| Summary Of Stock Option Activity |
For purposes of determining the fair value of stock options granted, the Company used a Black-Scholes Model with the following assumptions:
| | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | 2024 | | Risk-free interest rate | | 3.90 | % | | 3.84 | % | | 4.24 | % | | Dividend yield | | 1.10 | % | | 1.02 | % | | 0.95 | % | | Expected life (years) | | 6 | | 6 | | 6 | | Volatility | | 38.48 | % | | 38.61 | % | | 38.25 | % |
The following table summarizes the Company’s stock option activity in the years indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Options | | Weighted-
Average
Remaining
Contract
Term (Years) | | Weighted-
Average
Exercise
Price | | Aggregate
Intrinsic
Value | | Options outstanding as of March 31, 2023 | | 1,196,311 | | | 7.3 | | $ | 78.83 | | | $ | 12,150 | | | Granted | | 200,314 | | | | | 101.04 | | | — | | | Exercised | | (197,350) | | | | | 71.81 | | | 6,110 | | | Forfeited | | (9,166) | | | | | 78.68 | | | 158 | | | Expired | | — | | | | | — | | | — | | | Options outstanding as of March 31, 2024 | | 1,190,109 | | | 7.0 | | $ | 83.74 | | | $ | 15,043 | | | Granted | | 266,027 | | | | | 101.56 | | | — | | | Exercised | | (139,016) | | | | | 76.66 | | | 3,950 | | | Forfeited | | (29,340) | | | | | 98.38 | | | 115 | | | Expired | | — | | | | | — | | | — | | | Options outstanding as of March 31, 2025 | | 1,287,780 | | | 6.8 | | $ | 87.85 | | | $ | 10,472 | | | Granted | | 201,989 | | | | | 102.11 | | | — | | | Exercised | | (591,396) | | | | | 82.55 | | | 27,843 | | | Forfeited | | (22,033) | | | | | 92.56 | | | 572 | | | Expired | | — | | | | | — | | | — | | | Options outstanding as of March 31, 2026 | | 876,340 | | | 7.2 | | $ | 94.60 | | | $ | 69,340 | | | Options exercisable as of March 31, 2026 | | 460,510 | | | 5.9 | | $ | 87.97 | | | $ | 39,490 | | | Options vested and expected to vest, as of March 31, 2026 | | 856,681 | | | 7.2 | | $ | 94.43 | | | $ | 67,926 | |
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| Summary Of Information Regarding Stock Options Outstanding And Exercisable |
The following table summarizes information regarding stock options outstanding as of March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | Range of Exercise Prices | | Number of
Options | | Weighted-
Average
Remaining
Contractual Life (Years) | | Weighted-
Average
Exercise Price | $57.60 - $60.00 | | 72,717 | | | 3.3 | | $ | 57.75 | | | | | | | | | $70.01 - $80.00 | | 97,206 | | | 5.4 | | $ | 74.52 | | $80.01 - $90.00 | | 5,419 | | | 1.1 | | $ | 83.14 | | $90.01 - $100.00 | | 197,925 | | | 7.8 | | $ | 94.33 | | $100.01 - $109.69 | | 503,073 | | | 7.9 | | $ | 104.03 | | | | 876,340 | | | 7.2 | | $ | 94.60 | |
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| Summary Of The Changes In Restricted Stock Units And Market Share Units |
A summary of the changes in restricted stock units, including DSU's, and TSRs awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2026 is presented below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock Units (RSU) | | Market condition-based Share Units (TSR) | | | | | | Number of
RSU | | Weighted-
Average
Grant Date
Fair Value | | Number of
TSR | | Weighted-
Average
Grant Date
Fair Value | | | | | | Non-vested awards as of March 31, 2025 | | 919,707 | | | $ | 80.42 | | | 1,143 | | | $ | 66.89 | | | | | | | Granted | | 355,176 | | | 94.60 | | | — | | | — | | | | | | | Stock dividend | | 8,162 | | | 82.46 | | | 9 | | | 66.89 | | | | | | | Performance factor | | — | | | — | | | — | | | — | | | | | | | Vested | | (263,040) | | | 86.87 | | | — | | | — | | | | | | | Forfeitures | | (78,131) | | | 90.76 | | | — | | | — | | | | | | | Non-vested awards as of March 31, 2026 | | 941,874 | | | $ | 82.88 | | | 1,152 | | | $ | 66.89 | | | | | |
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