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Earnings Per Share and Stock Plans (Tables)
12 Months Ended
Mar. 31, 2023
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:202320222021
Net income$48,429 $29,660 $9,106 
Denominators:   
Weighted-average common stock outstanding— denominator for basic EPS28,600 28,040 23,897 
Effect of dilutive employee stock options, RSU's and performance shares218 361 276 
Adjusted weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS28,818 28,401 24,173 
Schedule of Stock Options Roll Forward
A summary of option transactions during each of the three fiscal years in the period ended March 31, 2023 is as follows:
 SharesWeighted-
average
Exercise Price per share
Weighted-
average
Remaining
Contractual
Life (in years)
Aggregate
Intrinsic
Value
Outstanding at April 1, 2020
526,794 26.53 6.93$1,518 
Granted242,178 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 
Granted159,643 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 
Granted394,586 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 
Exercisable at March 31, 2023
446,720 $31.21 5.41$3,717 
Schedule of Share-based Compensation, Stock Options, Activity The following table provides certain information with respect to stock options outstanding at March 31, 2023:
 Stock Options
Outstanding
Weighted-average
Exercise Price
Weighted-average
Remaining
Contractual Life
Range of Exercise Prices   
$10.01 to 20.0061,285 $15.26 3.07
$20.01 to 30.00200,340 $25.17 5.61
$30.01 to $40.00490,041 $33.77 7.78
$40.01 to $50.0082,181 $42.77 8.94
$50.01 to $60.00141,324$54.26 7.76
 975,171 $34.54 7.13
The following table provides certain information with respect to stock options exercisable at March 31, 2023:
Range of Exercise PricesStock Options
Exercisable
Weighted- average
Exercise Price per share
$10.01 to 20.0061,285 $15.26 
$20.01 to 30.00161,345 25.08 
$30.01 to $40.00166,837 35.14 
$40.01 to $50.002,122 49.36 
$50.01 to $60.0055,131 54.26 
 446,720 $31.21 
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 2023, 2022, and 2021:
 
Year Ended
March 31,
2023
Year Ended
March 31,
2022
Year Ended
March 31,
2021
Assumptions:   
Risk-free interest rate2.53 %0.35 %0.23 %
Dividend yield0.81 %0.44 %0.90 %
Volatility factor0.3300.3720.380
Expected life5.5 years5.5 years5.5 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, 2023 is as follows:
 SharesWeighted-average
Grant Date
Fair Value per share
Unvested at April 1, 2020
212,721 $35.20 
Granted195,181 29.16 
Vested(125,150)31.85 
Forfeited(12,963)34.74 
Unvested at March 31, 2021
269,789 $32.41 
Granted133,082 49.98 
Vested(138,407)35.71 
Forfeited(19,728)35.41 
Unvested at March 31, 2022
244,736 $39.86 
Granted161,582 31.61 
Vested(132,953)35.44 
Forfeited(26,140)38.15 
Unvested at March 31, 2023
247,225 $37.02 
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, 2023 is as follows:
SharesWeighted-average
Grant Date
Fair Value per share
Unvested at April 1, 2020
66,720 $32.36 
Granted83,164 25.97 
Vested(23,201)25.28 
Forfeited(3,451)25.28 
Unvested at March 31, 2021
123,232 $29.58 
Granted41,322 52.01 
Vested(18,296)36.43 
Forfeited(8,226)30.25 
Unvested at March 31, 2022
138,032 $35.35 
Granted67,606 33.03 
Forfeited(26,633)35.26 
Unvested at March 31, 2023
179,005 $34.49