Eagle Materials (EXP) 10-Q 29 Jan 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Jan. 27, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	EXP
Entity Registrant Name	EAGLE MATERIALS INC
Entity Central Index Key	918,646
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		49,309,781

Consolidated Statements of Earn

Consolidated Statements of Earnings (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenues	$ 277,409	$ 291,529	$ 891,360	$ 842,588
Cost of Goods Sold	208,544	212,380	717,104	631,977
Gross Profit	68,865	79,149	174,256	210,611
Equity in Earnings of Unconsolidated Joint Venture	10,483	12,423	29,993	34,274
Corporate General and Administrative	(8,304)	(9,371)	(26,659)	(23,827)
Acquisition and Litigation Expense		(722)		(2,825)
Other Income	1,163	488	2,170	2,050
Interest Expense, Net	(4,002)	(4,101)	(12,830)	(12,054)
Earnings Before Income Taxes	68,205	77,866	166,930	208,229
Income Tax Expense	(22,357)	(25,836)	(53,501)	(68,170)
Net Earnings	$ 45,848	$ 52,030	$ 113,429	$ 140,059
EARNINGS PER SHARE:
Basic	$ 0.93	$ 1.05	$ 2.29	$ 2.82
Diluted	$ 0.92	$ 1.03	$ 2.26	$ 2.78
AVERAGE SHARES OUTSTANDING:
Basic	49,187,738	49,655,405	49,593,821	49,583,210
Diluted	49,770,020	50,411,147	50,230,091	50,375,619
CASH DIVIDENDS PER SHARE:	$ 0.10	$ 0.10	$ 0.30	$ 0.30

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net Earnings	$ 45,848	$ 52,030	$ 113,429	$ 140,059
Change in Funded Status of Defined Benefit Plans:
Amortization of Net Actuarial Loss	506	163	1,522	489
Tax Expense	(188)	(57)	(564)	(171)
Comprehensive Earnings	$ 46,166	$ 52,136	$ 114,387	$ 140,377

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Current Assets -
Cash and Cash Equivalents	$ 15,756	$ 7,514
Accounts and Notes Receivable	103,859	113,577
Inventories	232,447	235,464
Income Tax Receivable	5,319
Prepaid and Other Assets	8,013	10,080
Total Current Assets	365,394	366,635
Property, Plant and Equipment -	2,065,745	1,962,215
Less: Accumulated Depreciation	(799,494)	(740,396)
Property, Plant and Equipment, net	1,266,251	1,221,819
Notes Receivable	2,716	2,847
Investment in Joint Venture	50,372	47,614
Goodwill and Intangible Assets	174,916	211,167
Other Assets	28,921	32,509
Total Assets	1,888,570	1,882,591
Current Liabilities -
Accounts Payable	61,327	77,749
Accrued Liabilities	46,750	46,830
Income Taxes Payable		2,952
Current Portion of Long-term Debt	8,000	57,045
Total Current Liabilities	116,077	184,576
Long-term Debt	492,714	455,714
Other Long-term Liabilities	70,673	69,055
Deferred Income Taxes	159,790	162,653
Total Liabilities	$ 839,254	$ 871,998
Stockholders’ Equity -
Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 49,305,408 and 50,245,364 Shares, respectively	$ 493	$ 502
Capital in Excess of Par Value	211,781	272,441
Accumulated Other Comprehensive Losses	(11,109)	(12,067)
Retained Earnings	848,151	749,717
Total Stockholders’ Equity	1,049,316	1,010,593
Liabilities and Stockholders' Equity, Total	$ 1,888,570	$ 1,882,591

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Mar. 31, 2015
Statement Of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.01	$ 0.01
Preferred Stock, Authorized	5,000,000	5,000,000
Preferred Stock, Issued	0	0
Common Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Authorized	100,000,000	100,000,000
Common Stock, Issued	49,305,408	50,245,364
Common Stock, Outstanding	49,305,408	50,245,364

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net Earnings	$ 113,429	$ 140,059
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities -
Depreciation, Depletion and Amortization	74,245	54,552
Impairment of Intangible Assets	28,354
Deferred Income Tax Provision	(6,478)	1,172
Stock Compensation Expense	12,293	9,807
Excess Tax Benefits from Share Based Payment Arrangements	(2,504)	(3,493)
Equity in Earnings of Unconsolidated Joint Venture	(29,993)	(34,274)
Distributions from Joint Venture	27,250	30,125
Changes in Operating Assets and Liabilities:
Accounts and Notes Receivable	11,765	(19,093)
Inventories	5,408	(10,279)
Accounts Payable and Accrued Liabilities	(10,228)	6,352
Other Assets	(1,484)	3,916
Income Taxes Payable	(5,767)	4,299
Net Cash Provided by Operating Activities	216,290	183,143
CASH FLOWS FROM INVESTING ACTIVITIES
Property, Plant and Equipment Additions	(75,536)	(64,959)
Acquisition Spending	(32,427)	(237,171)
Net Cash Used in Investing Activities	(107,963)	(302,130)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in Credit Facility	45,000	146,000
Repayment of Senior Notes	(57,045)	(9,500)
Dividends Paid to Stockholders	(15,078)	(15,044)
Payment of Debt Acquisition Costs		(1,661)
Shares Redeemed to Settle Employee Taxes on Stock Compensation	(1,815)	(1,356)
Purchase and Retirement of Common Stock	(76,231)
Proceeds from Stock Option Exercises	2,580	4,270
Excess Tax Benefits from Share Based Payment Arrangements	2,504	3,493
Net Cash Used in Financing Activities	(100,085)	126,202
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	8,242	7,215
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	7,514	6,482
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 15,756	$ 13,697

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION	(A) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements as of and for the three and nine month periods ended December 31, 2015 include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (the “Company”, “us” or “we”) and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 22, 2015. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In our opinion, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the information in the following unaudited consolidated financial statements of the Company have been included. The results of operations for interim periods are not necessarily indicative of the results for the full year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB delayed the implementation of this standard by one year. The standard will now be effective for us in the first quarter of fiscal 2019, with early adoption not permitted. There are two transition methods available under the new standard, either modified or full retrospective. We are currently evaluating the impact of this ASU and have not yet selected a transition method. In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 830-30)”. This Standard requires that discounts, premiums or debt issue costs related to borrowings be reported in the balance sheet as a direct reduction of the associated borrowing. The standard will be effective for us in the first quarter of fiscal 2017, and earlier application is permitted for financial statements that have not been previously issued. This impact of adopting this ASU is not expected to be material. In November 2015, the Financial Accounting Standards Board issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes (Topic 740)”. This standard simplifies the presentation of deferred taxes by requiring all deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet, resulting in each tax jurisdiction having only one net noncurrent deferred asset or liability. The standard will be effective for us in the first quarter of fiscal 2017, with early adoption permitted at the beginning of an interim or annual reporting period. This guidance may be applied prospectively or retrospectively by reclassifying the comparative balance sheet. The impact of adopting this ASU will not have a material impact on our financial position. In July 2015, the Financial Accounting Standards Board issued ASU 2015-11, “Simplifying the Measurement of Inventory”. This standard requires inventory to be measured at the lower of cost or net realizable value, which is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard will be effective for us in the first quarter of fiscal 2017, with early adoption permitted at the beginning of an annual or interim reporting period. Prospective application is required. This impact of adopting this ASU is not expected to be material. In September 2015, the Financial Accounting Standards Board issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments”. This standard eliminates the requirement to restate prior period financial statements for measurement period adjustments. The cumulative impact of measurement period adjustments, including those in prior periods, will now be recognized in the reporting period in which the adjustment is made. The cumulative adjustment should be reflected in the financial statements within the respective line items impacted. Additionally, companies must present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the adjustment recorded in the current period earnings by line item that would have been recorded in previous periods if the adjustment to the provisional amounts had been recognized on the acquisition date. This standard is effective for annual periods beginning after December 15, 2016 and interim periods beginning after December 31, 2017. Early adoption is permitted for all entities. We adopted this standard on October 1, 2015, with no material impact to our results of operations or financial position.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	(B) GOODWILL AND INTANGIBLE ASSETS Goodwill: We perform our annual test of impairment on goodwill during the fourth quarter of our fiscal year. If business conditions in the operating units containing goodwill change substantially during the fiscal year, and we are unable to conclude that an impairment loss is not likely to occur, we will perform impairment tests for those business units during our quarterly periods. At December 31, 2015, we determined that impairment losses are not likely to occur; therefore, no impairment tests were performed during the quarter. Intangible Assets: Intangible assets are currently being amortized over their expected lives. During calendar 2015, the continued decline in oil prices adversely impacted oil and gas drilling activity, leading to further reductions in demand and pricing for proppants. This reduction in demand adversely impacted performance under our customer contracts, resulting in the amendment of certain of these contracts. Based on the reduced demand for proppants and the executed and pending amendments to our customer contracts, we concluded that long-lived asset impairment indicators were present during the quarter ended September 30, 2015 for our customer contract intangible assets. We performed a recovery test to determine if any of the customer contract intangible assets related to our oil and gas proppants business unit were impaired at September 30, 2015. Based on our analysis of the undiscounted cash flows for each of our customer contract intangibles related to our oil and gas proppants business, we concluded that the carrying value of certain customer contract intangible assets exceeded the undiscounted cash flows for the related assets. For those contracts whose carrying value exceeded the undiscounted cash flows, we calculated the fair value of each contract using the weighted-average probable cash flows related to each contract (level 3 inputs), discounted using a weighted-average cost of capital (“WACC”). The WACC was determined from relevant market comparisons, and adjusted for specific risks. This analysis resulted in an impairment loss of approximately $28.4 million, which is included in cost of goods sold in the unaudited Consolidated Statement of Earnings for the nine months ended December 31, 2015. We reviewed customer activity for the remaining customer contract intangible assets and determined that there was no indication of additional impairment at December 31, 2015. Intangible assets, including the impact of the impairment charge discussed above, consist of the following: Cost at Amortization for Impairment Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships $ 63,260 $ 9,480 $ 28,354 $ (43,828 ) $ 19,432 Sales Contracts 2,500 468 - (1,926 ) $ 574 Permits 27,440 519 - (6,415 ) $ 21,025 Goodwill 133,885 - - - $ 133,885 Total Goodwill and Intangible Assets $ 227,085 $ 10,467 $ 28,354 $ (52,169 ) $ 174,916 At December 31, 2015, approximately $14.3 million of Customer Contracts and Relationships was related to our oil and gas proppants business. Under the terms of one of the customer contracts, the customer prepaid $15.0 million for sand. At December 31, 2015, approximately $12.5 million of this prepaid is still available to the customer. This prepayment is included in Other Long-term Liabilities on the unaudited Consolidated Balance Sheet. March 31, 2015 Amortization Period Cost Accumulated Amortization Net (dollars in thousands) Goodwill and Intangible Assets: Customer contracts and relationships 5-15 years $ 62,060 $ (5,994 ) $ 56,066 Sales contracts 4 years 2,500 (1,458 ) 1,042 Permits 40 years 27,440 (5,896 ) 21,544 Goodwill 132,515 - 132,515 Total Goodwill and Intangible Assets $ 224,515 $ (13,348 ) $ 211,167 During July 2015, goodwill increased approximately $1.4 million and customer contracts and relationships increased $1.2 million in connection with the Skyway Acquisition. Amortization expense of intangibles was $5.7 million the year ended March 31, 2015. After the impairment discussed above, amortization expense is expected to be approximately $2.5 million for the remainder of fiscal 2016, $9.2 million for fiscal year 2017, and $3.2 million for fiscal years 2018 and 2019, $2.2 million for fiscal year 2020 and $1.3 million for fiscal year 2021.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
ACQUISITIONS	(C) ACQUISITIONS CRS Acquisition On November 14, 2014, we acquired all of the outstanding equity interest in CRS Holdco LLC, CRS Proppants LLC, Great Northern Sand LLC and related entities (collectively “CRS Proppants”) (such acquisition, the “CRS Acquisition”). CRS Proppants is a supplier of frac sand to the energy industry, and its business currently consists of a frac sand mine in New Auburn, Wisconsin, and a trans-load network into Texas and southwest Oklahoma. Purchase Price We previously reported the estimated CRS Purchase Price in our Form 10-K as approximately $237.2 million. During the quarter ended June 30, 2015, we finalized the amount of working capital acquired at the closing, which resulted in a reduction in the CRS Purchase Price of approximately $1.1 million. Recording of assets acquired and liabilities assumed The CRS Acquisition has been accounted for using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. We engaged a third-party to perform an appraisal valuation to support our preliminary estimate of the fair value of certain assets acquired in the CRS Acquisition. During the quarter ended December 31, 2015, we received the information related to the tax structure of the acquired entities, enabling us to finalize the percentage of carryover ownership in CRS Proppants. The application of the final carryover ownership percentage resulted in an increase in deferred tax liabilities and taxes payable of approximately $3.0 million and $1.5 million, respectively, and an increase in property and equipment of approximately $4.5 million. The preparation of the valuation of the assets acquired and liabilities assumed in the CRS Acquisition requires the use of significant assumptions and estimates. Critical estimates include, but are not limited to, future expected cash flows, including projected revenues and expenses, and applicable discount rates. These estimates are based on assumptions that we believe to be reasonable. However, actual results may differ from these estimates. The following table summarizes the allocation of the CRS Purchase Price to assets acquired and liabilities assumed as of the acquisition date: Purchase price allocation (in thousands) As of November 14, 2014 Cash and cash equivalents $ 219 Accounts Receivable 14,640 Inventories 9,627 Prepaid and Other Assets 753 Property and Equipment 197,238 Intangible Assets 56,200 Indemnity under Sales Agreement 14,810 Accounts Payable and Accrued Liabilities (8,428 ) Obligations under Long-term Sales Agreements (28,131 ) Asset Retirement Obligation (4,112 ) Deferred Taxes (16,765 ) Total Net Assets 236,051 Goodwill - Total Estimated Purchase Price $ 236,051 Intangible Assets Weighted Average Life Estimated Fair Value Customer Relationships 4 56,000 Permits 40 200 Total Intangible Assets $ 56,200 During the quarter ended September 30, 2015, the above customer relationships were tested for impairment. See Footnote (B) to the unaudited Consolidated Financial Statements for discussion of the impairment testing of these assets. Actual and pro forma impact of the CRS Acquisition For the Three Months For the Nine Months 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Revenues $ 7,864 $ 9,452 $ 39,088 $ 9,452 Operating Income (Loss) $ (5,765 ) $ 223 $ (51,406 ) $ 223 Operating loss shown above for the three months ended December 31, 2015 has been impacted by approximately $5.4 million of depreciation and amortization. Non cash charges and inventory write-offs totaling approximately $55.0 million adversely impacted operating loss for the nine months ended December 31, 2015. These charges were approximately $16.7 million, $28.4 million, $9.4 million and $0.5 million and related to depreciation and amortization, impairments, write-down of raw sand inventory and the recording of acquired inventory at fair value, respectively. The unaudited pro forma results presented below include the effects of the CRS Acquisition as if it had been consummated as of April 1, 2014. The pro forma results include the amortization associated with an estimate for acquired intangible assets and interest expense associated with debt used to fund the Acquisition and depreciation from the fair value adjustments for property and equipment. To better reflect the combined operating results, material nonrecurring charges incurred by the Company directly related to the CRS Acquisition of $2.1 million have been excluded from pro forma net income for the three and nine months ended December 31, 2014. Three Months Ended December 31, Nine Months Ended December 31, (dollars in thousands) Revenues $ 303,043 $ 900,975 Net Income $ 53,142 $ 145,010 Earnings per share - basic $ 1.07 $ 2.92 Earnings per share - diluted $ 1.05 $ 2.88 The pro forma results do not include any anticipated synergies or other expected benefits of the CRS Acquisition. Accordingly, the unaudited pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the CRS Acquisition been consummated as of April 1, 2014. Skyway Acquisition On July 10, 2015, we completed the acquisition of a 600,000 ton per year Granulated Ground Blast Furnace Slag (“GGBFS”) plant in South Chicago (the “Skyway Plant”) from Holcim (US) Inc. (the “Skyway Acquisition”). Among other applications, GGBFS is used in conjunction with Portland cement to make durable concrete structures. The Skyway Plant purchases its primary raw material, slag, pursuant to a long term supply agreement with a third party. The purchase price (the “Skyway Purchase Price”) for the Skyway Acquisition was approximately $29.9 million, net of $2.5 million which will be refunded by the seller. We received $1.5 million of the expected refund in January 2016, and we expect to receive the remaining $1.0 million in January 2017. We funded the payment of the Skyway Purchase Price and expenses incurred in connection with the Skyway Acquisition through operating cash flow and borrowings under our bank credit facility. We also assumed certain liabilities, including contractual obligations, related to the Skyway Plant. The purchase price was allocated as follows: $1.9 million to accounts and notes receivable; $2.3 million to inventories; $24.6 million to property, plant and equipment; $1.2 million to intangible assets; $1.4 million to goodwill; and $1.0 million to other assets. See Note (M) in the Notes to the Unaudited Financial Statements for more information about our bank credit facility.

