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Stock-Based Compensation
 9 Months Ended
Dec. 31, 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 and nine months ended December 31, 2014 and 2013:
 
Three Months Ended
 
Nine Months Ended
 
December 31,
 
December 31,
(In thousands)
2014
 
2013
 
2014
 
2013
Stock-based compensation expense related to:
 
 
 
 
 
 
 
Equity Incentive Plan (a)
$
3,718

 
$
3,581

 
$
22,452

 
$
21,441

Employee Stock Purchase Plan - options to purchase stock
1,067

 
995

 
3,166

 
3,101

 
4,785

 
4,576

 
25,618

 
24,542

Tax benefit
(1,588
)
 
(1,503
)
 
(9,138
)
 
(8,931
)
Stock-based compensation expense, net of tax
$
3,197

 
$
3,073

 
$
16,480

 
$
15,611


___________________
(a)
Stock-based compensation expense related to stock options granted under the Company’s Equity Incentive Plan is highest during the Company’s fiscal first quarter ended June 30th relative to other quarters during the year. This is primarily due to a retirement-eligible vesting provision under the plan and the timing of the majority of the Company’s stock option awards each year during its fiscal first quarter.
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 nine months ended December 31, 2014 and 2013 was $28.72 and $32.40, respectively.
Summary of Stock Option Activity
The following table summarizes the stock option activity during the nine months ended December 31, 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
978

 
$
104.80

Exercised
(746
)
 
$
55.73

Forfeited
(52
)
 
$
97.60

Outstanding at December 31, 2014
5,284

 
$
78.09

Vested or expected to vest at December 31, 2014
5,265

 
$
78.00

Exercisable at December 31, 2014
3,106

 
$
64.05


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 December 31, 2014.
As of December 31, 2014, $48.4 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 1.7 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 December 31, 2014, the ESPP had 1.2 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 $21.43 and $19.27 for the nine months ended December 31, 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 nine months ended December 31, 2014:
(In thousands, except per share amounts)
Number of Purchase Options
 
Weighted-Average
Exercise Price
Outstanding at March 31, 2014
55

 
$
80.77

Granted
196

 
$
91.38

Exercised
(150
)
 
$
88.51

Outstanding at December 31, 2014
101

 
$
89.85