which are non-qualified executive benefit plans in which the Company agrees to pay certain executives additional benefits in the future, usually at retirement, in return for continued employment by the executives. The SERPs are unfunded plans, and, as such, there are no specific assets set aside by the Company in connection with the establishment of the plans. The executives have no rights under the agreements beyond those of a general creditor of the Company. For each of the years ended March 31, 2026, 2025, and 2024, contributions of $0.5 million were charged to expense related to the SERP. The unfunded liability, which is included as a component of accounts payable and accrued expenses in the Company's Consolidated Balance Sheets, was $5.1 million and $5.3 million as of March 31, 2026 and 2025, respectively. For the three years presented, the unfunded liability was estimated using the following assumptions: an annual salary increase of 3.5% for all 3 years; a discount rate of 6.0% for all 3 years; and a retirement age of 65. Executive Deferred Compensation Plan The Company has an Executive Deferral Plan. Eligible executives and directors may elect to defer all or a portion of their incentive compensation to be paid under the Executive Deferral Plan. As of March 31, 2026 and 2025, no executive or director had deferred any compensation under this plan. Stock Incentive Plans The Company maintains the 2008 Plan, the 2011 Plan, the 2017 Plan and the 2025 Plan for the benefit of certain directors, officers, and key employees. Under these plans, a total of 3,750,000 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Compensation Committee. At March 31, 2026, there were a total of 698,117 shares of common stock available for grant under the 2017 Plan and no shares of common stock remaining available for grant under the 2008 or 2011 plan. No awards have been granted under the 2025 Plan as of March 31, 2026. Stock options granted under these plans have a maximum term of 10 years. Service Options and Restricted Stock granted under these plans typically vest in three equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The performance vesting conditions associated with Performance Shares and Performance Options are further discussed below within this Note 14 to the Consolidated Financial Statements. Stock-based compensation is recognized as provided under FASB ASC Topic 718-10 and FASB ASC Topic 505-50. FASB ASC Topic 718-10 requires all share-based payments to employees, including grants of employee stock options, to be recognized as compensation expense over the requisite service period (generally the vesting period) in the consolidated financial statements based on their grant date fair values. Stock-based compensation related to restricted stock is based on the number of shares expected to vest and the fair market value of the common stock on the grant date. Stock-based compensation related to stock option awards is based on the number of shares expected to vest and the estimated fair value of the awards on the grant date using the Black-Scholes valuation model. Under the Black-Scholes valuation method, the assumptions used to determine the fair value are expected volatility, expected life, average risk-free rate, and dividend yield, if any. The expected stock price volatility is based on the historical volatility of the Company's common stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after the grant date. The risk-free rate reflects the interest rate at grant date on zero coupon U.S. governmental bonds having a remaining life similar to the expected option term. 2018 Long-term Incentive Program and Non-Employee Director Awards On October 15, 2018, the Compensation Committee and Board approved and adopted a long-term incentive program that seeks to motivate and reward certain employees and to align management’s interest with shareholders’ by focusing executives on the achievement of long-term results. Pursuant to this program, in fiscal 2019, the Compensation Committee approved certain grants of Service Options, Performance Options, Restricted Stock and Performance Shares under the 2011 Plan and the 2017 Plan to certain employee directors, vice presidents of operations, vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved certain grants of Service Options and Restricted Stock to certain non-employee directors of the Company. Under the long-term incentive program, up to 100% of the shares of restricted stock subject to the Performance Shares could have vested, if at all, based on the achievement of two trailing earnings per share performance targets established by the Compensation Committee that are based on earnings per share (measured at the end of each calendar quarter, commencing with the calendar quarter ending September 30, 2019) for the previous four calendar quarters. The Performance Shares were eligible to vest over the 2018 Performance Share Measurement Period subject to each respective employee’s continued employment at the Company through the last day of the 2018 Performance Share Measurement Period (or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement). The Performance Share performance targets were 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%