CASH FLOW INFORMATION - SUPPLEM

CASH FLOW INFORMATION - SUPPLEMENTAL	9 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION - SUPPLEMENTAL	(D) CASH FLOW INFORMATION—SUPPLEMENTAL Cash payments made for interest were $15.0 million and $13.6 million for the nine months ended December 31, 2015 and 2014, respectively. Net payments made for federal and state income taxes during the nine months ended December 31, 2015 and 2014, were $64.8 million and $60.0 million, respectively.

ACCOUNTS AND NOTES RECEIVABLE

ACCOUNTS AND NOTES RECEIVABLE	9 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
ACCOUNTS AND NOTES RECEIVABLE	(E) ACCOUNTS AND NOTES RECEIVABLE Accounts and notes receivable have been shown net of the allowance for doubtful accounts of $9.2 million and $7.1 million at December 31, 2015 and March 31, 2015, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based upon analysis of economic trends in the construction and oil and gas industries, detailed analysis of the expected collectability of accounts receivable that are past due and the expected collectability of overall receivables. Based on this analysis, we increased our allowance for doubtful accounts approximately $2.0 million in recognition of the downturn in our oil and gas proppants business and potential financial impact of this downturn to our customers during the September 2015 quarter. We have no significant credit risk concentration among our diversified customer base. We had notes receivable totaling approximately $3.2 million at December 31, 2015, of which approximately $0.5 million has been classified as current and presented with accounts receivable on the balance sheet. We lend funds to certain companies in the ordinary course of business, and the notes bear interest, on average, at LIBOR plus 3.5%. Remaining unpaid amounts, plus accrued interest, mature on various dates through 2017. The notes are collateralized by certain assets of the borrowers, namely property and equipment, and are generally payable monthly. We monitor the credit risk of each borrower by focusing on the timeliness of payments, review of credit history and credit metrics and interaction with the borrowers.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	(F) STOCKHOLDERS’ EQUITY A summary of changes in stockholders’ equity follows: For the Nine Months Ended December 31, 2015 (dollars in thousands) Common Stock – Balance at Beginning of Period $ 502 Share Repurchase and Retirement (12 ) Stock Option Exercises and Restricted Share Vesting 3 Balance at End of Period 493 Capital in Excess of Par Value – Balance at Beginning of Period 272,441 Stock Compensation Expense 12,292 Shares Redeemed to Settle Employee Taxes (1,815 ) Stock Option Exercises 5,082 Share Repurchases and Retirement (76,219 ) Balance at End of Period 211,781 Retained Earnings – Balance at Beginning of Period 749,717 Dividends Declared to Stockholders (14,995 ) Net Earnings 113,429 Balance at End of Period 848,151 Accumulated Other Comprehensive Loss - Balance at Beginning of Period (12,067 ) Change in Funded Status of Pension Plan, net of tax 958 Balance at End of Period (11,109 ) Total Stockholders’ Equity $ 1,049,316 On August 10, 2015, the Company announced that the Board of Directors had authorized the Company to repurchase up to an additional 6,782,700 shares, for a total outstanding authorization of 7,500,000 shares. During the nine months ended December 31, 2015, we repurchased 1,124,000 shares at an average price of $67.84. At December 31, 2015, we have authorization to purchase an additional 6,376,000 shares.

INVENTORIES

INVENTORIES	9 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
INVENTORIES	(G) INVENTORIES Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or market, and consist of the following: As of December 31, March 31, (dollars in thousands) Raw Materials and Material-in-Progress $ 111,401 $ 115,345 Finished Cement 19,022 20,508 Gypsum Wallboard 7,064 7,741 Finished Frac Sand 4,925 4,928 Aggregates 10,721 11,131 Paperboard 6,889 8,493 Repair Parts and Supplies 66,116 62,121 Fuel and Coal 6,309 5,197 $ 232,447 $ 235,464

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
ACCRUED EXPENSES	(H) ACCRUED EXPENSES Accrued expenses consist of the following: As of December 31, March 31, (dollars in thousands) Payroll and Incentive Compensation $ 21,155 $ 19,082 Benefits 9,935 9,951 Interest 1,490 4,524 Property Taxes 2,639 3,189 Power and Fuel 1,217 1,619 Sales and Use Tax 536 523 Legal 1,793 1,673 Other 7,985 6,269 $ 46,750 $ 46,830

