Stock-Based Compensation

3 Months Ended

Jun. 30, 2014

Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]

Stock-Based Compensation [Text Block]

STOCK-BASED COMPENSATION

The Company recognizes stock-based compensation expense for its Equity Incentive Plan and Employee Stock Purchase Plan. The following table summarizes stock-based compensation expense recognized by the Company for the three months ended June 30, 2014 and 2013.

	Three Months Ended
	June 30,
(In thousands)	2014			2013
Stock-based compensation expense related to:
Equity Incentive Plan	$	13,772		$	12,681
Employee Stock Purchase Plan - options to purchase stock	1,058			1,047
	14,830			13,728
Tax benefit	(5,509		)	(5,294		)
Stock-based compensation expense, net of tax	$	9,321		$	8,434

Fair Value

The Company utilizes the Black-Scholes option pricing model to determine the fair value of stock options. The weighted-average grant date fair value of stock options granted during the three months endedJune 30, 2014 and 2013 was $28.96 and $32.32, respectively.

Summary of Stock Option Activity

The following table summarizes the stock option activity during the three months endedJune 30, 2014:

(In thousands, except per share amounts)	Number of Stock Options		Weighted-Average Exercise Price
Outstanding at March 31, 2014	5,104		$	69.91
Granted	921		$	104.64
Exercised	(275	)	$	48.33
Forfeited	(18	)	$	91.06
Outstanding at June 30, 2014	5,732		$	76.46
Vested or expected to vest at June 30, 2014	5,700		$	76.32
Exercisable at June 30, 2014	3,505		$	62.84

A total of 3.2 million shares of common stock were available for grant under the Second Amended and Restated 2006 Equity Incentive Plan as of June 30, 2014.

As of June 30, 2014, $61.6 million of unrecognized non-cash compensation expense related to non-vested stock options is expected to be recognized over a weighted-average vesting period of 2 years.

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (the “ESPP”) encourages and assists employees in acquiring an equity interest in the Company. As of June 30, 2014, the ESPP had 1.3 million shares of Company common stock available for issuance.

Compensation expense is measured based on the fair value of the employees’ option to purchase shares of common stock at the grant date and is recognized over the future periods in which the related employee service is rendered. The fair value per share of employee options to purchase shares under the ESPP was $21.42 and $19.27 for the three months endedJune 30, 2014 and 2013, respectively. The fair value of the employees’ option to purchase shares of common stock was estimated using the Black-Scholes model.

ESPP - Purchase Option Activity

The following table summarizes the activity of the ESPP during the three months endedJune 30, 2014:

(In thousands, except per share amounts)	Number of Purchase Options		Weighted-Average Exercise Price
Outstanding at March 31, 2014	55		$	80.77
Granted	198		$	91.38
Exercised	(55	)	$	80.77
Outstanding at June 30, 2014	198		$	91.38