Leases

12 Months Ended

Mar. 31, 2021

Accounting Policies and Matters Requiring Management's Judgment

When determining the economic life of a lease the Company adopts a convention of applying an economic life equal to the useful life as specified in its accounting policy. Refer to Note 1, “Property and Equipment,” in this Annual Report on Form 10-K for a description of the Company's accounting policy regarding useful lives.

The Company uses its effective annual interest rate as the discount rate when evaluating leases under Topic 842. Management applies its effective annual interest rate to leases entered for the entirety of the subsequent year. For example, fiscal 2020’s annual effective interest rate of 5.8% will be used in the determination of lease type as well as the

discount rate when calculating the present value of lease payments for all leases entered into in fiscal 2020 or until a new annual effective interest rate is available for application.

Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company does not believe it is reasonably certain to exercise any options associated with its office equipment leases.

Periodic Disclosures

The Company's leases consist of real estate leases for office space as well as office equipment leases, all of which were classified as operating at March 31, 2021. Both the branch real estate and office equipment leases range from three years to five years, and generally contain options to extend which mirror the original terms of the lease.

The following table reports information about the Company's lease cost for the years ended March 31, 2021 and 2020:


	2021		2020
Lease Cost



Operating lease cost	$	27,977,226	$	26,244,323
Short-term lease cost	1,800		4,500
Variable lease cost	3,621,748		3,376,275

Total lease cost	$	31,600,774	$	29,625,098

The following table reports other information about the Company's leases for years ended March 31, 2021 and 2020:


	2021			2020
Other Lease Information
Cash paid for amounts included in the measurement of lease liabilities	$	27,559,260		$	25,618,886




Right-of-use assets obtained in exchange for new operating lease liabilities	$	12,482,167		$	36,826,045

Weighted average remaining lease term — operating leases	7.3 years			8.4 years

Weighted-average discount rate — operating leases	6.3		%	6.7		%

The following table reports information about the maturity of the Company's operating leases as of March 31, 2021:


Operating lease liability maturity analysis

FY2022	25,697,140
FY2023	21,366,591
FY2024	17,262,768
FY2025	12,608,028
FY2026	8,874,883
Thereafter	31,311,884
Total undiscounted lease liability	$	117,121,294
Imputed interest	25,403,219
Total discounted lease liability	$	91,718,075

The Company had no leases with related parties at March 31, 2021 or 2020.