SHARE-BASED EMPLOYEE COMPENSATI

SHARE-BASED EMPLOYEE COMPENSATION	9 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED EMPLOYEE COMPENSATION	(I) S hare On August 7, 2013 our stockholders approved the Eagle Materials Inc. Amended and Restated Incentive Plan (the “Plan”), which increased the shares we are authorized to issue as awards by 3,000,000 (1,500,000 of which may be stock awards). Under the terms of the Plan, we can issue equity awards, including stock options, restricted stock units (“RSUs”), restricted stock and stock appreciation rights to employees of the Company and members of the Board of Directors. Awards that were already outstanding prior to the approval of the Plan on August 7, 2013 remain outstanding. The Compensation Committee of our Board of Directors specifies the terms for grants of equity awards under the Plan. Long-Term Compensation Plans - Options. In June 2015, the Compensation Committee approved an equity award of an aggregate of 268,571 stock options pursuant to the Plan to certain officers and key employees that vest ratably over a three year period (the “Fiscal 2016 Employee Stock Option Grant”). The stock options have a term of ten years from the date of grant. The Fiscal 2016 Employee Stock Option Grant was valued at the grant date using the Black-Scholes option pricing model. In August 2015, we granted 17,501 options to members of the Board of Directors (the “Fiscal 2016 Board of Directors Stock Option Grant”). Options granted under the Fiscal 2016 Board of Directors Stock Option Grant vest immediately and can be exercised from the date of grant until their expiration on the tenth anniversary of the date of grant. The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2016 are as follows: Fiscal 2016 Dividend Yield 2.0% Expected Volatility 36.5% Risk Free Interest Rate 1.7% Expected Life 6.0 years Stock option expense for all outstanding stock option awards totaled approximately $1.9 million and $6.1 million for the three and nine months ended December 31, 2015, respectively and approximately $1.4 million and $4.8 million for the three and nine months ended December 31, 2014, respectively. At December 31, 2015, there was approximately $11.8 million of unrecognized compensation cost related to outstanding stock options, net of estimated forfeitures, which is expected to be recognized over a weighted-average period of 2.2 years. The following table represents stock option activity for the nine months ended December 31, 2015: Number Weighted- Outstanding Options at Beginning of Period 1,665,565 $ 46.37 Granted 293,572 $ 81.48 Exercised (97,410 ) $ 26.47 Cancelled (21,000 ) $ 86.35 Outstanding Options at End of Period 1,840,727 $ 52.57 Options Exercisable at End of Period 1,270,961 $ 40.81 Weighted-Average Fair Value of Options Granted during the Period $ 24.76 The following table summarizes information about stock options outstanding at December 31, 2015: Outstanding Options Exercisable Options Range of Exercise Prices Number of Weighted - Weighted - Number of Weighted - $23.17 – $ 30.74 504,200 4.11 $ 26.65 502,200 $ 26.64 $33.08 – $ 37.95 478,868 6.16 $ 33.96 458,868 $ 33.92 $53.22 – $ 74.10 282,936 7.07 $ 66.60 194,325 $ 66.63 $79.73 – $ 93.56 574,723 9.00 $ 83.90 115,568 $ 86.33 1,840,727 6.63 $ 52.57 1,270,961 $ 40.81 At December 31, 2015, the aggregate intrinsic value for outstanding and exercisable options was approximately $14.5 million and $24.9 million, respectively. The total intrinsic value of options exercised during the nine months ended December 31, 2015 was approximately $5.2 million. Restricted Stock. In June 2015, the Compensation Committee approved the granting of an aggregate of 93,782 shares of restricted stock to certain officers and key employees that will be earned if certain performance conditions are satisfied (the “Fiscal 2016 Employee Restricted Stock Award”). The performance criterion for the Fiscal 2016 Employee Restricted Stock Award is based upon the achievement of certain levels of return on equity, ranging from 12.5% to 17.5%, for fiscal year ending March 31, 2016. All restricted shares will be earned if the return on equity is 17.5% or greater, and the percentage of shares earned will be reduced proportionately to approximately 75% if the return on equity is 12.5%. If the Company does not achieve a return on equity of at least 12.5%, all awards will be forfeited. If the criteria are met, the award may be reduced by the Compensation Committee based on individual performance goals. Following any such reduction, restrictions on the earned shares will lapse ratably over five years, with the first fifth lapsing promptly following the determination date, and the remaining restrictions lapsing on March 31, 2017 through 2020. The value of the Fiscal 2016 Employee Restricted Stock Award, net of estimated forfeitures, is being expensed over a five year period. In August 2015, we awarded 15,139 shares of restricted stock to members of the Board of Directors (the “Board of Directors Fiscal 2016 Restricted Stock Award”). Awards issued under the Board of Directors Fiscal 2016 Restricted Stock Award do not fully vest until the retirement of each director, in accordance with our director retirement policy. Expense related to restricted shares was approximately $2.1 million and $6.3 million for the three and nine months ended December 31, 2015, respectively, and approximately $1.7 million and $5.0 million for the three and nine months ended December 31, 2014, respectively. At December 31, 2015, there was approximately $18.0 million of unearned compensation from restricted stock, net of estimated forfeitures, which will be recognized over a weighted-average period of 2.4 years. The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights and restricted stock under the Plan was 4,548,204 at December 31, 2015.

COMPUTATION OF EARNINGS PER SHA

COMPUTATION OF EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
COMPUTATION OF EARNINGS PER SHARE	(J) COMPUTATION OF EARNINGS PER SHARE The calculation of basic and diluted common shares outstanding is as follows: For the Three Months For the Nine Months 2015 2014 2015 2014 Weighted-Average Shares of Common Stock Outstanding 49,187,738 49,655,405 49,593,821 49,583,210 Common Equivalent Shares: Assumed Exercise of Outstanding Dilutive Options 1,017,117 1,349,997 1,208,130 1,418,957 Less: Shares Repurchased from Assumed Proceeds of Assumed Exercised Options (669,209 ) (893,874 ) (803,972 ) (920,113 ) Restricted Shares 234,374 299,619 232,112 293,565 Weighted-Average Common and Common Equivalent Shares Outstanding 49,770,020 50,411,147 50,230,091 50,375,619 Shares Excluded Due to Anti-dilution Effects 826,610 279,651 627,090 206,702

PENSION AND EMPLOYEE BENEFIT PL

PENSION AND EMPLOYEE BENEFIT PLANS	9 Months Ended
	Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]
PENSION AND EMPLOYEE BENEFIT PLANS	(K) PENSION AND EMPLOYEE BENEFIT PLANS We sponsor several defined benefit and defined contribution pension plans which together cover substantially all our employees. Benefits paid under the defined benefit plans covering certain hourly employees are based on years of service and the employee’s qualifying compensation over the last few years of employment. The following table shows the components of net periodic cost for our plans: For the Three Months Ended For the Nine Months ended 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Service Cost – Benefits Earned During the Period $ 257 $ 224 $ 745 $ 696 Interest Cost of Benefit Obligations 377 324 1,135 954 Expected Return on Plan Assets (439 ) (426 ) (1,308 ) (1,254 ) Recognized Net Actuarial Loss 427 150 1,286 460 Amortization of Prior-Service Cost 75 3 225 9 Net Periodic Pension Cost $ 697 $ 275 $ 2,083 $ 865

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	(L) INCOME TAXES Income taxes for the interim period presented have been included in the accompanying financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, we will, when appropriate, include certain items treated as discrete events to arrive at an estimated overall tax amount. The effective tax rate for the nine months ended December 31, 2015 was approximately 32%, compared to an effective tax rate for the nine months ended December 31, 2014 of 33%.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
LONG-TERM DEBT	(M) LONG-TERM DEBT Long-term debt consists of the following: As of December 31, 2015 March 31, 2015 (dollars in thousands) Credit Facility $ 375,000 $ 330,000 Senior Notes 125,714 182,759 Total Debt 500,714 512,759 Less: Current Portion of Long-term Debt (8,000 ) (57,045 ) Total Long-term Debt $ 492,714 $ 455,714 Credit Facility – We have a $500.0 million revolving credit facility (the “Credit Facility”), including a swingline loan sublimit of $25.0 million, which is scheduled to expire on October 30, 2019. Borrowings under the Credit Facility are guaranteed by substantially all of the Company’s subsidiaries. At the option of the Company, outstanding principal amounts on the Credit Facility bear interest at a variable rate equal to (i) LIBOR, plus an agreed margin (ranging from 100 to 225 basis points), which is to be established quarterly based upon the Company’s ratio of consolidated EBITDA, defined as earnings before interest, taxes, depreciation and amortization, to the Company’s consolidated indebtedness (the “Leverage Ratio”), or (ii) an alternative base rate which is the higher of (a) the prime rate or (b) the federal funds rate plus 1 2 The Credit Facility has a $50.0 million letter of credit facility. Under the letter of credit facility, the Company pays a fee at a per annum rate equal to the applicable margin for Eurodollar loans in effect from time to time plus a one-time letter of credit fee in an amount equal to 0.125% of the initial stated amount. At December 31, 2015, we had $9.0 million of letters of credit outstanding. Senior Notes - We entered into a Note Purchase Agreement on November 15, 2005 (the “2005 Note Purchase Agreement”) related to our sale of $200 million of senior, unsecured notes, designated as Series 2005A Senior Notes (the “Series 2005A Senior Notes”) in a private placement transaction. The Series 2005A Senior Notes, which are guaranteed by substantially all of our subsidiaries, were sold at par and issued in three tranches on November 15, 2005. Since entering into the 2005 Note Purchase Agreement, we have repurchased $81.1 million in principal of the Series 2005A Senior Notes (in periods prior to the fiscal year ended March 31, 2013). During November 2012, Tranche A of the Series 2005A Senior Notes matured and we retired the remaining $4.7 million in notes from this Tranche, and during November 2015 Tranche B of the Series 2005A Senior Notes matured and we retired the remaining $57.0 million from this Tranche. Following these repurchases and maturities, the amounts outstanding for each of the remaining tranches are as follows: Principal Maturity Date Interest Rate Tranche C $ 57.2 million November 15, 2017 5.48% Interest for each tranche of Notes is payable semi-annually on the 15 th th We also entered into an additional Note Purchase Agreement on October 2, 2007 (the “2007 Note Purchase Agreement”) related to our sale of $200 million of senior, unsecured notes, designated as Series 2007A Senior Notes (the “Series 2007A Senior Notes”) in a private placement transaction. The Series 2007A Senior Notes, which are guaranteed by substantially all of our subsidiaries, were sold at par and issued in four tranches on October 2, 2007. Since entering into the 2007 Note Purchase Agreement, we have repurchased $122.0 million in principal of the Series 2007A Senior Notes (in periods prior to the fiscal year ended March 31, 2013). During October 2014, Tranche A of the Series 2007A Senior Notes matured and we retired the remaining $9.5 million in notes from this Tranche. Following the repurchase, the amounts outstanding for each of the four tranches are as follows: Principal Maturity Date Interest Rate Tranche B $ 8.0 million October 2, 2016 6.27% Tranche C $ 24.0 million October 2, 2017 6.36% Tranche D $ 36.5 million October 2, 2019 6.48% Interest for each tranche of Notes is payable semi-annually on the second day of April and the second day of October of each year until all principal is paid for the respective tranche. Our obligations under the 2005 Note Purchase Agreement and the 2007 Note Purchase Agreement (collectively referred to as the “Note Purchase Agreements”) and the Series 2005A Senior Notes and the Series 2007A Senior Notes (collectively referred to as “the Senior Notes”) are equal in right of payment with all other senior, unsecured debt of the Company, including our debt under the Credit Facility. The Note Purchase Agreements contain customary restrictive covenants, including covenants that place limits on our ability to encumber our assets, to incur additional debt, to sell assets, or to merge or consolidate with third parties, as well as certain cross covenants with the Credit Facility. We were in compliance with all financial ratios and tests at December 31, 2015. Pursuant to a Subsidiary Guaranty Agreement, substantially all of our subsidiaries have guaranteed the punctual payment of all principal, interest, and Make-Whole Amounts (as defined in the Note Purchase Agreements) on the Senior Notes and the other payment and performance obligations of the Company contained in the Senior Notes and in the Note Purchase Agreements. We are permitted, at our option and without penalty, to prepay from time to time at least 10% of the original aggregate principal amount of the Senior Notes at 100% of the principal amount to be prepaid, together with interest accrued on such amount to be prepaid to the date of payment, plus a Make-Whole Amount. The Make-Whole Amount is computed by discounting the remaining scheduled payments of interest and principal of the Senior Notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of U.S. treasury securities having a maturity equal to the remaining average life of the Senior Notes being prepaid. We are leasing one of our cement plants from the city of Sugar Creek, Missouri. The city of Sugar Creek issued industrial revenue bonds to partly finance improvements to the cement plant. The lease payments due to the city of Sugar Creek under the cement plant lease, which was entered into upon the sale of the industrial revenue bonds, are equal in amount to the payments required to be made by the city of Sugar Creek to the holders of the industrial revenue bonds. Because we are the holder of all of the outstanding industrial revenue bonds, no debt is reflected on our financial statements in connection with our lease of the cement plant. At the conclusion of the lease in fiscal 2021, we have the option to purchase the cement plant for a nominal amount.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	(N) SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities that earn revenues, incur expenses and prepare separate financial information that is evaluated regularly by our chief operating decision maker in order to allocate resources and assess performance. We operate in five business segments: Cement, Gypsum Wallboard, Recycled Paperboard, Oil and Gas Proppants and Concrete and Aggregates. These operations are conducted in the U.S. and include the mining of limestone and the manufacture, production, distribution and sale of Portland cement (a basic construction material which is the essential binding ingredient in concrete), the mining of gypsum and the manufacture and sale of gypsum wallboard, the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters, the sale of readymix concrete and the mining and sale of aggregates (crushed stone, sand and gravel) and sand used in hydraulic fracturing (“frac sand”). The products that we manufacture, distribute and sell are basic materials used with broad application as construction products, building materials, and basic materials used for oil and natural gas extraction. Our construction products are used in residential, industrial, commercial and infrastructure construction and include cement, concrete and aggregates. Our building materials are sold into similar markets and include gypsum wallboard. Our basic materials used for oil and natural gas extraction include frac sand and oil well cement. We operate six cement plants, one slag grinding facility, sixteen cement distribution terminals, five gypsum wallboard plants, including the plant idled in Bernalillo, N.M., a gypsum wallboard distribution center, a recycled paperboard mill, seventeen readymix concrete batch plant locations, three aggregates processing plant locations, three frac sand processing facilities, three frac sand drying facilities and six frac sand trans-load locations. The principal markets for our cement products are Texas, northern Illinois (including Chicago), the central plains, the Rocky Mountains, northern Nevada, and northern California. Gypsum wallboard and recycled paperboard are distributed throughout the continental U.S, with the exception of the northeast. Concrete and aggregates are sold to local readymix producers and paving contractors in the Austin, Texas area, north of Sacramento, California and the greater Kansas City, Missouri area, while frac sand is currently sold into shale deposit zones across the United States. During July 2015, we completed the Skyway Acquisition, which is operated by Illinois Cement Company, and its operations are included in the Cement segment. We conduct one of our six cement plant operations, Texas Lehigh Cement Company LP in Buda, Texas, through a Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenues and operating earnings, which is consistent with the way management reports the segments within the Company for making operating decisions and assessing performance. We account for intersegment sales at market prices. The following table sets forth certain financial information relating to our operations by segment: For the Three Months For the Nine Months Ended December 31, Ended December 31, 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Revenues - Cement $ 135,419 $ 124,048 $ 428,385 $ 397,845 Gypsum Wallboard 108,907 118,573 343,660 342,905 Paperboard 36,822 39,936 111,285 112,994 Oil and Gas Proppants 8,476 31,731 49,608 53,325 Concrete and Aggregates 31,779 27,116 96,982 85,239 Sub-total 321,403 341,404 1,029,920 992,308 Less: Intersegment Revenues (17,986 ) (16,968 ) (56,005 ) (51,096 ) Net Revenues, including Joint Venture 303,417 324,436 973,915 941,212 Less: Joint Venture (26,008 ) (32,907 ) (82,555 ) (98,624 ) Net Revenues $ 277,409 $ 291,529 $ 891,360 $ 842,588 For the Three Months For the Nine Months Ended December 31, Ended December 31, 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Intersegment Revenues - Cement $ 3,714 $ 2,489 $ 11,072 $ 7,760 Paperboard 14,069 14,305 44,216 42,645 Concrete and Aggregates 203 174 717 691 $ 17,986 $ 16,968 $ 56,005 $ 51,096 Cement Sales Volume (in thousands of tons) - Wholly –owned Operations 999 935 3,238 3,135 Joint Venture 213 270 661 837 1,212 1,205 3,899 3,972 For the Three Months For the Nine Months Ended December 31, Ended December 31, 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Operating Earnings - Cement $ 41,768 $ 37,578 $ 116,058 $ 96,535 Gypsum Wallboard 37,289 40,013 118,185 114,443 Paperboard 7,923 9,102 22,091 24,633 Oil and Gas Proppants (9,153 ) 3,241 (59,389 ) 3,315 Concrete and Aggregates 1,521 1,638 7,304 5,959 Other, net 1,163 488 2,170 2,050 Sub-total 80,511 92,060 206,419 246,935 Corporate General and Administrative (8,304 ) (9,371 ) (26,659 ) (23,827 ) Acquisition and Litigation Expense - (722 ) - (2,825 ) Earnings Before Interest and Income Taxes 72,207 81,967 179,760 220,283 Interest Expense, net (4,002 ) (4,101 ) (12,830 ) (12,054 ) Earnings Before Income Taxes $ 68,205 $ 77,866 $ 166,930 $ 208,229 Cement Operating Earnings - Wholly–owned Operations $ 31,285 $ 25,155 $ 86,065 $ 62,261 Joint Venture 10,483 12,423 29,993 34,274 $ 41,768 $ 37,578 $ 116,058 $ 96,535 Capital Expenditures - Cement $ 3,206 $ 3,890 $ 16,705 $ 16,886 Gypsum Wallboard 1,131 1,154 2,831 4,947 Paperboard 650 303 3,918 1,452 Oil and Gas Proppants 5,619 18,421 38,330 32,023 Concrete and Aggregates 9,061 1,128 13,752 9,477 Other - 24 - 174 $ 19,667 $ 24,920 $ 75,536 $ 64,959 Depreciation, Depletion and Amortization - Cement $ 8,390 $ 8,089 $ 24,885 $ 23,959 Gypsum Wallboard 5,445 4,967 15,050 15,096 Paperboard 2,093 2,069 6,209 6,196 Oil and Gas Proppants 7,210 2,673 21,974 3,926 Concrete and Aggregates 1,597 1,465 4,667 4,058 Other, net 476 425 1,460 1,317 $ 25,211 $ 19,688 $ 74,245 $ 54,552 As of December 31, March 31, (dollars in thousands) Identifiable Assets - Cement $ 814,769 $ 777,956 Gypsum Wallboard 382,081 403,279 Paperboard 121,640 123,519 Oil and Gas Proppants 425,128 455,572 Concrete and Aggregates 107,458 96,610 Corporate and Other 37,494 25,655 $ 1,888,570 $ 1,882,591 Segment operating earnings, including the proportionately consolidated 50% interest in the revenues and expenses of the Joint Venture, represent revenues, less direct operating expenses, segment depreciation, and segment selling, general and administrative expenses. Corporate assets consist primarily of cash and cash equivalents, general office assets, miscellaneous other assets and unrecognized tax benefits. The segment breakdown of goodwill is as follows: As of December 31, March 31, 2015 2015 (dollars in thousands) Cement $ 9,729 $ 8,359 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 133,885 $ 132,515 Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts): For the Three Months For the Nine Months 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Revenues $ 52,016 $ 65,815 $ 165,110 $ 197,249 Gross Margin $ 22,388 $ 26,445 $ 64,593 $ 72,282 Earnings Before Income Taxes $ 20,967 $ 24,846 $ 59,987 $ 68,548 As of December 31, March 31, (dollars in thousands) Current Assets $ 73,037 $ 68,399 Non-Current Assets $ 41,695 $ 42,765 Current Liabilities $ 17,019 $ 19,723

