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Stock-Based Compensation
 3 Months Ended
Jun. 30, 2015
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 Second Amended and Restated 2006 Equity Incentive Plan (“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, 2015 and 2014:
 
Three Months Ended
 
June 30,
(In thousands)
2015
 
2014
Stock-based compensation expense related to:
 
 
 
Equity Incentive Plan (a)
$
12,495

 
$
13,772

Employee Stock Purchase Plan - options to purchase stock
1,155

 
1,058

 
13,650

 
14,830

Tax benefit
(4,964
)
 
(5,509
)
Stock-based compensation expense, net of tax
$
8,686

 
$
9,321


___________________
(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 three months ended June 30, 2015 and 2014 was $19.91 and $28.96, respectively.
Summary of Stock Option Activity
The following table summarizes the stock option activity during the three months ended June 30, 2015:
(In thousands, except per share amounts)
Number of Stock Options
 
Weighted-Average
Exercise Price
Outstanding at March 31, 2015
4,974

 
$
79.76

Granted
963

 
$
103.62

Exercised
(178
)
 
$
45.74

Forfeited
(26
)
 
$
98.22

Outstanding at June 30, 2015
5,733

 
$
84.73

Vested or expected to vest at June 30, 2015
5,701

 
$
84.62

Exercisable at June 30, 2015
3,492

 
$
73.15


A total of 2.3 million shares of common stock were available for grant under the Equity Incentive Plan as of June 30, 2015.
As of June 30, 2015, $54.1 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 1.9 years.
Employee Stock Purchase Plan
The ESPP encourages and assists employees in acquiring an equity interest in the Company. As of June 30, 2015, the ESPP had 1.1 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 $21.19 and $20.44 for the three months ended June 30, 2015 and 2014, 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 ended June 30, 2015:
(In thousands, except per share amounts)
Number of Purchase Options
 
Weighted-Average
Exercise Price
Outstanding at March 31, 2015
54

 
$
86.47

Granted
218

 
$
89.33

Exercised
(54
)
 
$
89.33

Outstanding at June 30, 2015
218

 
$
88.62