During the second quarter of fiscal 2025, it was determined that the $20.45 Performance Shares performance target was no longer probable of being achieved and that the $20.45 Performance Shares would likely be forfeited as of the last day of the performance period in accordance with their terms. As a result and in accordance with ASC 718, the Company reversed $18.5 million in previously recognized stock-based compensation related to the $20.45 Performance Shares during the second quarter of fiscal 2025. On March 31, 2025, 28% of the unvested $16.35 Performance Shares, or 34,415 shares, were forfeited, which resulted in a $3.5 million release of previously recognized stock-based compensation expense, resulting in EPS of $16.36 per diluted share on a rolling four-quarter basis. Following the forfeiture, the performance target associated with the remaining 72% of the $16.35 Performance Shares, or 88,497 shares, was achieved, and such shares vested on April 25, 2025 after certification of performance achievement by the Compensation Committee. The Performance Options could have fully vested if the Company attained a trailing $25.30 EPS target over four consecutive calendar quarters occurring between September 30, 2018 and March 31, 2025. During the second quarter of fiscal 2024, it was determined that achievement of this target was no longer probable. As a result and in accordance with ASC 718, the Company reversed $4.9 million in previously recognized stock-based compensation related to these Performance Options during the second quarter of fiscal 2024. The EPS target was not met and, accordingly, no Performance Options vested and all such Performance Options were forfeited by their terms as of March 31, 2025. 2024 and 2025 Long-term Incentive Program and Non-Employee Director Awards On December 18, 2024, the Compensation Committee and Board approved certain grants of Service Options, Performance Options, Restricted Stock and Performance Shares under the 2017 Plan to certain employee directors, vice presidents of operations, vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved certain grants of Restricted Stock to certain non-employee directors of the Company. Up to 100% of the shares of restricted stock subject to the 2024 Performance Shares could have vested, if at all, based on the achievement of certain performance goals established by the Compensation Committee related to company operational performance metrics during the 2024 Performance Share Measurement Period, for which achievement must be certified by the Compensation Committee. The 2024 Performance Shares were eligible to vest over the 2024 Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the 2024 Performance Share Measurement Period or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. On December 31, 2025, 1,031 of the 7,500 2024 Performance Share awards were forfeited as a result of certain company operational performance metrics not being achieved during the 2024 Performance Share Measurement Period. The remaining 6,469 performance shares vested on January 21, 2026 after certification of performance achievement by the Compensation Committee. Up to 100% of the 2024 Performance Options were eligible to vest based on the achievement of certain performance goals established by the Compensation Committee related to company operational performance metrics during the 2024 Performance Option Measurement Period, for which achievement must be certified by the Compensation Committee. Following certification of achievement, the 2024 Performance Options mainly vest in three equal annual installments, beginning on January 30, 2026, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. On December 31, 2025, 6,132 of 23,500 2024 Performance Options were forfeited as a result of certain company operational performance metrics not being achieved during the 2024 Performance Share Measurement Period. The achievement of the remaining 17,368 performance options was certified by the Compensation Committee on January 21, 2026, and began vesting on January 30, 2026 as described above. On June 10, 2025, the Compensation Committee and Board of Directors approved grants of Restricted Stock and Performance Shares under the 2017 Plan to certain vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved grants of Restricted Stock to non-employee directors of the Company. Up to 100% of the shares of restricted stock subject to the 2025 Performance Share awards will vest, if at all, based on the achievement of a trailing EPS performance target established by the Compensation Committee that is based on EPS for the previous four calendar quarters. The 2025 Performance Shares are eligible to vest over the 2025 Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the 2025 Performance Share Measurement Period (or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement). The 2025 Performance Shares performance target is set forth below.
