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Stock Based Compensation Plans

12 Months Ended

Mar. 31, 2020

(16) Stock-Based Compensation Plans

The Company’s Amended and Restated 2000 Stock Option Plan (the “2000 Plan”) was adopted in the fiscal year ended March 31, 2001. Under the 2000 Plan, shares were reserved for issuance to the Company’s employees, directors, and consultants. In May 2007, the Company’s board of directors determined that no further grants would be made under the 2000 Plan. As of March 31, 2020, there were no shares reserved for issuance under this plan.

The Company’s board of directors and its stockholders approved the Company’s 2007 Stock Option and Incentive Plan (the “2007 Plan”), in May 2007, and the stockholders of the Company again approved the 2007 Plan in September 2008. The 2007 Plan permits the Company to make grants of incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, unrestricted stock awards, and dividend equivalent rights. The Company reserved 830,670 shares of its common stock for the issuance of awards under the 2007 Plan. The 2007 Plan provides that the number of shares reserved and available for issuance under the plan will be automatically increased each April 1, beginning in 2008, by 2.9% of the outstanding number of shares of common stock on the immediately preceding March 31 or such lower number of shares of common stock as determined by the board of directors. This number is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s

capitalization. Generally, shares that are forfeited, cancelled or withheld to settle tax liabilities from awards under the 2007 Plan also will be available for future awards. In addition, available shares under the 2000 Plan and the Stock Appreciation Rights Plan, as a result of the forfeiture, expiration, cancellation, termination or net issuances of awards, are automatically made available for issuance under the 2007 Plan. In May 2015, the Company’s board of directors determined that no further grants would be made under the 2007 Plan.

In May 2015, the Company adopted the 2015 Stock Option and Incentive Plan (“2015 Plan”) which was also approved the Company’s stockholders on September 1, 2015. The 2015 Plan replaces the 2007 Plan and permits the granting of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, unrestricted stock awards, performance share awards, performance-based awards to covered employees, cash-based awards and dividend equivalent rights. Stock options, restricted stock and restricted stock units generally vest over four years. Performance share awards and performance-based awards generally vest over three years. The Company reserved 3,000,000 shares of its common stock for the issuance of awards under the 2015 Plan as well as the number of shares of stock as is equal to the shares underlying any stock options and awards that are returned to the Company’s 2007 Plan after the 2015 Plan’s effective date as a result of the expiration, forfeiture, acquisition by the Company prior to vesting, cancellation or termination of such stock options and awards (other than by exercise) as set forth in the 2007 Plan. Additionally, shares that are forfeited or cancelled or otherwise terminated (other than by exercise) or held back by the Company or tendered by the grantee of any equity award to settle applicable taxes on any equity award under the 2015 Plan shall be added back to the shares of common stock available for future issuance under the 2015 Plan. At March 31, 2020, the number of shares reserved for issuance under the 2015 Plan was 945,643.

The following tables summarize stock option and restricted stock activity under the 2000 Plan, the 2007 Plan and the 2015 Plan, as the case may be, for the fiscal years ended March 31, 2020, 2019 and 2018:


	Stock Option Activity
	Number of			Weighted
	Options	Weighted		Average
	to Purchase	Average		Remaining	Aggregate
	Common	Exercise		Life	Intrinsic
	Shares	Price		(in years)	Value
Outstanding at March 31, 2017	569,661	$	13.31
Granted	—		—
Exercised	(322,317)		12.60
Forfeited or cancelled	—		—
Outstanding at March 31, 2018	247,344		14.24
Granted	—		—
Exercised	(101,618)		10.02
Forfeited or cancelled	—		—
Outstanding at March 31, 2019	145,726		17.18
Granted	—		—
Exercised	(31,830)		14.69
Forfeited or cancelled	—		—
Outstanding at March 31, 2020	113,896	$	17.87	2.01	$	1,261
Exercisable at March 31, 2020	113,896	$	17.87	2.01	$	1,261


	Restricted Stock Award Activity
	Number of
	Restricted	Weighted Average
	Stock Awards	Grant Date Fair Value
Unvested at March 31, 2017	217,560	$	35.55
Awarded	—		—
Vested	(126,843)		32.64
Forfeited	(15,090)		37.55
Unvested at March 31, 2018	75,627		40.04
Awarded	—		—
Vested	(57,822)		37.93
Forfeited	(3,786)		45.88
Unvested at March 31, 2019	14,019		47.17
Awarded	—		—
Vested	(14,019)		47.17
Forfeited	—		—
Unvested at March 31, 2020	—	$	—


	Restricted Stock Unit Activity
	Number of
	Restricted	Weighted Average
	Stock Units	Grant Date Fair Value
Unvested at March 31, 2017	1,979,616	$	27.29
Awarded	731,363		35.99
Vested	(436,225)		39.14
Forfeited	(752,765)		25.06
Unvested at March 31, 2018	1,521,989		29.18
Awarded	775,532		46.27
Vested	(612,854)		30.11
Forfeited	(291,547)		31.66
Unvested at March 31, 2019	1,393,120		37.76
Awarded	761,467		41.38
Vested	(704,207)		37.87
Forfeited	(100,216)		43.82
Unvested at March 31, 2020	1,350,164	$	39.30

Under the restricted stock unit plan, the Company granted both service condition awards and performance condition awards. Performance awards are contingent upon meeting various departmental or company-wide performance goals in addition to service conditions. Stock compensation is recognized over the vesting period based on the probability of achievement of the performance condition. As of March 31, 2020, 315,780 performance shares granted are not expected to vest and therefore no compensation expense has been recorded.

The aggregate intrinsic value of options exercised during the fiscal years ended March 31, 2020, 2019 and 2018 was $888, $4,215 and $7,816, respectively. There were no options granted during the fiscal year ended March 31, 2020, 2019 or 2018. During the fiscal years ended March 31, 2020, 2019 and 2018, the Company realized $1,024, $3,388 and $1,481 respectively, of income tax (expense) benefits from the exercise of stock options and vesting of restricted stock as a windfall (shortfall). The Company adopted ASU 2016-09 on April 1, 2017. All excess tax benefits and all tax deficiencies are recognized as income tax expense or benefit in the consolidated statement of income for the fiscal year ending March 31, 2020.

As of March 31, 2020, there was $18,629 of total unrecognized compensation cost related to unvested stock options, restricted stock awards, deferred stock awards and restricted stock units granted under the Company’s 2007 Stock Option and Incentive Plan and the Company’s 2015 Stock Option and Incentive Plan. The unrecognized compensation cost is expected to be recognized over a remaining weighted average period of 1.39 years.