XML 47 R30.htm IDEA: XBRL DOCUMENT v3.23.1
Stock Acquisition Rights, Stock Options and Warrants (Tables)
12 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock and Restricted Stock Units Activity
A summary of non-vested restricted stock activity for the year ended March 31, 2023 is as follows:
Restricted
Stock
Weighted
Average
Grant Day
Fair Value
Non-vested restricted stock outstanding at March 31, 2022544,287 $47.39 
Granted255,912 47.85 
Vested(214,029)46.22 
Forfeited(17,508)50.92 
Non-vested restricted stock outstanding at March 31, 2023568,662 $47.93 
Schedule of Restricted Stock Activity
The following table reflects activity related to our restricted stock for the years ended March 31, 2023, 2022 and 2021:
202320222021
Weighted-average grant-date fair value per unit granted$47.85 $50.64 $46.07 
Fair value of restricted stock units vested (in thousands) $12,245 $12,240 $8,165 
Summary of Performance Stock Activity
A summary of the performance-based restricted stock unit activity for the year ended March 31, 2023 is as follows:
Performance StockWeighted
Average
Grant Day
Fair Value
Performance stock outstanding at March 31, 202275,049 $58.65 
Granted— — 
Vested— — 
Forfeited/cancelled— — 
Performance stock outstanding at March 31, 202375,049 $58.65 
Schedule of Performance Shares Activity
The following table reflects activity related to our performance-based restricted stock units for the years ended March 31, 2023, 2022 and 2021:
202320222021
Weighted-average grant-date fair value per unit granted$— $— $58.65 
Fair value of Performance stock units vested (in thousands) $— $— $3,941 
Schedule of Assumptions used to Calculate Fair Value of Performance-Based Restricted Units
The following assumptions were used to calculate the grant date fair value of performance-based restricted units with market price condition using the Monte Carlo simulation model:
February 1, 2021
Risk-free interest rate0.29%
Dividend yield—%
Volatility56.09%
Simulation term4 years
Forfeiture rate—%
Summary of Stock Option Activity
A summary of Stock Option activity for the year ended March 31, 2023 is as follows:
OptionsWeighted Average Exercise Price Weighted Average Contractual TermAggregate Intrinsic Value
Options outstanding at March 31, 20221,006,241 $32.98 
Options granted476,208 49.39 
Options exercised(79,500)22.86 
Options forfeited/expired— — 
Options outstanding at March 31, 20231,402,949 $39.12 6.17$5,128,070 
Exercisable at March 31, 2023746,371 $29.25 3.66$5,128,070 
Total vested or expected to vest at March 31, 20231,400,235 $39.11 6.17$5,128,070 
Schedule of Additional Information Regarding Stock Options Outstanding
Additional information regarding stock options outstanding at March 31, 2023 is as follows:


Exercise
Prices
Number OutstandingWeighted Average Remaining
Life in Years
Weighted Average
Exercise Price
Options ExercisableWeighted Average Exercise-Price
of Shares Exercisable
$20.00 $20.00 164,000 1.19$20.00 164,000 $20.00 
20.01 46.23 515,085 4.0727.79 483,835 27.36 
46.24 72.85 723,864 8.8051.52 98,536 53.92 
1,402,949 6.17$39.12 746,371 $29.25 
Schedule of Assumptions used to Calculate Fair Value of Options
The following assumptions were used to calculate the fair value of stock options:
Year EndedYear EndedYear Ended
March 31, 2023March 31, 2022March 31, 2021
Risk-free interest rate
2.95% to 3.62%
0.92% to 0.96%
0.43% to 0.51%
Dividend yield—%—%—%
Volatility
50.80% to 51.60%
53.18% to 53.45%
53.41% to 52.43%
Expected term
 5.43 years
5.92 and 6.02 years
6.07 years
Forfeiture rate
—% to 3%
—%
—% to 2%
Weighted-average grant-date fair value per option granted$49.39 $58.56 $42.04 
Summary of Performance Stock Options
A summary of the Performance-Based Stock Options for the year ended March 31, 2023 is as follows:
Performance OptionsWeighted Average Exercise Price
Performance Options outstanding at March 31, 202233,782 $46.85 
Performance Options granted— — 
Performance Options exercised— — 
Performance Options forfeited/expired— — 
Performance Options outstanding at March 31, 202333,782 $46.85 
Share Repurchase Activity
The following table presents the share repurchase activity for Fiscal 2023, Fiscal 2022 and Fiscal 2021 (in thousands, except per share data):

For the years ended March 31,
202320222021
Number of shares repurchased and retired216 252 — 
Average price paid per share*$47.05 $57.50 $— 
Total cost to repurchase$8,223 $14,962 $— 
* Average price paid per share includes costs associated with the repurchases.