STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Jun. 30, 2023

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 June 30,
	2023	2022
Dividend yield	—%	—%
Expected volatility	—%	55.96%
Average risk-free rate	—%	2.94%
Expected life	—	5.9 years

Summary Schedule of Stock Option Activity

Option activity for the three months ended June 30, 2023 was as follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Options outstanding, beginning of period	314,742		$	104.41
Granted during period	—		—
Exercised during period	(7,540)		94.07
Forfeited during period	(6,018)		120.31
Expired during period	—		—
Options outstanding, end of period	301,184	3	$	104.35	5.6 years	$	9,920,060
Options exercisable, end of period	107,217		$	100.66	4.8 years	$	3,943,955

Intrinsic Value of Options Exercised

The total intrinsic value of options exercised during the periods ended June 30, 2023 and 2022 was as follows:

	June 30, 2023		June 30, 2022
Three months ended	$	215,135	$	430,466

Summary of the Status and Changes Restricted Stock

A summary of the status of the Company’s restricted stock as of June 30, 2023, and changes during the three months ended June 30, 2023, are presented below:

	Shares	Weighted Average Fair Value at Grant Date
Outstanding at March 31, 2023	460,614	$	101.82
Granted during the period	1,875	103.78
Vested during the period	—	—
Forfeited during the period	—	—
Outstanding at June 30, 2023	462,489	$	101.83

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 month periods ended June 30, 2023 and 2022 was as follows:

	Three months ended June 30,
	2023		2022
Stock-based compensation related to equity classified awards:
Stock-based compensation related to stock options	$	313,347	$	768,055
Stock-based compensation related to restricted stock, net of adjustments and exclusive of cancellations	1,099,351		3,048,003
Total stock-based compensation related to equity classified awards	$	1,412,698	$	3,816,058