STOCK OPTION PLANS (Tables)

12 Months Ended

Mar. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Period and vesting of performance shares

The stock option performance periods are as follows:

	Options		Performance Period	Vesting Date
One-Year Performance Shares		574	April 1, 2023 to March 31, 2024	May 2024
Two-Year Performance Shares		574	April 1, 2023 to March 31, 2025	May 2025
Three-Year Performance Shares		1,148	April 1, 2023 to March 31, 2026	May 2026

Weighted-Average Assumptions Used to Value Option Awards

The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2024 and 2023 are as follows:

	2024			2023
Dividend Yield		7.5	%		0.8	%
Expected Volatility		38.8	%		38.2	%
Risk-Free Interest Rate		3.74	%		2.90	%
Expected Life	6.0 years			6.0 years

Stock Option Activity

The following table shows stock option activity for the years presented:

	For the Years Ended March 31,
	2024					2023					2022
	Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Exercise Price
Outstanding Options at Beginning of Year		436,949		$	89.69		456,849		$	83.81		708,501		$	83.85
Granted		5,558		$	172.62		56,621		$	125.90		11,316		$	140.42
Exercised		(189,143	)	$	90.40		(73,343	)	$	80.19		(247,578	)	$	86.97
Cancelled		(1,000	)	$	73.37		(3,178	)	$	109.15		(15,390	)	$	76.63
Outstanding Options at End of Year		252,364		$	91.28		436,949		$	89.69		456,849		$	83.81
Options Exercisable at End of Year		215,913					339,043					314,624
Weighted-Average Fair Value of Options Granted During the Year				$	69.84				$	48.36				$	49.18

Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2024:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Shares Outstanding		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price		Number of Shares Outstanding		Weighted- Average Exercise Price
$59.32 - $81.28		107,490		5.64	$	62.50		107,490	$	62.50
$91.21 - $106.00		75,608		4.27	$	94.15		73,750	$	94.07
$118.27 - $190.97		69,266		8.08	$	131.95		34,673	$	130.74
		252,364		5.90	$	91.04		215,913	$	84.24

Summary of Activity for Nonvested Restricted Shares

The following table summarizes the activity for nonvested restricted shares during the fiscal years ended March 31, 2024, 2023, and 2022:

	For the Years Ended March 31,
	2024					2023					2022
	Number of Shares			Weighted- Average Grant Date Fair Value		Number of Shares			Weighted- Average Grant Date Fair Value		Number of Shares			Weighted- Average Grant Date Fair Value
Nonvested Restricted Stock at Beginning of Year		219,084		$	96.54		258,779		$	85.34		267,090		$	62.56
Granted		97,257		$	169.62		111,230		$	126.23		113,414		$	139.91
Vested		(111,695	)	$	124.78		(147,678	)	$	104.33		(116,507	)	$	87.47
Cancelled		(3,000	)	$	30.38		(3,247	)	$	124.82		(5,218	)	$	75.10
Nonvested Restricted Stock at End of Year		201,646		$	122.58		219,084		$	96.54		258,779		$	85.34

Performance Vesting Restricted Stock [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Period and vesting of performance shares

The restricted share performance periods are as follows:

	Shares		Performance Period	Vesting Date
One-Year Performance Shares		11,424	April 1, 2023 to March 31, 2024	May 2024
Two-Year Performance Shares		11,424	April 1, 2023 to March 31, 2025	May 2025
Three-Year Performance Shares		22,845	April 1, 2023 to March 31, 2026	May 2026

During fiscal 2024, the return on equity exceeded 20%, therefore all One -Year Performance Shares were earned.