INTEREST EXPENSE

INTEREST EXPENSE	9 Months Ended
	Dec. 31, 2015
Banking And Thrift Interest [Abstract]
INTEREST EXPENSE	(O) INTEREST EXPENSE The following components are included in interest expense, net: For the Three Months For the Nine Months 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Interest (Income) $ (2 ) $ (2 ) $ (4 ) $ (5 ) Interest Expense 3,833 3,730 12,289 10,901 Interest Expense – Income Taxes - 174 - 522 Other Expenses 171 199 545 636 Interest Expense, net $ 4,002 $ 4,101 $ 12,830 $ 12,054 Interest income includes interest on investments of excess cash. Components of interest expense include interest associated with the Senior Notes, the Credit Facility and commitment fees based on the unused portion of the Credit Facility. Other expenses include amortization of debt issuance costs, and credit facility costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	(P) COMMITMENTS AND CONTINGENCIES We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation and auto and general liability self-insurance. At December 31, 2015, we had contingent liabilities under these outstanding letters of credit of approximately $9.0 million. In the ordinary course of business, we execute contracts involving indemnifications that are standard in the industry and indemnifications specific to a transaction such as sale of a business. These indemnifications may include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; construction contracts and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. We currently have no outstanding guarantees. We are currently contingently liable for performance under $13.6 million in performance bonds required by certain states and municipalities, and their related agencies. The bonds are principally for certain reclamation obligations and mining permits. We have indemnified the underwriting insurance company against any exposure under the performance bonds. In our past experience, no material claims have been made against these financial instruments. EPA Notice of Violation On October 5, 2010, Region IX of the EPA issued a Notice of Violation and Finding of Violation (“NOV”) alleging violations by our subsidiary, Nevada Cement Company (“NCC”), of the Clean Air Act (“CAA”). The NOV alleges that NCC made certain physical changes to its facility in the 1990s without first obtaining permits required by the Prevention of Significant Deterioration requirements and Title V permit requirements of the CAA. The EPA also alleges that NCC has failed to submit to the EPA since 2002 certain reports required by the National Emissions Standard for Hazardous Air Pollutants General Provisions and the Portland Cement Manufacturing Industry Standards. On March 12, 2014, the EPA Region IX issued a second NOV to NCC. The second NOV is materially similar to the 2010 NOV except that it alleges violations of the new source performance standards (“NSPS”) for Portland cement plants. The NOVs state that the EPA may seek penalties although it does not propose or assess any specific level of penalties or specify what relief the EPA will seek for the alleged violations. NCC believes it has meritorious defenses to the allegations in the NOVs. NCC met with the EPA in December 2010, September 2012 and May 2014 to present its defenses and to discuss a resolution of the alleged violations. The EPA and NCC remain in discussions regarding the alleged violations. If a negotiated settlement cannot be reached, NCC intends to vigorously defend these matters in any enforcement action that may be pursued by the EPA. As a part of a settlement, or should NCC fail in its defense in any enforcement action, NCC could be required to make substantial capital expenditures to modify its facility and incur increased operating costs. NCC could also be required to pay significant civil penalties. Additionally, an enforcement action could take many years to resolve the underlying issues alleged in the NOV. We are currently unable to determine the final outcome of this matter or the impact of an unfavorable determination upon our financial position or results of operations. Domestic Wallboard Antitrust Litigation Since late December 2012, several purported class action lawsuits were filed in various United States District Courts, including the Eastern District of Pennsylvania, Western District of North Carolina and the Northern District of Illinois, against the Company’s subsidiary, American Gypsum Company LLC (“American Gypsum”), alleging that American Gypsum conspired with other wallboard manufacturers to fix the price for drywall sold in the United States in violation of federal antitrust laws and, in some cases related provisions of state law. The complaints allege that the defendant wallboard manufacturers conspired to increase prices through the announcement and implementation of coordinated price increases, output restrictions, and other restraints of trade, including the elimination of individual “job quote” pricing. In addition to American Gypsum, the defendants in these lawsuits include CertainTeed Corp., USG Corporation and United States Gypsum (together “USG”), New NGC, Inc., Lafarge North America, Temple Inland Inc. (“TIN”) and PABCO Building Products LLC. On April 8, 2013, the Judicial Panel on Multidistrict Litigation (“JPML”) transferred and consolidated all related cases to the Eastern District of Pennsylvania for coordinated pretrial proceedings. On June 24, 2013, the direct and indirect purchaser plaintiffs filed consolidated amended class action complaints. The direct purchasers’ complaint added the Company as a defendant. The plaintiffs in the consolidated class action lawsuits bring claims on behalf of purported classes of direct or indirect purchasers of wallboard from January 1, 2012 to the present for unspecified monetary damages (including treble damages) and in some cases injunctive relief. On July 29, 2013, the Company and American Gypsum answered the complaints, denying all allegations that they conspired to increase the price of drywall and asserting affirmative defenses to the plaintiffs’ claims. In 2014, USG and TIN entered into agreements with counsel representing the direct and indirect purchaser classes pursuant to which they agreed to settle all claims against them. On August 20, 2015, the court granted final approval of USG and TIN’s settlements with the direct and indirect purchaser plaintiffs. Initial discovery in this litigation is complete. American Gypsum denies the allegations in these lawsuits and will vigorously defend itself against these claims. At this stage we are unable to estimate the amount of any reasonably possible loss or range of reasonably possible losses associated with these lawsuits. Defendants’ motions for summary judgement were filed in the class actions in the first quarter of fiscal 2016 and a hearing on the motion occurred on November 23, 2015. The judge has not yet made a ruling on the motion for summary judgement. On March 17, 2015, a group of homebuilders filed a complaint against the defendants, including American Gypsum, based upon the same conduct alleged in the consolidated class action complaints. On March 24, 2015, the JPML transferred this action to the multidistrict litigation already pending in the Eastern District of Pennsylvania. In June 2015, American Gypsum and an employee received grand jury subpoenas from the United States District Court for the Western District of North Carolina seeking information regarding an investigation of the gypsum drywall industry by the Antitrust Division of the Department of Justice. We believe the investigation, although a separate proceeding, is related to the same subject matter at issue in the litigation described above and we intend to fully cooperate with government officials. Given its preliminary nature, we are currently unable to determine the ultimate outcome of such investigation.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	(Q) FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Notes at December 31, 2015 is as follows: Fair Value (dollars in thousands) Series 2005A Tranche C $ 59,467 Series 2007A Tranche B 8,203 Series 2007A Tranche C 25,264 Series 2007A Tranche D 39,828 The estimated fair value of our long-term debt was based on quoted prices of similar debt instruments with similar terms that are publicly traded (level 2 input). The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable and accrued liabilities approximate their fair values at December 31, 2015 due to the short-term maturities of these assets and liabilities. The fair value of our Credit Facility also approximates its carrying value at December 31, 2015.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB delayed the implementation of this standard by one year. The standard will now be effective for us in the first quarter of fiscal 2019, with early adoption not permitted. There are two transition methods available under the new standard, either modified or full retrospective. We are currently evaluating the impact of this ASU and have not yet selected a transition method. In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 830-30)”. This Standard requires that discounts, premiums or debt issue costs related to borrowings be reported in the balance sheet as a direct reduction of the associated borrowing. The standard will be effective for us in the first quarter of fiscal 2017, and earlier application is permitted for financial statements that have not been previously issued. This impact of adopting this ASU is not expected to be material. In November 2015, the Financial Accounting Standards Board issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes (Topic 740)”. This standard simplifies the presentation of deferred taxes by requiring all deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet, resulting in each tax jurisdiction having only one net noncurrent deferred asset or liability. The standard will be effective for us in the first quarter of fiscal 2017, with early adoption permitted at the beginning of an interim or annual reporting period. This guidance may be applied prospectively or retrospectively by reclassifying the comparative balance sheet. The impact of adopting this ASU will not have a material impact on our financial position. In July 2015, the Financial Accounting Standards Board issued ASU 2015-11, “Simplifying the Measurement of Inventory”. This standard requires inventory to be measured at the lower of cost or net realizable value, which is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard will be effective for us in the first quarter of fiscal 2017, with early adoption permitted at the beginning of an annual or interim reporting period. Prospective application is required. This impact of adopting this ASU is not expected to be material. In September 2015, the Financial Accounting Standards Board issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments”. This standard eliminates the requirement to restate prior period financial statements for measurement period adjustments. The cumulative impact of measurement period adjustments, including those in prior periods, will now be recognized in the reporting period in which the adjustment is made. The cumulative adjustment should be reflected in the financial statements within the respective line items impacted. Additionally, companies must present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the adjustment recorded in the current period earnings by line item that would have been recorded in previous periods if the adjustment to the provisional amounts had been recognized on the acquisition date. This standard is effective for annual periods beginning after December 15, 2016 and interim periods beginning after December 31, 2017. Early adoption is permitted for all entities. We adopted this standard on October 1, 2015, with no material impact to our results of operations or financial position.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Including Impact of Impairment Charge	Intangible assets, including the impact of the impairment charge discussed above, consist of the following: Cost at Amortization for Impairment Accumulated Net (dollars in thousands) Goodwill and Intangible Assets: Customer Contracts and Relationships $ 63,260 $ 9,480 $ 28,354 $ (43,828 ) $ 19,432 Sales Contracts 2,500 468 - (1,926 ) $ 574 Permits 27,440 519 - (6,415 ) $ 21,025 Goodwill 133,885 - - - $ 133,885 Total Goodwill and Intangible Assets $ 227,085 $ 10,467 $ 28,354 $ (52,169 ) $ 174,916 March 31, 2015 Amortization Period Cost Accumulated Amortization Net (dollars in thousands) Goodwill and Intangible Assets: Customer contracts and relationships 5-15 years $ 62,060 $ (5,994 ) $ 56,066 Sales contracts 4 years 2,500 (1,458 ) 1,042 Permits 40 years 27,440 (5,896 ) 21,544 Goodwill 132,515 - 132,515 Total Goodwill and Intangible Assets $ 224,515 $ (13,348 ) $ 211,167

