Stock-Based Compensation and Stock Options (Tables)

6 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Fair Value of Options Granted

The following assumptions were used to estimate the fair value of options granted during the three months ended September 30, 2023 and 2022 using the Black-Scholes option-pricing model:

	Three Months Ended	Three Months Ended
	September 30, 2023	September 30, 2022
Risk-free interest rate	4.19%	2.73%
Expected volatility	36%	36%
Expected dividend yield	0.00%	0.00%
Expected weighted average life of option in years	4.2 years	4.3 years

Stock Compensation Expense for Time Based Options and Performance Based Options

The table below shows the amounts recognized in the unaudited consolidated financial statements for stock compensation expense for time-based options and performance-based options during the three and six months ended September 30, 2023 and 2022, respectively.

	Three Months Ended
	September 30, 2023			September 30, 2022
Cost of revenues	$	679,000		$	628,000
General and administrative		622,000			322,000
Total cost of stock-based compensation included in    income before income tax provision		1,301,000			950,000
Amount of income tax benefit recognized		(254,000	)		(199,000	)
Amount charged against net income	$	1,047,000		$	751,000
Effect on basic earnings per share	$	(0.06	)	$	(0.04	)
Effect on diluted earnings per share	$	(0.06	)	$	(0.04	)

	Six Months Ended
	September 30, 2023			September 30, 2022
Cost of revenues	$	1,347,000		$	1,208,000
General and administrative		1,266,000			1,121,000
Total cost of stock-based compensation included in    income before income tax provision		2,613,000			2,329,000
Amount of income tax benefit recognized		(544,000	)		(492,000	)
Amount charged against net income	$	2,069,000		$	1,837,000
Effect on basic earnings per share	$	(0.12	)	$	(0.11	)
Effect on diluted earnings per share	$	(0.12	)	$	(0.10	)

Stock Options

The following table summarizes information for all stock options for the three and six months ended September 30, 2023 and 2022:

	Three Months Ended September 30, 2023					Three Months Ended September 30, 2022
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		611,901		$	110.10		722,343		$	90.94
Options granted		16,500			222.26		35,600			163.61
Options exercised		(50,776	)		74.53		(39,947	)		52.97
Options cancelled/forfeited		(2,362	)		145.71		(11,268	)		130.12
Options outstanding, ending		575,263		$	116.31		706,728		$	96.14

	Six Months Ended September 30, 2023					Six Months Ended September 30, 2022
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		651,857		$	108.10		723,876		$	84.55
Options granted		16,500			222.26		80,200			155.42
Options exercised		(90,247	)		75.08		(83,686	)		47.59
Options cancelled/forfeited		(2,847	)		147.59		(13,662	)		128.64
Options outstanding, ending		575,263		$	116.31		706,728		$	96.14

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at September 30, 2023:

Range of Exercise Price	Number of Outstanding Options		Weighted Average Remaining Contractual Life		Outstanding Options – Weighted Average Exercise Price		Exercisable Options – Number of Exercisable Options		Exercisable Options – Weighted Average Exercise Price
$33.16 to $79.49		171,549		2.36	$	60.68		157,157	$	59.92
$79.50 to $119.48		154,298		2.41		93.95		93,399		92.56
$119.49 to $157.94		145,565		4.11		153.55		26,990		151.94
$157.95 to $222.26		103,851		4.67		189.23		15,116		180.86
Total		575,263		3.23	$	116.31		292,662	$	85.07

Outstanding Options

The following table summarizes the status of all outstanding options at September 30, 2023, and changes during the three months then ended:

	Number of Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of September 30, 2023
Options outstanding at July 1, 2023		611,901		$	110.10
Granted		16,500			222.26
Exercised		(50,776	)		74.53
Cancelled – forfeited		(2,204	)		149.83
Cancelled – expired		(158	)		88.22
Ending outstanding		575,263		$	116.31		3.23	$	46,657,138
Ending vested and expected to vest		497,652		$	113.66		3.27	$	41,732,227
Ending exercisable at September 30, 2023		292,662		$	85.07		2.69	$	32,659,247