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Executive Stock Plans And Stock-Based Compensation
 12 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Executive Stock Plans And Stock-Based Compensation EXECUTIVE STOCK PLANS AND STOCK-BASED COMPENSATION
Executive Stock Plans
The Company’s shareholders have approved executive stock plans under which officers, directors, and employees of the Company may receive grants and awards of common stock, restricted stock, restricted stock units (“RSUs”), performance share awards (“PSAs”), stock appreciation rights (“SARs”), incentive stock options, and non-qualified stock options. Currently, grants are outstanding under the 1997 Executive Stock Plan, the 2002 Executive Stock Plan, the 2007 Stock Incentive Plan, and the 2017 Stock Incentive Plan. Together, these plans are referred to in this disclosure as the “Plans.” Up to 1,000,000 shares may be issued under the 2017 Stock Incentive Plan, with no specific share limit for any of the award types. New awards may no longer be issued under the 1997, 2002, and 2007 Plans.
The Company’s practice is to award grants of stock-based compensation to officers at the first regularly-scheduled meeting of the Compensation Committee of the Board of Directors (the “Compensation Committee”) in the fiscal year following the public release of the Company’s financial results for the prior year. In recent years, the Compensation Committee has awarded only grants of RSUs and PSAs. Outside directors automatically receive restricted stock units following each annual meeting of shareholders.
RSUs awarded under the Plans vest 5 years from the grant date and are then paid out in shares of common stock. Under the terms of the RSU awards, grantees receive dividend equivalents in the form of additional RSUs that vest and are paid out on the same date as the original RSU grant. The PSAs vest 3 years from the grant date, are paid out in shares of common stock at the vesting date, and do not carry rights to dividends or dividend equivalents prior to vesting. Shares ultimately paid out under PSA grants are dependent on the achievement of predetermined performance measures established by the Compensation Committee and can range from zero to 150% of the stated award. RSUs awarded to outside directors prior to fiscal 2020 vest 3 years after the grant date and those granted in fiscal 2020 vest in 1 year, and restricted stock vests upon the individual’s retirement from service as a director.
RSUs, Restricted Stock, and PSAs
The following table summarizes the Company’s RSU, restricted stock, and PSA activity for fiscal years 2018 through 2020:
 
RSUs
 
Restricted Stock
 
PSAs
 
Shares
 
Weighted-Average
Grant Date
Fair Value
 
Shares
 
Weighted-Average
Grant Date
Fair Value
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Fiscal Year Ended March 31, 2018:
 
 
 
 
 
 
 
 
 
 
 
Unvested at beginning of year
325,638

 
$
52.01

 
30,200

 
$
42.37

 
160,350

 
$
46.86

Granted
72,032

 
64.13

 
—

 
—

 
39,100

 
60.37

Vested
(60,751
)
 
45.51

 
—

 
—

 
(41,667
)
 
46.41

Forfeited
—

 
—

 
—

 
—

 
(6,783
)
 
46.41

Unvested at end of year
336,919

 
55.77

 
30,200

 
42.37

 
151,000

 
50.50

 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended March 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
Granted
87,621

 
64.53

 
—

 
—

 
54,800

 
57.12

Vested
(99,549
)
 
59.09

 
(8,950
)
 
44.25

 
(49,092
)
 
45.06

Forfeited
—

 
—

 
—

 
—

 
(9,834
)
 
45.55

Unvested at end of year
324,991

 
57.12

 
21,250

 
41.58

 
146,874

 
55.12

 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended March 31, 2020:
 
 
 
 
 
 
 
 
 
 
 
Granted
85,463

 
56.39

 
—

 
—

 
60,728

 
50.16

Vested
(74,518
)
 
54.20

 
—

 
—

 
(67,402
)
 
49.17

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Unvested at end of year
335,936

 
$
57.89

 
21,250

 
$
41.58

 
140,200

 
$
55.73

Shares granted and vested in the above table include dividend equivalents on RSUs and any shares awarded above the base grant under the performance provisions of PSAs. Shares forfeited or canceled include any reductions from the base PSA grant under those same performance provisions. The fair values of RSUs, restricted stock, and PSAs are based on the market price of the common stock on the grant date.
Stock-Based Compensation Expense
Fair value expense for stock-based compensation is recognized ratably over the period from grant date to the earlier of (1) the vesting date of the award, or (2) the date the grantee is eligible to retire without forfeiting the award. For employees who are already eligible to retire at the date an award is granted, the total fair value of the award is recognized as expense at the date of grant. For the fiscal years ended March 31, 2020, 2019, and 2018, total stock-based compensation expense and the related income tax benefit recognized were as follows:
 
Fiscal Year Ended March 31,
 
2020
 
2019
 
2018
Total stock-based compensation expense
$
5,631

 
$
8,152

 
$
7,610

Income tax benefit recorded on stock-based compensation expense
$
1,182

 
$
1,712

 
$
2,397


At March 31, 2020, the Company had $4.6 million of unrecognized compensation expense related to stock-based awards, which will be recognized over a weighted-average period of approximately 1.2 years.