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Earnings per Share and Stock Plans (Tables) | 12 Months Ended
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Mar. 31, 2024
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: |  | 2024 |  | 2023 |  | 2022
Net income |  | $ | 46,625 |  |  | $ | 48,429 |  |  | $ | 29,660 |
Denominators: |  |  |  |  |  |
Weighted-average common stock outstanding— denominator for basic EPS |  | 28,728 |  |  | 28,600 |  |  | 28,040 |
Effect of dilutive employee stock options, RSU's and performance shares |  | 298 |  |  | 218 |  |  | 361 |
Adjusted weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS |  | 29,026 |  |  | 28,818 |  |  | 28,401 |
Schedule of Stock Options Roll Forward | A summary of option transactions during each of the three fiscal years in the period ended March 31, 2024 is as follows:
|  | Shares |  | Weighted- average Exercise Price per share |  | Weighted- average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value
Outstanding at April 1, 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 |
Granted |  | 394,586 |  |  | 34.91 |  |  |  |  |
Exercised |  | (32,158) |  |  | 22.15 |  |  |  |  |
Cancelled |  | (67,042) |  |  | 35.32 |  |  |  |  |
Outstanding at March 31, 2023 |  | 975,171 |  |  | $ | 34.54 |  |  | 7.13 |  | $ | 5,497 |
Granted |  | 298,674 |  |  | 36.19 |  |  |  |  |
Exercised |  | (62,060) |  |  | 25.73 |  |  |  |  |
Cancelled |  | (17,945) |  |  | 37.49 |  |  |  |  |
Outstanding at March 31, 2024 |  | 1,193,840 |  |  | 35.37 |  |  | 6.93 |  | $ | 12,392 |
Exercisable at March 31, 2024 |  | 600,072 |  |  | $ | 33.47 |  |  | 5.43 |  | $ | 6,888 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides certain information with respect to stock options outstanding at March 31, 2024:
|  | Stock Options Outstanding |  | Weighted-average Exercise Price |  | Weighted-average Remaining Contractual Life
Range of Exercise Prices |  |  |  |  |  |
$10.01 to 20.00 |  | 51,957 |  |  | $ | 15.16 |  |  | 2.15
$20.01 to 30.00 |  | 219,998 |  |  | $ | 26.60 |  |  | 5.19
$30.01 to $40.00 |  | 700,333 |  |  | $ | 35.05 |  |  | 7.75
$40.01 to $50.00 |  | 82,181 |  |  | $ | 42.77 |  |  | 7.94
$50.01 to $60.00 |  | 139,371 |  | $ | 54.26 |  |  | 6.72
|  | 1,193,840 |  |  | $ | 35.37 |  |  | 6.93
The following table provides certain information with respect to stock options exercisable at March 31, 2024:
Range of Exercise Prices |  | Stock Options Exercisable |  | Weighted- average Exercise Price per share
$10.01 to 20.00 |  | 51,957 |  |  | $ | 15.16 |
$20.01 to 30.00 |  | 219,998 |  |  | 26.60 |
$30.01 to $40.00 |  | 227,117 |  |  | 35.16 |
$40.01 to $50.00 |  | 4,244 |  |  | 49.36 |
$50.01 to $60.00 |  | 96,756 |  |  | 54.26 |
|  | 600,072 |  |  | $ | 33.47 |
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 2024, 2023, and 2022:
|  | Year Ended March 31, 2024 |  | Year Ended March 31, 2023 |  | Year Ended March 31, 2022
Assumptions: |  |  |  |  |  |
Risk-free interest rate |  | 4.28 | % |  | 2.53 | % |  | 0.35 | %
Dividend yield |  | 0.77 | % |  | 0.81 | % |  | 0.44 | %
Volatility factor |  | 0.336 |  | 0.330 |  | 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, 2024 is as follows:
|  | Shares |  | Weighted-average Grant Date Fair Value per share
Unvested at April 1, 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 |
Granted |  | 161,582 |  |  | 31.61 |
Vested |  | (132,953) |  |  | 35.44 |
Forfeited |  | (26,140) |  |  | 38.15 |
Unvested at March 31, 2023 |  | 247,225 |  |  | $ | 37.02 |
Granted |  | 159,816 |  |  | 37.57 |
Vested |  | (145,862) |  |  | 39.21 |
Forfeited |  | (10,267) |  |  | 41.61 |
Unvested at March 31, 2024 |  | 250,912 |  |  | $ | 35.91 |
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, 2024 is as follows:
|  | Shares |  | Weighted-average Grant Date Fair Value per share
Unvested at April 1, 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 |
Granted |  | 67,606 |  |  | 33.03 |
Forfeited |  | (26,633) |  |  | 35.26 |
Unvested at March 31, 2023 |  | 179,005 |  |  | $ | 34.49 |
Granted |  | 73,453 |  |  | 36.58 |
Vested |  | (39,720) |  |  | 35.95 |
Forfeited |  | (33,838) |  |  | 28.66 |
Unvested at March 31, 2024 |  | 178,900 |  |  | $ | 36.13 |

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