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Components of Purchase Price Allocation	The following table summarizes the allocation of the CRS Purchase Price to assets acquired and liabilities assumed as of the acquisition date: Purchase price allocation (in thousands) As of November 14, 2014 Cash and cash equivalents $ 219 Accounts Receivable 14,640 Inventories 9,627 Prepaid and Other Assets 753 Property and Equipment 197,238 Intangible Assets 56,200 Indemnity under Sales Agreement 14,810 Accounts Payable and Accrued Liabilities (8,428 ) Obligations under Long-term Sales Agreements (28,131 ) Asset Retirement Obligation (4,112 ) Deferred Taxes (16,765 ) Total Net Assets 236,051 Goodwill - Total Estimated Purchase Price $ 236,051
Summary of Preliminary Fair Value Estimates of Identifiable Intangible Assets and Weighted-Average Useful Lives	The following table is a summary of the preliminary fair value estimates of the identifiable intangible assets (in thousands) and their weighted-average useful lives: Weighted Average Life Estimated Fair Value Customer Relationships 4 56,000 Permits 40 200 Total Intangible Assets $ 56,200
Net Sales and Operating Income (Loss) of CRS Proppants	The following table presents the net sales and operating loss of CRS Proppants that have been included in our consolidated statement of earnings from April 1, 2015 through December 31, 2015: For the Three Months For the Nine Months 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Revenues $ 7,864 $ 9,452 $ 39,088 $ 9,452 Operating Income (Loss) $ (5,765 ) $ 223 $ (51,406 ) $ 223
Unaudited Pro Forma Results	Three Months Ended December 31, Nine Months Ended December 31, (dollars in thousands) Revenues $ 303,043 $ 900,975 Net Income $ 53,142 $ 145,010 Earnings per share - basic $ 1.07 $ 2.92 Earnings per share - diluted $ 1.05 $ 2.88

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of Changes in Stockholders' Equity	A summary of changes in stockholders’ equity follows: For the Nine Months Ended December 31, 2015 (dollars in thousands) Common Stock – Balance at Beginning of Period $ 502 Share Repurchase and Retirement (12 ) Stock Option Exercises and Restricted Share Vesting 3 Balance at End of Period 493 Capital in Excess of Par Value – Balance at Beginning of Period 272,441 Stock Compensation Expense 12,292 Shares Redeemed to Settle Employee Taxes (1,815 ) Stock Option Exercises 5,082 Share Repurchases and Retirement (76,219 ) Balance at End of Period 211,781 Retained Earnings – Balance at Beginning of Period 749,717 Dividends Declared to Stockholders (14,995 ) Net Earnings 113,429 Balance at End of Period 848,151 Accumulated Other Comprehensive Loss - Balance at Beginning of Period (12,067 ) Change in Funded Status of Pension Plan, net of tax 958 Balance at End of Period (11,109 ) Total Stockholders’ Equity $ 1,049,316

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Schedule Of Inventories	Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or market, and consist of the following: As of December 31, March 31, (dollars in thousands) Raw Materials and Material-in-Progress $ 111,401 $ 115,345 Finished Cement 19,022 20,508 Gypsum Wallboard 7,064 7,741 Finished Frac Sand 4,925 4,928 Aggregates 10,721 11,131 Paperboard 6,889 8,493 Repair Parts and Supplies 66,116 62,121 Fuel and Coal 6,309 5,197 $ 232,447 $ 235,464

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: As of December 31, March 31, (dollars in thousands) Payroll and Incentive Compensation $ 21,155 $ 19,082 Benefits 9,935 9,951 Interest 1,490 4,524 Property Taxes 2,639 3,189 Power and Fuel 1,217 1,619 Sales and Use Tax 536 523 Legal 1,793 1,673 Other 7,985 6,269 $ 46,750 $ 46,830

SHARE-BASED EMPLOYEE COMPENSA30

SHARE-BASED EMPLOYEE COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Weighted-Average Assumptions Used to Value Option Awards	The weighted-average assumptions used in the Black-Scholes model to value the option awards in fiscal 2016 are as follows: Fiscal 2016 Dividend Yield 2.0% Expected Volatility 36.5% Risk Free Interest Rate 1.7% Expected Life 6.0 years
Stock Option Activity	The following table represents stock option activity for the nine months ended December 31, 2015: Number Weighted- Outstanding Options at Beginning of Period 1,665,565 $ 46.37 Granted 293,572 $ 81.48 Exercised (97,410 ) $ 26.47 Cancelled (21,000 ) $ 86.35 Outstanding Options at End of Period 1,840,727 $ 52.57 Options Exercisable at End of Period 1,270,961 $ 40.81 Weighted-Average Fair Value of Options Granted during the Period $ 24.76
Stock Options Outstanding	The following table summarizes information about stock options outstanding at December 31, 2015: Outstanding Options Exercisable Options Range of Exercise Prices Number of Weighted - Weighted - Number of Weighted - $23.17 – $ 30.74 504,200 4.11 $ 26.65 502,200 $ 26.64 $33.08 – $ 37.95 478,868 6.16 $ 33.96 458,868 $ 33.92 $53.22 – $ 74.10 282,936 7.07 $ 66.60 194,325 $ 66.63 $79.73 – $ 93.56 574,723 9.00 $ 83.90 115,568 $ 86.33 1,840,727 6.63 $ 52.57 1,270,961 $ 40.81

COMPUTATION OF EARNINGS PER S31

COMPUTATION OF EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Common Shares Outstanding	The calculation of basic and diluted common shares outstanding is as follows: For the Three Months For the Nine Months 2015 2014 2015 2014 Weighted-Average Shares of Common Stock Outstanding 49,187,738 49,655,405 49,593,821 49,583,210 Common Equivalent Shares: Assumed Exercise of Outstanding Dilutive Options 1,017,117 1,349,997 1,208,130 1,418,957 Less: Shares Repurchased from Assumed Proceeds of Assumed Exercised Options (669,209 ) (893,874 ) (803,972 ) (920,113 ) Restricted Shares 234,374 299,619 232,112 293,565 Weighted-Average Common and Common Equivalent Shares Outstanding 49,770,020 50,411,147 50,230,091 50,375,619 Shares Excluded Due to Anti-dilution Effects 826,610 279,651 627,090 206,702

PENSION AND EMPLOYEE BENEFIT 32

PENSION AND EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]
Components of Net Periodic Cost	The following table shows the components of net periodic cost for our plans: For the Three Months Ended For the Nine Months ended 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Service Cost – Benefits Earned During the Period $ 257 $ 224 $ 745 $ 696 Interest Cost of Benefit Obligations 377 324 1,135 954 Expected Return on Plan Assets (439 ) (426 ) (1,308 ) (1,254 ) Recognized Net Actuarial Loss 427 150 1,286 460 Amortization of Prior-Service Cost 75 3 225 9 Net Periodic Pension Cost $ 697 $ 275 $ 2,083 $ 865

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Dec. 31, 2015
Debt Instrument [Line Items]
Long-Term Debt	Long-term debt consists of the following: As of December 31, 2015 March 31, 2015 (dollars in thousands) Credit Facility $ 375,000 $ 330,000 Senior Notes 125,714 182,759 Total Debt 500,714 512,759 Less: Current Portion of Long-term Debt (8,000 ) (57,045 ) Total Long-term Debt $ 492,714 $ 455,714
2005 Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Amount Outstanding of Tranches	Following these repurchases and maturities, the amounts outstanding for each of the remaining tranches are as follows: Principal Maturity Date Interest Rate Tranche C $ 57.2 million November 15, 2017 5.48%
2007 Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Amount Outstanding of Tranches	Following the repurchase, the amounts outstanding for each of the four tranches are as follows: Principal Maturity Date Interest Rate Tranche B $ 8.0 million October 2, 2016 6.27% Tranche C $ 24.0 million October 2, 2017 6.36% Tranche D $ 36.5 million October 2, 2019 6.48%