Trailing 4-Quarter EPS Targets for July 1, 2025 through March 31, 2027 | Restricted Stock Eligible for Vesting (Percentage of Award)
$18.40 | 100%
Stock Options The weighted-average fair value at the grant date for options issued during the years ended March 31, 2026, 2025, and 2024 was $86.69, $58.73, and $69.00 per share, respectively. This fair value was estimated at grant date using the weighted-average assumptions listed below.
| 2026 |  | 2025 |  | 2024
Dividend yield | — | % |  | — | % |  | — | %
Expected volatility | 55.37 | % |  | 59.50 | % |  | 62.55 | %
Average risk-free interest rate | 3.60 | % |  | 4.38 | % |  | 4.69 | %
Expected life | 4.4 years |  | 4.5 years |  | 4.6 years
Option activity for the year ended March 31, 2026 was as follows:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Options outstanding, beginning of year | 169,154 |  |  | $ | 111.55 |  |  |  |  |
Granted | 416 |  |  | 179.28 |  |  |  |  |
Exercised | (26,609) |  |  | 102.89 |  |  |  |  |
Forfeited | (7,218) |  |  | 111.78 |  |  |  |  |
Expired | (934) |  |  | 189.45 |  |  |  |  |
Options outstanding, end of period | 134,809 | 4 |  | $ | 112.92 |  |  | 4.68 |  | $ | 3,637,710 |
Options exercisable, end of period | 112,772 |  |  | $ | 112.63 |  |  | 3.90 |  | $ | 3,155,485 |
The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on March 31, 2026 and the exercise price, multiplied by the number of in-the-money options that are currently exercisable) that would have been received by option holders had all option holders exercised their options as of March 31, 2026. This amount will change as the stock's market price changes. The total intrinsic value and tax benefit of options exercised during the years ended March 31, 2026, 2025, and 2024 were as follows:
| 2026 |  | 2025 |  | 2024
Intrinsic value of options exercised | $1,551,760 |  | $961,758 |  | $1,556,871
Tax benefit of options exercised | $380,181 |  | $235,631 |  | $381,433
The total fair value of stock options vested during the years ended March 31, 2026, 2025, and 2024 were $733,598, $2,193,533 and $2,466,706, respectively. As of March 31, 2026, total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $0.6 million, which is expected to be recognized over a weighted-average period of approximately 1.6 years. Restricted Stock and Performance Shares During fiscal 2026, the Company granted 183,500 shares of restricted stock (which are equity classified), to certain vice presidents, senior vice presidents, executive officers, and non-employee directors with a grant date weighted average fair value of $156.72 per share. During fiscal 2025, the Company granted 71,186 shares of restricted stock (which are equity classified) to certain vice presidents, senior vice presidents, executive officers, and non-employee directors with a grant date weighted average fair value of $111.64 per share. During fiscal 2024, the Company granted 3,993 shares of restricted stock (which are equity classified) to certain vice presidents and senior vice presidents with a grant date weighted average fair value of $120.12 per share. The total fair value of restricted stock vested during the years ended March 31, 2026, 2025, and 2024 were $23,271,732, $7,293,854, and $7,796,666, respectively. As of March 31, 2026, there was approximately $15.6 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over the next 1.5 years based on current estimates. 4 Of the 134,809 options outstanding, 9,450 are not yet exercisable based solely on fulfilling a service condition and another 12,587 are not yet exercisable based solely on fulfilling a performance condition A summary of the status of the Company’s restricted stock as of March 31, 2026 and changes during the year ended March 31, 2026, are presented below:
| Shares |  | Weighted Average Fair Value at Grant Date
Outstanding at March 31, 2025 | 159,683 |  |  | $ | 105.52 |
Granted during the period | 183,500 |  |  | 156.72 |
Vested during the period | (166,652) |  |  | 107.99 |
Forfeited during the period | (4,031) |  |  | 145.99 |
Outstanding at March 31, 2026 | 172,500 |  |  | $ | 156.65 |
Total Stock-Based Compensation Total stock-based compensation included as a component of personnel expenses in the Company's Consolidated Statements of Operations during the years ended March 31, 2026, 2025, and 2024 was as follows:
| 2026 |  | 2025 |  | 2024
Stock-based compensation related to equity classified units: |  |  |  |  |
Stock-based compensation (reversal) related to stock options | $ | 1,017,145 |  |  | $ | 607,275 |  |  | $ | (3,754,209) |
Stock-based compensation (reversal) related to restricted stock | 18,325,357 |  |  | (20,296,243) |  |  | 2,071,122 |
Total stock-based compensation related to equity classified awards | $ | 19,342,502 |  |  | $ | (19,688,968) |  |  | $ | (1,683,087) |

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