Stock Options and Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Weighted Average Assumptions

The following weighted average assumptions were used for the fiscal years ended March 31, 2024, 2023 and 2022:

	Fiscal 2024			Fiscal 2023			Fiscal 2022
Expected volatility		34	%		36	%		36	%
Risk free interest rate	3.91% to 4.65%			2.73% to 4.36%			0.71% to 1.66%
Dividend yield		0.0	%		0.0	%		0.0	%
Weighted average option life	4.0 to 4.1 years			4.2 to 4.3 years			4.3 to 4.4 years

Stock Compensation Expense for Time Based Options and Performance Based Options

The table below shows the amounts recognized in the financial statements for the fiscal years ended March 31, 2024, 2023 and 2022.

	Fiscal 2024			Fiscal 2023			Fiscal 2022
Cost of revenue	$	2,797,000		$	2,566,000		$	2,063,000
General and administrative		2,185,000			2,993,000			3,135,000
Total cost of stock-based compensation    included in income before income taxes		4,982,000			5,559,000			5,198,000
Amount of income tax benefit recognized		(987,000	)		(1,210,000	)		(1,119,000	)
Amount charged to net income	$	3,995,000		$	4,349,000		$	4,079,000
Effect on basic earnings per share	$	0.23		$	0.25		$	0.23
Effect on diluted earnings per share	$	0.23		$	0.25		$	0.23

Stock Options

The following table summarizes information for all stock options for the fiscal years March 31, 2024, 2023 and 2022:

	Fiscal 2024			Fiscal 2023			Fiscal 2022
Options outstanding – beginning of fiscal year		651,857			723,876			937,158
Options granted		59,900			168,300			130,200
Options exercised		(201,293	)		(209,301	)		(298,570	)
Options cancelled/forfeited		(20,737	)		(31,018	)		(44,912	)
Options outstanding – end of fiscal year		489,727			651,857			723,876
During the fiscal year, weighted average exercise    price of:
Options granted	$	206.76		$	159.43		$	161.95
Options exercised	$	80.30		$	63.21		$	55.44
Options cancelled/forfeited	$	157.84		$	140.38		$	79.30
At the end of fiscal year:
Price range of outstanding options	$33.16-$235.34			$33.16-$197.16			$22.07-$197.16
Weighted average exercise price per share	$	129.39		$	108.10		$	84.55
Options available for future grants		618,809			657,972			805,097
Exercisable options		269,253			319,703			354,460

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at March 31, 2024:

Range of Exercise Prices	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 $87.49		133,743		2.55	$	62.80		127,559	$	62.15
$87.50 to $148.89		127,254		2.04		111.95		89,078		103.10
$148.90 to $189.02		137,885		4.23		161.24		37,873		160.12
$189.03 to $235.34		90,845		4.02		203.48		14,743		197.16
Total		489,727		3.16	$	129.39		269,253	$	96.87

Outstanding Options

The following table summarizes the status of all outstanding options at March 31, 2024, and changes during the fiscal year then ended:

	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of March 31, 2024
Options outstanding, March 31, 2023		651,857		$	108.10
Granted		59,900			206.76
Exercised		(201,293	)		80.30
Cancelled – forfeited		(20,538	)		158.25
Cancelled – expired		(199	)		110.66
Options outstanding, March 31, 2024		489,727		$	129.39		3.16	$	65,414,479
Options vested and expected to vest		430,808		$	122.90		3.10	$	60,445,126
Ending exercisable		269,253		$	96.87		2.51	$	44,719,800