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Financial Information Related to Operations by Segment	The following table sets forth certain financial information relating to our operations by segment: For the Three Months For the Nine Months Ended December 31, Ended December 31, 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Revenues - Cement $ 135,419 $ 124,048 $ 428,385 $ 397,845 Gypsum Wallboard 108,907 118,573 343,660 342,905 Paperboard 36,822 39,936 111,285 112,994 Oil and Gas Proppants 8,476 31,731 49,608 53,325 Concrete and Aggregates 31,779 27,116 96,982 85,239 Sub-total 321,403 341,404 1,029,920 992,308 Less: Intersegment Revenues (17,986 ) (16,968 ) (56,005 ) (51,096 ) Net Revenues, including Joint Venture 303,417 324,436 973,915 941,212 Less: Joint Venture (26,008 ) (32,907 ) (82,555 ) (98,624 ) Net Revenues $ 277,409 $ 291,529 $ 891,360 $ 842,588 For the Three Months For the Nine Months Ended December 31, Ended December 31, 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Intersegment Revenues - Cement $ 3,714 $ 2,489 $ 11,072 $ 7,760 Paperboard 14,069 14,305 44,216 42,645 Concrete and Aggregates 203 174 717 691 $ 17,986 $ 16,968 $ 56,005 $ 51,096 Cement Sales Volume (in thousands of tons) - Wholly –owned Operations 999 935 3,238 3,135 Joint Venture 213 270 661 837 1,212 1,205 3,899 3,972 For the Three Months For the Nine Months Ended December 31, Ended December 31, 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Operating Earnings - Cement $ 41,768 $ 37,578 $ 116,058 $ 96,535 Gypsum Wallboard 37,289 40,013 118,185 114,443 Paperboard 7,923 9,102 22,091 24,633 Oil and Gas Proppants (9,153 ) 3,241 (59,389 ) 3,315 Concrete and Aggregates 1,521 1,638 7,304 5,959 Other, net 1,163 488 2,170 2,050 Sub-total 80,511 92,060 206,419 246,935 Corporate General and Administrative (8,304 ) (9,371 ) (26,659 ) (23,827 ) Acquisition and Litigation Expense - (722 ) - (2,825 ) Earnings Before Interest and Income Taxes 72,207 81,967 179,760 220,283 Interest Expense, net (4,002 ) (4,101 ) (12,830 ) (12,054 ) Earnings Before Income Taxes $ 68,205 $ 77,866 $ 166,930 $ 208,229 Cement Operating Earnings - Wholly–owned Operations $ 31,285 $ 25,155 $ 86,065 $ 62,261 Joint Venture 10,483 12,423 29,993 34,274 $ 41,768 $ 37,578 $ 116,058 $ 96,535 Capital Expenditures - Cement $ 3,206 $ 3,890 $ 16,705 $ 16,886 Gypsum Wallboard 1,131 1,154 2,831 4,947 Paperboard 650 303 3,918 1,452 Oil and Gas Proppants 5,619 18,421 38,330 32,023 Concrete and Aggregates 9,061 1,128 13,752 9,477 Other - 24 - 174 $ 19,667 $ 24,920 $ 75,536 $ 64,959 Depreciation, Depletion and Amortization - Cement $ 8,390 $ 8,089 $ 24,885 $ 23,959 Gypsum Wallboard 5,445 4,967 15,050 15,096 Paperboard 2,093 2,069 6,209 6,196 Oil and Gas Proppants 7,210 2,673 21,974 3,926 Concrete and Aggregates 1,597 1,465 4,667 4,058 Other, net 476 425 1,460 1,317 $ 25,211 $ 19,688 $ 74,245 $ 54,552 As of December 31, March 31, (dollars in thousands) Identifiable Assets - Cement $ 814,769 $ 777,956 Gypsum Wallboard 382,081 403,279 Paperboard 121,640 123,519 Oil and Gas Proppants 425,128 455,572 Concrete and Aggregates 107,458 96,610 Corporate and Other 37,494 25,655 $ 1,888,570 $ 1,882,591
Segment Breakdown of Goodwill	The segment breakdown of goodwill is as follows: As of December 31, March 31, 2015 2015 (dollars in thousands) Cement $ 9,729 $ 8,359 Gypsum Wallboard 116,618 116,618 Paperboard 7,538 7,538 $ 133,885 $ 132,515
Summarized Financial Information for Joint Venture Unconsolidated	Summarized financial information for the Joint Venture that is not consolidated is set out below (this summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts): For the Three Months For the Nine Months 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Revenues $ 52,016 $ 65,815 $ 165,110 $ 197,249 Gross Margin $ 22,388 $ 26,445 $ 64,593 $ 72,282 Earnings Before Income Taxes $ 20,967 $ 24,846 $ 59,987 $ 68,548 As of December 31, March 31, (dollars in thousands) Current Assets $ 73,037 $ 68,399 Non-Current Assets $ 41,695 $ 42,765 Current Liabilities $ 17,019 $ 19,723

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	9 Months Ended
	Dec. 31, 2015
Banking And Thrift Interest [Abstract]
Interest Expense, Net	The following components are included in interest expense, net: For the Three Months For the Nine Months 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Interest (Income) $ (2 ) $ (2 ) $ (4 ) $ (5 ) Interest Expense 3,833 3,730 12,289 10,901 Interest Expense – Income Taxes - 174 - 522 Other Expenses 171 199 545 636 Interest Expense, net $ 4,002 $ 4,101 $ 12,830 $ 12,054

FAIR VALUE OF FINANCIAL INSTR36

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Senior Notes	The fair value of our long-term debt has been estimated based upon our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Notes at December 31, 2015 is as follows: Fair Value (dollars in thousands) Series 2005A Tranche C $ 59,467 Series 2007A Tranche B 8,203 Series 2007A Tranche C 25,264 Series 2007A Tranche D 39,828

Goodwill And Intangible Asset37

Goodwill And Intangible Assets - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Jul. 31, 2015	Dec. 31, 2015	Mar. 31, 2015	Jul. 30, 2012
Finite Lived Intangible Assets [Line Items]
Impairment of Intangible Assets		$ 28,354,000
Indication of additional impairment		0
Intangible Assets, Amortization		10,467,000	$ 5,700,000
Amortization expense, expected, for the remainder of the fiscal year 2016		2,500,000
Amortization expense, expected, for fiscal year 2017		9,200,000
Amortization expense, expected, for fiscal year 2018		3,200,000
Amortization expense, expected, for fiscal year 2019		3,200,000
Amortization expense, expected, for fiscal year 2020		2,200,000
Finite-Lived Intangible Assets, Amortization Expense, after Year Five		1,300,000
Skyway Plant [Member]
Finite Lived Intangible Assets [Line Items]
Approximate increase in goodwill during period	$ 1,400,000
Sand [Member]
Finite Lived Intangible Assets [Line Items]
Customer advances				$ 15,000,000
Sand [Member] | Other Long-term Liabilities [Member]
Finite Lived Intangible Assets [Line Items]
Customer advances		12,500,000
Customer Contracts And Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Impairment of Intangible Assets		28,354,000
Intangible Assets, Net		19,432,000	$ 56,066,000
Intangible Assets, Amortization		9,480,000
Customer Contracts And Relationships [Member] | Skyway Plant [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 1,200,000
Oil and Gas Proppants [Member] | Customer Contracts And Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Net		$ 14,300,000

Schedule of Intangible Assets,

Schedule of Intangible Assets, Including Impact of Impairment Charge (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Amortization	$ 10,467	$ 5,700
Intangible Assets, Impairment	28,354
Intangible Assets, Accumulated Amortization	(52,169)	(13,348)
Goodwill, Cost	133,885	132,515
Goodwill, Net	133,885	132,515
Total Goodwill and Intangible Assets, Cost	227,085	224,515
Total Goodwill and Intangible Assets, Impairment	28,354
Total Goodwill and Intangible Assets, Net	174,916	211,167
Customer Contracts And Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Cost	63,260	62,060
Intangible Assets, Amortization	9,480
Intangible Assets, Impairment	28,354
Intangible Assets, Accumulated Amortization	(43,828)	(5,994)
Intangible Assets, Net	19,432	$ 56,066
Customer Contracts And Relationships [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Useful Life		5 years
Customer Contracts And Relationships [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Useful Life		15 years
Sales Contracts [Member]
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Cost	2,500	$ 2,500
Intangible Assets, Amortization	468
Intangible Assets, Accumulated Amortization	(1,926)	(1,458)
Intangible Assets, Net	574	$ 1,042
Intangible Assets, Useful Life		4 years
Permits [Member]
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Cost	27,440	$ 27,440
Intangible Assets, Amortization	519
Intangible Assets, Accumulated Amortization	(6,415)	(5,896)
Intangible Assets, Net	$ 21,025	$ 21,544
Intangible Assets, Useful Life		40 years

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	Jan. 31, 2017USD ($)	Jan. 31, 2016USD ($)	Jul. 10, 2015USD ($)T	Dec. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2015USD ($)	Nov. 14, 2014USD ($)
Business Acquisition [Line Items]
Intangible Assets, Impairment							$ 28,354
Operating Income (Loss)				$ 80,511		$ 92,060	206,419	$ 246,935
Intangible Assets				56,200			56,200
Goodwill				133,885			133,885		$ 132,515
CRS Proppants [Member]
Business Acquisition [Line Items]
Business acquisition purchase price							236,100		$ 237,200
In-process capital expenditures										$ 197,238
Business acquisition reduction in purchase price					$ 1,100
Increase in deferred tax liabilities				3,000
Increase in taxes payable				1,500
Increase in property and equipment				4,500
Depreciation and amortization				5,400			16,700
Non cash charges and inventory write-offs							55,000
Intangible Assets, Impairment							28,400
Write-down of raw sand inventory							9,400
Operating Income (Loss)				(5,765)		223	(51,406)	223
Direct acquisition cost						$ 2,100		$ 2,100
Accounts and notes receivable										14,640
Inventories										9,627
Intangible Assets										$ 56,200
CRS Proppants [Member] | Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Operating Income (Loss)							(500)
CRS Proppants [Member] | In-Process Capital Expenditures [Member]
Business Acquisition [Line Items]
In-process capital expenditures				$ 8,900			$ 8,900
Skyway Plant [Member]
Business Acquisition [Line Items]
Business acquisition purchase price			$ 29,900
In-process capital expenditures			$ 24,600
Ground granulated blast furnace slag purchased | T			600,000
Business acquisition, refund receivable			$ 2,500
Accounts and notes receivable			1,900
Inventories			2,300
Intangible Assets			1,200
Goodwill			1,400
Other assets			$ 1,000
Skyway Plant [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Business acquisition, refund received		$ 1,500
Skyway Plant [Member] | Scenario Forecast [Member]
Business Acquisition [Line Items]
Business acquisition, refund received	$ 1,000

Components of Purchase Price Al

Components of Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015	Nov. 14, 2014
Business Acquisition [Line Items]
Intangible Assets	$ 56,200
Goodwill	$ 133,885	$ 132,515
CRS Proppants [Member]
Business Acquisition [Line Items]
Cash and cash equivalents			$ 219
Accounts Receivable			14,640
Inventories			9,627
Prepaid and Other Assets			753
Property and Equipment			197,238
Intangible Assets			56,200
Indemnity under Sales Agreement			14,810
Accounts Payable and Accrued Liabilities			(8,428)
Obligations under Long-term Sales Agreements			(28,131)
Asset Retirement Obligation			(4,112)
Deferred Taxes			(16,765)
Total Net Assets			236,051
Total Estimated Purchase Price			$ 236,051

Summary of Preliminary Fair Val

Summary of Preliminary Fair Value Estimates of Identifiable Intangible Assets and Weighted-Average Useful Lives (Detail) $ in Thousands	9 Months Ended
	Dec. 31, 2015USD ($)
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 56,200
Customer Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Weighted Average Life	4 years
Estimated Fair Value	$ 56,000
Permits [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Weighted Average Life	40 years
Estimated Fair Value	$ 200

