XML 51 R35.htm IDEA: XBRL DOCUMENT v3.25.1
EQUITY AWARDS (Tables)
12 Months Ended
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Stock Option Activity

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

252,364

 

 

 

$

 

91.28

 

 

 

 

436,949

 

 

 

$

 

89.69

 

 

 

 

456,849

 

 

 

$

 

83.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

5,476

 

 

 

$

 

244.92

 

 

 

 

5,558

 

 

 

$

 

172.62

 

 

 

 

56,621

 

 

 

$

 

125.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(72,553

)

 

 

$

 

90.20

 

 

 

 

(189,143

)

 

 

$

 

90.40

 

 

 

 

(73,343

)

 

 

$

 

80.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(1,054

)

 

 

$

 

125.97

 

 

 

 

(1,000

)

 

 

$

 

73.37

 

 

 

 

(3,178

)

 

 

$

 

109.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Options at End of
   Year

 

 

184,233

 

 

 

$

 

95.75

 

 

 

 

252,364

 

 

 

$

 

91.28

 

 

 

 

436,949

 

 

 

$

 

89.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Exercisable at End of
   Year

 

 

162,740

 

 

 

 

 

 

 

 

 

215,913

 

 

 

 

 

 

 

 

 

339,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Fair Value of
   Options Granted During the Year

 

 

 

 

 

$

 

104.45

 

 

 

 

 

 

 

$

 

69.84

 

 

 

 

 

 

 

$

 

48.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

88,060

 

 

 

4.54

 

 

$

63.01

 

 

 

88,060

 

 

$

63.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$91.21 - $100.88

 

 

32,852

 

 

 

3.27

 

 

$

94.95

 

 

 

32,852

 

 

$

94.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$118.27 - $139.25

 

 

48,931

 

 

 

7.11

 

 

$

126.59

 

 

 

35,272

 

 

$

127.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$143.09 - $261.76

 

 

14,390

 

 

 

8.13

 

 

$

193.10

 

 

 

6,556

 

 

$

159.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

184,233

 

 

 

5.28

 

 

$

95.75

 

 

 

162,740

 

 

$

87.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Activity for Restricted Stock Units and Nonvested Restricted Stock

The following table summarizes the activity for restricted stock units and nonvested restricted stock during the years presented:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units and Nonvested
   Restricted Stock at Beginning of Year

 

 

204,946

 

 

 

$

 

121.12

 

 

 

222,384

 

 

 

$

 

95.11

 

 

 

262,079

 

 

 

$

 

84.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

66,741

 

 

 

$

 

240.61

 

 

 

97,257

 

 

 

$

 

169.62

 

 

 

111,230

 

 

 

$

 

126.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested

 

 

(77,588

)

 

 

$

 

152.66

 

 

 

(111,695

)

 

 

$

 

124.78

 

 

 

(147,678

)

 

 

$

 

104.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

$

 

 

 

 

(3,000

)

 

 

$

 

30.38

 

 

 

(3,247

)

 

 

$

 

124.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units and Nonvested
   Restricted Stock at End of Year

 

 

194,099

 

 

 

$

 

150.56

 

 

 

204,946

 

 

 

$

 

121.12

 

 

 

222,384

 

 

 

$

 

95.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2025 Employee Performance Stock Awards [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-Average Assumptions Used to Value Option Awards

The fair value of the above Performance Stock Awards was determined using a Monte Carlo simulation. The following are key inputs in the Monte Carlo analysis for the Fiscal 2025 Employee Performance Stock Award.

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Measurement Period

 

 

2.85

 

 

 

 

 

 

 

 

 

 

 

 

Risk-Free Interest Rate

 

 

4.7

%

 

 

 

 

 

 

 

 

 

 

 

Dividend Yield

 

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

Volatility

 

 

31.4

%

 

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value of Market-Based PSA at Grant Date

 

$

238.27

 

 

 

 

 

 

 

In addition to the Performance Stock Awards discussed above, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 1,963 time-vesting stock options, which vest ratably over three years (the Fiscal 2025 Employee Time-Vesting Stock Option Grant) and 30,272 shares of time-vesting restricted stock units, which vest ratably over three years (the Fiscal 2025 Employee Restricted Stock Unit Time-Vesting Award). The Fiscal 2025 Employee Restricted Stock Unit Time-Vesting Award was valued at the closing price of the stock on the grant date and is being expensed over a three-year period. The Fiscal 2025 Employee Time-Vesting Stock Option Grant was valued at its grant date using the Black-Scholes option pricing model, which used similar inputs as the Monte Carlo analysis shown above.

Fiscal 2025 Board of Directors Stock Option Award [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Weighted-Average Assumptions Used to Value Option Awards The weighted-average assumptions used in the Black-Scholes model to value the Fiscal 2025 Board of Directors Stock Option Award are as follows:

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Yield

 

0.5%

 

 

0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Volatility

 

38.8%

 

 

38.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-Free Interest Rate

 

4.35%

 

 

3.74%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Life

 

6.0 years

 

 

6.0 years