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Earnings Per Share and Stock Plans (Tables) | 12 Months Ended
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Mar. 31, 2022
Earnings Per Share [Abstract] |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share (share data presented in thousands):
|  | Year Ended March 31,
Numerator for basic and diluted earnings per share: |  | 2022 |  | 2021 |  | 2020
Net income |  | $ | 29,660 |  |  | $ | 9,106 |  |  | $ | 59,672 |
Denominators: |  |  |  |  |  |
Weighted-average common stock outstanding— denominator for basic EPS |  | 28,040 |  |  | 23,897 |  |  | 23,619 |
Effect of dilutive employee stock options, RSU's and performance shares |  | 361 |  |  | 276 |  |  | 236 |
Adjusted weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS |  | 28,401 |  |  | 24,173 |  |  | 23,855 |
Schedule of Stock Options Roll Forward | A summary of option transactions during each of the three fiscal years in the period ended March 31, 2022 is as follows:
|  | Shares |  | Weighted- average Exercise Price per share |  | Weighted- average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value
Outstanding at April 1, 2019 |  | 834,777 |  |  | 23.52 |  |  | 7.04 |  | $ | 9,602 |
Granted |  | 171,515 |  |  | 35.16 |  |  |  |  |
Exercised |  | (296,027) |  |  | 20.26 |  |  |  |  |
Cancelled |  | (183,471) |  |  | 31.01 |  |  |  |  |
Outstanding at March 31, 2020 |  | 526,794 |  |  | 26.53 |  |  | 6.93 |  | $ | 1,518 |
Granted |  | 242,178 |  |  | 26.74 |  |  |  |  |
Exercised |  | (97,398) |  |  | 20.24 |  |  |  |  |
Cancelled |  | (13,760) |  |  | 31.85 |  |  |  |  |
Outstanding at March 31, 2021 |  | 657,814 |  |  | 27.45 |  |  | 7.29 |  | $ | 16,652 |
Granted |  | 159,643 |  |  | 54.06 |  |  |  |  |
Exercised |  | (105,132) |  |  | 25.24 |  |  |  |  |
Cancelled |  | (32,540) |  |  | 31.71 |  |  |  |  |
Outstanding at March 31, 2022 |  | 679,785 |  |  | 33.82 |  |  | 7.08 |  | $ | 15,294 |
Exercisable at March 31, 2022 |  | 322,218 |  |  | $ | 26.64 |  |  | 5.69 |  | $ | 10,190 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides certain information with respect to stock options outstanding at March 31, 2022:
|  | Stock Options Outstanding |  | Weighted-average Exercise Price |  | Weighted-average Remaining Contractual Life
Range of Exercise Prices |  |  |  |  |  |
$10.01 to 20.00 |  | 71,378 |  |  | $ | 15.23 |  |  | 3.98
$20.01 to 30.00 |  | 235,876 |  |  | $ | 25.17 |  |  | 6.69
$30.01 to $40.00 |  | 216,117 |  |  | $ | 34.79 |  |  | 7.09
$40.01 to $50.00 |  | 6,365 |  |  | $ | 49.36 |  |  | 9.13
$50.01 to $60.00 |  | 150,049 |  | $ | 54.26 |  |  | 9.04
|  | 679,785 |  |  | $ | 33.82 |  |  | 7.08
The following table provides certain information with respect to stock options exercisable at March 31, 2022:
Range of Exercise Prices |  | Stock Options Exercisable |  | Weighted- average Exercise Price per share
$10.01 to 20.00 |  | 71,378 |  |  | $ | 15.23 |
$20.01 to 30.00 |  | 138,200 |  |  | 24.93 |
$30.01 to $40.00 |  | 111,122 |  |  | 35.73 |
$40.01 to $50.00 |  | — |  |  | — |
$50.01 to $60.00 |  | 1,518 |  |  | 54.26 |
|  | 322,218 |  |  | $ | 26.64 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table provides the weighted-average assumptions used to value stock options granted during fiscal 2022, 2021, and 2020:
|  | Year Ended March 31, 2022 |  | Year Ended March 31, 2021 |  | Year Ended March 31, 2020
Assumptions: |  |  |  |  |  |
Risk-free interest rate |  | 0.35 | % |  | 0.23 | % |  | 2.23 | %
Dividend yield |  | 0.44 | % |  | 0.90 | % |  | 0.68 | %
Volatility factor |  | 0.372 |  | 0.380 |  | 0.372
Expected life |  | 5.5 years |  | 5.5 years |  | 5.5 years
Schedule of Unvested Restricted Stock Units Roll Forward | A summary of the restricted stock unit awards granted under the Company’s LTIP plan as of March 31, 2022 is as follows:
|  | Shares |  | Weighted-average Grant Date Fair Value per share
Unvested at April 1, 2019 |  | 230,197 |  |  | $ | 30.22 |
Granted |  | 151,351 |  |  | 38.40 |
Vested |  | (106,792) |  |  | 31.90 |
Forfeited |  | (62,035) |  |  | 31.61 |
Unvested at March 31, 2020 |  | 212,721 |  |  | $ | 35.20 |
Granted |  | 195,181 |  |  | 29.16 |
Vested |  | (125,150) |  |  | 31.85 |
Forfeited |  | (12,963) |  |  | 34.74 |
Unvested at March 31, 2021 |  | 269,789 |  |  | $ | 32.41 |
Granted |  | 133,082 |  |  | 49.98 |
Vested |  | (138,407) |  |  | 35.71 |
Forfeited |  | (19,728) |  |  | 35.41 |
Unvested at March 31, 2022 |  | 244,736 |  |  | $ | 39.86 |
Schedule of Nonvested Performance-based Units Activity | A summary of the performance shares transactions during each of the three fiscal years in the period ended March 31, 2022 is as follows:
|  | Shares |  | Weighted-average Grant Date Fair Value per share
Unvested at April 1, 2019 |  | 153,386 |  |  | $ | 23.11 |
Granted |  | 38,585 |  |  | 37.67 |
Forfeited |  | (125,251) |  |  | 22.67 |
Unvested at March 31, 2020 |  | 66,720 |  |  | $ | 32.36 |
Granted |  | 83,164 |  |  | 25.97 |
Vested |  | (23,201) |  |  | 25.28 |
Forfeited |  | (3,451) |  |  | 25.28 |
Unvested at March 31, 2021 |  | 123,232 |  |  | $ | 29.58 |
Granted |  | 41,322 |  |  | 52.01 |
Vested |  | (18,296) |  |  | 36.43 |
Forfeited |  | (8,226) |  |  | 30.25 |
Unvested at March 31, 2022 |  | 138,032 |  |  | $ | 35.35 |

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