Net Sales and Operating Income

Net Sales and Operating Income (Loss) of CRS Proppants (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Revenues	$ 277,409	$ 291,529	$ 891,360	$ 842,588
Operating Income (Loss)	80,511	92,060	206,419	246,935
CRS Proppants [Member]
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Revenues	7,864	9,452	39,088	9,452
Operating Income (Loss)	$ (5,765)	$ 223	$ (51,406)	$ 223

Unaudited Pro Forma Results (De

Unaudited Pro Forma Results (Detail) - CRS Proppants [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Revenues	$ 303,043	$ 900,975
Net Income	$ 53,142	$ 145,010
Earnings per share - basic	$ 1.07	$ 2.92
Earnings per share - diluted	$ 1.05	$ 2.88

Cash Flow Information - Suppl44

Cash Flow Information - Supplemental - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Cash payments made for interest	$ 15	$ 13.6
Net payments made for federal and state income taxes	$ 64.8	$ 60

Accounts and Notes Receivable -

Accounts and Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Mar. 31, 2015
Receivables [Abstract]
Allowance for doubtful accounts		$ 9.2	$ 7.1
Increased allowance for doubtful accounts	$ 2
Notes receivable, total		3.2
Notes receivable, current		$ 0.5
Notes receivable interest rate		3.50%
Notes receivable, maturity year		2,017

Summary of Change in Stockholde

Summary of Change in Stockholder's Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stockholders Equity Note [Line Items]
Balance at Beginning of Period			$ 1,010,593
Net Earnings	$ 45,848	$ 52,030	113,429	$ 140,059
Balance at End of Period	1,049,316		1,049,316
Common Stock [Member]
Stockholders Equity Note [Line Items]
Balance at Beginning of Period			502
Share Repurchases and Retirement			(12)
Stock Option Exercises and Restricted Share Vesting			3
Balance at End of Period	493		493
Capital in Excess of Par Value [Member]
Stockholders Equity Note [Line Items]
Balance at Beginning of Period			272,441
Stock Compensation Expense			12,292
Shares Redeemed to Settle Employee Taxes			(1,815)
Stock Option Exercises			5,082
Share Repurchases and Retirement			(76,219)
Balance at End of Period	211,781		211,781
Retained Earnings [Member]
Stockholders Equity Note [Line Items]
Balance at Beginning of Period			749,717
Dividends Declared to Stockholders			(14,995)
Net Earnings			113,429
Balance at End of Period	848,151		848,151
Accumulated Other Comprehensive Loss [Member]
Stockholders Equity Note [Line Items]
Balance at Beginning of Period			(12,067)
Change in Funded Status of Pension Plan, net of tax			958
Balance at End of Period	$ (11,109)		$ (11,109)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - $ / shares	9 Months Ended
	Dec. 31, 2015	Aug. 10, 2015
Equity [Abstract]
Number of additional shares authorized to be repurchased		6,782,700
Outstanding authorization shares		7,500,000
Repurchase of shares	1,124,000
Shares repurchased average price	$ 67.84
Stock repurchase remaining number of shares authorized to be repurchased	6,376,000

Schedule of Inventories (Detail

Schedule of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Inventory [Line Items]
Inventories	$ 232,447	$ 235,464
Raw Materials and Material-in-Progress [Member]
Inventory [Line Items]
Inventories	111,401	115,345
Finished Cement [Member]
Inventory [Line Items]
Inventories	19,022	20,508
Gypsum Wallboard [Member]
Inventory [Line Items]
Inventories	7,064	7,741
Finished Frac Sand [Member]
Inventory [Line Items]
Inventories	4,925	4,928
Aggregates [Member]
Inventory [Line Items]
Inventories	10,721	11,131
Paperboard [Member]
Inventory [Line Items]
Inventories	6,889	8,493
Repair Parts and Supplies [Member]
Inventory [Line Items]
Inventories	66,116	62,121
Fuel and Coal [Member]
Inventory [Line Items]
Inventories	$ 6,309	$ 5,197

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Accounts Payable And Accrued Liabilities Current [Abstract]
Payroll and Incentive Compensation	$ 21,155	$ 19,082
Benefits	9,935	9,951
Interest	1,490	4,524
Property Taxes	2,639	3,189
Power and Fuel	1,217	1,619
Sales and Use Tax	536	523
Legal	1,793	1,673
Other	7,985	6,269
Accrued expenses, total	$ 46,750	$ 46,830

Share-Based Employee Compensa50

Share-Based Employee Compensation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended		3 Months Ended			9 Months Ended
	Aug. 31, 2015	Jun. 30, 2015	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Aug. 07, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant			4,548,204			4,548,204		3,000,000
Stock option expense			$ 1.9		$ 1.4	$ 6.1	$ 4.8
Aggregate intrinsic value for outstanding options			14.5			14.5
Aggregate intrinsic value of exercisable options			24.9			24.9
Total intrinsic value of options exercised						5.2
Restricted stock or unit expense			2.1		$ 1.7	6.3	$ 5
Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant								1,500,000
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost, stock options			11.8			$ 11.8
Weighted-average period of recognition of unrecognized compensation cost						2 years 2 months 12 days
Stock Options [Member] | Long Term Compensation Plan [Member] | Employee [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, granted				268,571
Share-based compensation vesting period				3 years
Share-based compensation award expiration term				10 years
Stock Options [Member] | Long Term Compensation Plan [Member] | Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, granted	17,501
Share-based compensation award expiration term	10 years
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant	15,139	93,782		93,782
Weighted-average period of recognition of unrecognized compensation cost						2 years 4 months 24 days
Employee restricted stock award plan description						The performance criterion for the Fiscal 2016 Employee Restricted Stock Award is based upon the achievement of certain levels of return on equity, ranging from 12.5% to 17.5%, for fiscal year ending March 31, 2016. All restricted shares will be earned if the return on equity is 17.5% or greater, and the percentage of shares earned will be reduced proportionately to approximately 75% if the return on equity is 12.5%. If the Company does not achieve a return on equity of at least 12.5%, all awards will be forfeited. If the criteria are met, the award may be reduced by the Compensation Committee based on individual performance goals.
Reduced percentage of restricted shares		75.00%
Unrecognized compensation cost			$ 18			$ 18
Restricted Stock [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting date		Mar. 31, 2017
Percentage of average return on invested capital		12.50%
Restricted Stock [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting date		Mar. 31, 2020
Percentage of average return on invested capital		17.50%
Restricted Stock [Member] | Board of Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting period		5 years

Weighted-Average Assumptions Us

Weighted-Average Assumptions Used to Value Option Awards (Detail) - Long Term Compensation Plan [Member] - Stock Options [Member]	9 Months Ended
	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend Yield	2.00%
Expected Volatility	36.50%
Risk Free Interest Rate	1.70%
Expected Life	6 years

Stock Option Activity (Detail)

Stock Option Activity (Detail)	9 Months Ended
	Dec. 31, 2015$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding Options at Beginning of Period | shares	1,665,565
Number of Shares, Granted | shares	293,572
Number of Shares, Exercised | shares	(97,410)
Number of Shares, Cancelled | shares	(21,000)
Number of Shares, Outstanding Options at End of Period | shares	1,840,727
Number of Shares, Options Exercisable at End of Period | shares	1,270,961
Weighted-Average Exercise Price, Weighted-Average Fair Value of Options Granted during the Period	$ 24.76
Weighted-Average Exercise Price, Outstanding Options at Beginning of Period	46.37
Weighted-Average Exercise Price, Granted	81.48
Weighted-Average Exercise Price, Exercised	26.47
Weighted-Average Exercise Price, Cancelled	86.35
Weighted-Average Exercise Price, Outstanding Options at End of Period	52.57
Weighted-Average Exercise Price, Options Exercisable at End of Period	$ 40.81

Stock Options Outstanding (Deta

Stock Options Outstanding (Detail)	9 Months Ended
	Dec. 31, 2015$ / sharesshares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Options Outstanding, Number of Shares Outstanding | shares	1,840,727
Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 7 months 17 days
Options Outstanding, Weighted-Average Exercise Price	$ 52.57
Options Exercisable, Number of Shares Outstanding | shares	1,270,961
Options Exercisable, Weighted-Average Exercise Price	$ 40.81
$23.17 – $ 30.74 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	23.17
Range of Exercise Prices, Upper Range	$ 30.74
Options Outstanding, Number of Shares Outstanding | shares	504,200
Options Outstanding, Weighted-Average Remaining Contractual Life	4 years 1 month 10 days
Options Outstanding, Weighted-Average Exercise Price	$ 26.65
Options Exercisable, Number of Shares Outstanding | shares	502,200
Options Exercisable, Weighted-Average Exercise Price	$ 26.64
$33.08 – $ 37.95 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	33.08
Range of Exercise Prices, Upper Range	$ 37.95
Options Outstanding, Number of Shares Outstanding | shares	478,868
Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 1 month 28 days
Options Outstanding, Weighted-Average Exercise Price	$ 33.96
Options Exercisable, Number of Shares Outstanding | shares	458,868
Options Exercisable, Weighted-Average Exercise Price	$ 33.92
$53.22 – $ 74.10 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	53.22
Range of Exercise Prices, Upper Range	$ 74.10
Options Outstanding, Number of Shares Outstanding | shares	282,936
Options Outstanding, Weighted-Average Remaining Contractual Life	7 years 26 days
Options Outstanding, Weighted-Average Exercise Price	$ 66.60
Options Exercisable, Number of Shares Outstanding | shares	194,325
Options Exercisable, Weighted-Average Exercise Price	$ 66.63
$79.73 – $ 93.56 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Range	79.73
Range of Exercise Prices, Upper Range	$ 93.56
Options Outstanding, Number of Shares Outstanding | shares	574,723
Options Outstanding, Weighted-Average Remaining Contractual Life	9 years
Options Outstanding, Weighted-Average Exercise Price	$ 83.90
Options Exercisable, Number of Shares Outstanding | shares	115,568
Options Exercisable, Weighted-Average Exercise Price	$ 86.33

Calculation of Basic and Dilute

Calculation of Basic and Diluted Common Shares Outstanding (Detail) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Weighted-Average Shares of Common Stock Outstanding	49,187,738	49,655,405	49,593,821	49,583,210
Assumed Exercise of Outstanding Dilutive Options	1,017,117	1,349,997	1,208,130	1,418,957
Less: Shares Repurchased from Assumed Proceeds of Assumed Exercised Options	(669,209)	(893,874)	(803,972)	(920,113)
Restricted Shares	234,374	299,619	232,112	293,565
Weighted-Average Common and Common Equivalent Shares Outstanding	49,770,020	50,411,147	50,230,091	50,375,619
Shares Excluded Due to Anti-dilution Effects	826,610	279,651	627,090	206,702

Components of Net Periodic Cost

Components of Net Periodic Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Compensation And Retirement Disclosure [Abstract]
Service Cost – Benefits Earned During the Period	$ 257	$ 224	$ 745	$ 696
Interest Cost of Benefit Obligations	377	324	1,135	954
Expected Return on Plan Assets	(439)	(426)	(1,308)	(1,254)
Recognized Net Actuarial Loss	427	150	1,286	460
Amortization of Prior-Service Cost	75	3	225	9
Net Periodic Pension Cost	$ 697	$ 275	$ 2,083	$ 865

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	32.00%	33.00%

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Debt Disclosure [Abstract]
Credit Facility	$ 375,000	$ 330,000
Senior Notes	125,714	182,759
Total Debt	500,714	512,759
Less: Current Portion of Long-term Debt	(8,000)	(57,045)
Total Long-term Debt	$ 492,714	$ 455,714

