STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Performance Shares Vesting Based on EPS Targets

The Performance Share performance targets are set forth below.

Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025	Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35	40%
$20.45	60%

The Performance Option performance target is set forth below.

Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025	Options Eligible for Vesting (Percentage of Award)
$25.30	100%

Fair Value was Estimated at Grant Date Using the Weighted-Average

Fair value was estimated at grant date using the weighted-average assumptions listed below:

	Three months ended December 31,		Nine months ended December 31,
	2022	2021	2022	2021
Dividend Yield	—%	—%	—%	—%
Expected Volatility	57.46%	55.71%	57.09%	58.11%
Average risk-free rate	3.91%	1.22%	3.59%	0.92%
Expected Life	5.8 years	6.0 years	5.8 years	6.1 years

Summary Schedule of Stock Option Activity

Option activity for the nine months ended December 31, 2022 was as follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Options outstanding, beginning of period	348,743		$	104.38
Granted during period	15,090		96.15
Exercised during period	(6,550)		84.67
Forfeited during period	(20,636)		119.94
Expired during period	(12,372)		77.78
Options outstanding, end of period	324,275	3	$	104.42	5.9 years	$	262,799
Options exercisable, end of period	122,853		$	100.21	5.0 years	$	233,927

Intrinsic Value of Options Exercised

The total intrinsic value of options exercised during the periods ended December 31, 2022 and 2021 was as follows:

	December 31, 2022		December 31, 2021
Three months ended	$	51,106	$	4,529,120
Nine months ended	$	481,572	$	16,070,389

Summary of the Status and Changes Restricted Stock

A summary of the status of the Company’s restricted stock as of December 31, 2022, and changes during the nine months ended December 31, 2022, are presented below:

	Shares	Weighted Average Fair Value at Grant Date
Outstanding at March 31, 2022	552,502	$	102.51
Granted during the period	2,750	138.76
Vested during the period	(65,518)	104.13
Forfeited during the period	(29,620)	112.70
Outstanding at December 31, 2022	460,114	$	101.84

Share-Based Compensation Included as a Component of Net Income (Loss)

Total stock-based compensation included as a component of net income (loss) during the three and nine month periods ended December 31, 2022 and 2021 was as follows:

	Three months ended December 31,				Nine months ended December 31,
	2022		2021		2022		2021
Stock-based compensation related to equity classified awards:
Stock-based compensation related to stock options	$	425,120	$	664,094	$	1,869,879	$	2,517,071
Stock-based compensation related to restricted stock, net of adjustments and exclusive of cancellations4	(679,443)		3,644,579		5,512,434		10,240,740
Total stock-based compensation related to equity classified awards	$	(254,323)	$	4,308,673	$	7,382,313	$	12,757,811