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Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Nonvested Stock Units Activity
The Company granted annual awards under the 2015 SIP, as recorded in the consolidated statements of comprehensive income, as summarized below:
 
 
Years Ended March 31,
 
 
2020
 
2019
 
2018
 
 
Shares Granted
 
Weighted-average grant date fair value per share
 
Shares Granted
 
Weighted-average grant date fair value per share
 
Shares Granted
 
Weighted-average grant date fair value per share
Annual RSUs
 
47,577

 
$
171.50

 
62,743

 
$
116.85

 
133,464

 
$
67.70

Annual PSUs
 
19,938

 
174.36

 
31,320

 
116.34

 
54,090

 
68.44

Total
 
67,515

 
$
172.34

 
94,063

 
$
116.68

 
187,554

 
$
67.92



Annual award activity recorded in the consolidated statements of comprehensive income, were as follows:
 
Number of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Nonvested, March 31, 2017
226,244

 
$
63.96

Granted
187,554

 
67.92

Vested
(101,791
)
 
(67.63
)
Forfeited
(22,710
)
 
(64.59
)
Nonvested, March 31, 2018
289,297

 
65.18

Granted
94,063

 
116.68

Vested
(118,903
)
 
(64.39
)
Forfeited
(33,058
)
 
(77.60
)
Nonvested, March 31, 2019
231,399

 
84.75

Granted
67,515

 
172.34

Vested
(121,572
)
 
(76.81
)
Forfeited
(14,993
)
 
(113.49
)
Nonvested, March 31, 2020
162,349

 
$
124.47


LTIP award activity recorded in the consolidated statements of comprehensive income, were as follows:
 
Number of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Nonvested, March 31, 2017
269,012

 
$
50.22

Forfeited
(269,012
)
 
(50.22
)
Nonvested, March 31, 2018
—

 
—

Granted*
83,586

 
120.24

Forfeited
(6,488
)
 
(120.24
)
Nonvested, March 31, 2019
77,098

 
120.24

Granted*
76,348

 
146.96

Nonvested, March 31, 2020
153,446

 
$
133.53


*The amounts granted are the maximum amounts under the terms of the applicable LTIP PSUs.
Share-based Compensation, Stock Options, Activity
LTIP option activity recorded in the consolidated statements of comprehensive income, were as follows:
 
Number of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
 
Weighted-
Average
Remaining
Contractual
Term
(Years)
 
Aggregate
Intrinsic
Value
Nonvested, March 31, 2017
191,786

 
$
61.86

 
9.0
 
$
—

Granted
205,554

 
69.29

 
 
 
 
Nonvested, March 31, 2018
397,340

 
65.70

 
7.1
 
9,666

Forfeited
(35,957
)
 
(69.29
)
 
 
 
 
Nonvested, March 31, 2019
361,383

 
65.35

 
6.2
 
29,504

Exercised
(58,444
)
 
(61.86
)
 
 
 
 
Nonvested, March 31, 2020
302,939

 
$
66.02

 
5.0
 
$
20,594
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The Company measured stock-based compensation expense for the 2018 LTIP NQSOs at the date of grant using the Black-Scholes option pricing model, with the following weighted-average valuation assumptions:
 
 
2018 LTIP NQSOs
Expected life (in years)
 
4.90

Expected volatility
 
38.73
%
Risk free interest rate
 
1.78
%
Dividend yield
 
—
%
Weighted-average exercise price
 
$
69.29

Weighted-average option value
 
$
25.03
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan Components of stock-based compensation expense recorded in the consolidated statements of comprehensive income, were as follows:
 
Years Ended March 31,
 
2020
 
2019
 
2018
Annual RSUs
$
6,509

 
$
6,588

 
$
7,761

Annual PSUs
2,851

 
2,373

 
1,829

LTIP PSUs
2,203

 
885

 
—

 
Years Ended March 31,
 
2020
 
2019
 
2018
LTIP NQSOs
1,641

 
3,516

 
3,432

Grants to Directors
1,045

 
1,223

 
1,135

Employee Stock Purchase Plan*
228

 
189

 
149

Total stock-based compensation expense, pre-tax
14,477

 
14,774

 
14,306

Income tax benefit
(3,308
)
 
(3,546
)
 
(4,906
)
Total stock-based compensation expense, net of tax
$
11,169

 
$
11,228

 
$
9,400


*The 2015 Employee Stock Purchase Plan (ESPP) authorizes 1,000,000 shares of the Company’s common stock for sale to eligible employees using their after-tax payroll deductions, which are refundable until purchases are made, and are liability-classified. ESPP shares are excluded from basic earnings per share until purchases are made, while included in diluted earnings per share computations as after-tax payroll deductions are made. Each consecutive purchase period is six months (purchase period) in duration and shares are purchased on the last trading day of the purchase period (no look-back provision) for a fixed amount at a 15% discount to the closing price on that date. Purchase windows take place in February and August of each fiscal year. The net difference between the timing of compensation expense incurred and remeasured during the purchase period and purchase windows are recorded in other accrued expenses in the consolidated balance sheets.
Schedule of Unrecognized Compensation Cost, Nonvested Awards Total remaining unrecognized stock-based compensation expense as of March 31, 2020 related to non-vested awards that the Company considers probable to vest and the weighted-average period over which the cost is expected to be recognized in future periods, are as follows:
 
Unrecognized
Stock-based Compensation
Expense
 
Weighted-Average
Remaining
Vesting Period (Years)
Annual RSUs
$
6,913

 
1.0
Annual PSUs
2,741

 
0.9
LTIP PSUs
5,999

 
1.5
Total
$
15,653