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Oct. 31, 2014	Nov. 30, 2015USD ($)	Oct. 31, 2014USD ($)	Nov. 30, 2012USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2013USD ($)	Mar. 31, 2013USD ($)	Mar. 31, 2015USD ($)	Oct. 02, 2007USD ($)Loan	Nov. 15, 2005USD ($)Loan
Debt Instrument [Line Items]
Interest coverage ratio	250.00%
Unused line of credit commitment fee based on leverage ratio	0.10%
Borrowings outstanding under Credit Facility					$ 375,000,000			$ 330,000,000
Bank Credit Facility, borrowings available					116,000,000
Letter of Credit Facility					50,000,000
Letters of credit outstanding, amount					$ 9,000,000
Senior Notes, permitted minimum aggregate principal amount prepayment without penalty					10.00%
Percentage of face value to be paid if notes are prepaid					100.00%
Senior Notes, calculation of make-whole amount, description					Discounting the remaining scheduled payments of interest and principal of the Senior Notes being prepaid at a discount rate equal to the sum of 50 basis points
Discount on Senior Notes principal and interest					0.50%
Maximum [Member]
Debt Instrument [Line Items]
Consolidated funded indebtedness ratio	350.00%
Unused line of credit commitment fee based on leverage ratio	0.35%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable margin	1.00%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable margin	2.25%
Federal Funds Effective Swap Rate | Minimum [Member]
Debt Instrument [Line Items]
Variable margin	0.00%
Federal Funds Effective Swap Rate | Maximum [Member]
Debt Instrument [Line Items]
Variable margin	1.25%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility, principal balance					$ 500,000,000
Credit Facility, maturity date					Oct. 30, 2019
Credit Facility, interest rate description					At the option of the Company, outstanding principal amounts on the Credit Facility bear interest at a variable rate equal to (i) LIBOR, plus an agreed margin (ranging from 100 to 225 basis points), which is to be established quarterly based upon the Company’s ratio of consolidated EBITDA, defined as earnings before interest, taxes, depreciation and amortization, to the Company’s consolidated indebtedness (the “Leverage Ratio”), or (ii) an alternative base rate which is the higher of (a) the prime rate or (b) the federal funds rate plus 1⁄2% per annum plus an agreed margin (ranging from 0 to 125 basis points). Interest payments are payable, in the case of loans bearing interest at a rate based on the federal funds rate, quarterly, or in the case of loans bearing interest at a rate based on LIBOR, at the end of the LIBOR advance periods, which can be a period of up to nine months at the option of the Company. The Company is also required to pay a commitment fee on unused available borrowings under the Credit Facility ranging from 10 to 35 basis points depending upon the Leverage Ratio.
Line of Credit | Federal Funds Effective Swap Rate | Maximum [Member]
Debt Instrument [Line Items]
Variable margin	0.50%
Letter of Credit [Member]
Debt Instrument [Line Items]
Bank Credit Facility, one-time fee					0.125%
Swingline Loan [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility, principal balance					$ 25,000,000
2005 Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Senior Notes, sale										$ 200,000,000
Number of tranches | Loan										3
Senior Notes, repurchased amount							$ 81,100,000
Senior Notes, payment terms					Interest for each tranche of Notes is payable semi-annually on the 15th day of May and the 15th day of November of each year until all principal is paid for the respective tranche.
2005 Note Purchase Agreement [Member] | Series 2005A Tranche A [Member]
Debt Instrument [Line Items]
Repayment of Senior Note				$ 4,700,000
2005 Note Purchase Agreement [Member] | Series 2005A Tranche B [Member]
Debt Instrument [Line Items]
Repayment of Senior Note		$ 57,000,000
2007 Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Senior Notes, sale									$ 200,000,000
Number of tranches | Loan									4
Senior Notes, repurchased amount						$ 122,000,000
Senior Notes, payment terms					Interest for each tranche of Notes is payable semi-annually on the second day of April and the second day of October of each year until all principal is paid for the respective tranche.
2007 Note Purchase Agreement [Member] | Series 2007A Tranche A [Member]
Debt Instrument [Line Items]
Repayment of Senior Note			$ 9,500,000

Amount Outstanding of Tranches

Amount Outstanding of Tranches - Two Thousand Five Note Purchase Agreement (Detail) - 2005 Note Purchase Agreement [Member] - Series 2005A Tranche C [Member] $ in Millions	9 Months Ended
	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Principal	$ 57.2
Maturity Date	Nov. 15, 2017
Interest Rate	5.48%

Amount Outstanding of Tranche60

Amount Outstanding of Tranches - Two Thousand Seven Note Purchase Agreement (Detail) - 2007 Note Purchase Agreement [Member] $ in Millions	9 Months Ended
	Dec. 31, 2015USD ($)
Series 2007A Tranche B [Member]
Debt Instrument [Line Items]
Principal	$ 8
Maturity Date	Oct. 2, 2016
Interest Rate	6.27%
Series 2007A Tranche C [Member]
Debt Instrument [Line Items]
Principal	$ 24
Maturity Date	Oct. 2, 2017
Interest Rate	6.36%
Series 2007A Tranche D [Member]
Debt Instrument [Line Items]
Principal	$ 36.5
Maturity Date	Oct. 2, 2019
Interest Rate	6.48%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Dec. 31, 2015LocationFacilityTerminalPlantSegmentJointVentures
Segment Reporting Information [Line Items]
Number of operating business segments | Segment	5
Cement plant locations | Location	6
Slag grinding facility | Facility	1
Cement distribution terminals | Terminal	16
Gypsum wallboard plants | Plant	5
Readymix concrete batch plant | Plant	17
Aggregates processing plant | Plant	3
Number of frac sand processing facilities | Facility	3
Number of frac sand drying facilities | Facility	3
Number of frac sand trans-load locations | Location	6
Proportionate consolidation of share of Joint Venture's revenues and operating earnings	50.00%
Cement [Member]
Segment Reporting Information [Line Items]
Number of Joint Venture | JointVentures	1

Financial Information Related t

Financial Information Related to Operations by Segment (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015USD ($)T	Dec. 31, 2014USD ($)T	Dec. 31, 2015USD ($)T	Dec. 31, 2014USD ($)T	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Net Revenues	$ 277,409	$ 291,529	$ 891,360	$ 842,588
Net Revenues, including Joint Venture	303,417	324,436	973,915	941,212
Less: Joint Venture	(26,008)	(32,907)	(82,555)	(98,624)
Operating Earnings	80,511	92,060	206,419	246,935
Corporate General and Administrative	(8,304)	(9,371)	(26,659)	(23,827)
Acquisition and Litigation Expense		(722)		(2,825)
Earnings Before Interest and Income Taxes	72,207	81,967	179,760	220,283
Interest Expense, Net	(4,002)	(4,101)	(12,830)	(12,054)
Earnings Before Income Taxes	68,205	77,866	166,930	208,229
Capital Expenditures	19,667	24,920	75,536	64,959
Depreciation, Depletion and Amortization	25,211	19,688	74,245	54,552
Identifiable Assets	1,888,570		1,888,570		$ 1,882,591
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	321,403	341,404	1,029,920	992,308
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net Revenues	(17,986)	(16,968)	(56,005)	(51,096)
Other, net [Member]
Segment Reporting Information [Line Items]
Operating Earnings	1,163	488	2,170	2,050
Capital Expenditures		24		174
Depreciation, Depletion and Amortization	476	425	1,460	1,317
Cement [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	$ 135,419	$ 124,048	$ 428,385	$ 397,845
Cement Sales Volume | T	1,212	1,205	3,899	3,972
Operating Earnings	$ 41,768	$ 37,578	$ 116,058	$ 96,535
Capital Expenditures	3,206	3,890	16,705	16,886
Depreciation, Depletion and Amortization	8,390	$ 8,089	24,885	$ 23,959
Identifiable Assets	$ 814,769		$ 814,769		777,956
Cement [Member] | Operating Segments [Member] | Wholly-Owned [Member]
Segment Reporting Information [Line Items]
Cement Sales Volume | T	999	935	3,238	3,135
Operating Earnings	$ 31,285	$ 25,155	$ 86,065	$ 62,261
Cement [Member] | Operating Segments [Member] | Joint Venture [Member]
Segment Reporting Information [Line Items]
Cement Sales Volume | T	213	270	661	837
Operating Earnings	$ 10,483	$ 12,423	$ 29,993	$ 34,274
Cement [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net Revenues	(3,714)	(2,489)	(11,072)	(7,760)
Gypsum Wallboard [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	108,907	118,573	343,660	342,905
Operating Earnings	37,289	40,013	118,185	114,443
Capital Expenditures	1,131	1,154	2,831	4,947
Depreciation, Depletion and Amortization	5,445	4,967	15,050	15,096
Identifiable Assets	382,081		382,081		403,279
Paperboard [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	36,822	39,936	111,285	112,994
Operating Earnings	7,923	9,102	22,091	24,633
Capital Expenditures	650	303	3,918	1,452
Depreciation, Depletion and Amortization	2,093	2,069	6,209	6,196
Identifiable Assets	121,640		121,640		123,519
Paperboard [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net Revenues	(14,069)	(14,305)	(44,216)	(42,645)
Oil and Gas Proppants [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	8,476	31,731	49,608	53,325
Operating Earnings	(9,153)	3,241	(59,389)	3,315
Capital Expenditures	5,619	18,421	38,330	32,023
Depreciation, Depletion and Amortization	7,210	2,673	21,974	3,926
Identifiable Assets	425,128		425,128		455,572
Concrete and Aggregates [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	31,779	27,116	96,982	85,239
Operating Earnings	1,521	1,638	7,304	5,959
Capital Expenditures	9,061	1,128	13,752	9,477
Depreciation, Depletion and Amortization	1,597	1,465	4,667	4,058
Identifiable Assets	107,458		107,458		96,610
Concrete and Aggregates [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net Revenues	(203)	$ (174)	(717)	$ (691)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 37,494		$ 37,494		$ 25,655

Segment Breakdown of Goodwill (

Segment Breakdown of Goodwill (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Segment Reporting Information [Line Items]
Goodwill	$ 133,885	$ 132,515
Cement [Member]
Segment Reporting Information [Line Items]
Goodwill	9,729	8,359
Gypsum Wallboard [Member]
Segment Reporting Information [Line Items]
Goodwill	116,618	116,618
Paperboard [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 7,538	$ 7,538

Summarized Financial Informatio

Summarized Financial Information for Joint Venture Unconsolidated (Detail) - Joint Venture [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Related Party Transaction [Line Items]
Revenues	$ 52,016	$ 65,815	$ 165,110	$ 197,249
Gross Margin	22,388	26,445	64,593	72,282
Earnings Before Income Taxes	20,967	$ 24,846	59,987	$ 68,548
Current Assets	73,037		73,037		$ 68,399
Non-Current Assets	41,695		41,695		42,765
Current Liabilities	$ 17,019		$ 17,019		$ 19,723

Interest Expense, Net (Detail)

Interest Expense, Net (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Interest Income (Expense), Net [Abstract]
Interest (Income)	$ (2)	$ (2)	$ (4)	$ (5)
Interest Expense	3,833	3,730	12,289	10,901
Interest Expense – Income Taxes		174		522
Other Expenses	171	199	545	636
Interest Expense, net	$ 4,002	$ 4,101	$ 12,830	$ 12,054

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Dec. 31, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
Letters of credit outstanding, amount	$ 9,000,000
Outstanding guarantees	0
Contingently liable for performance, current	$ 13,600,000

Fair Value of Senior Notes (Det

Fair Value of Senior Notes (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Series 2005A Tranche C [Member]
Fair Value Of Financial Instruments [Line Items]
Fair Value of Senior Notes	$ 59,467
Series 2007A Tranche B [Member]
Fair Value Of Financial Instruments [Line Items]
Fair Value of Senior Notes	8,203
Series 2007A Tranche C [Member]
Fair Value Of Financial Instruments [Line Items]
Fair Value of Senior Notes	25,264
Series 2007A Tranche D [Member]
Fair Value Of Financial Instruments [Line Items]
Fair Value of Senior Notes	$ 39,828