Stock Options and Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2013

Stock Options and Stock-Based Compensation [Abstract]

Stock options

The following weighted average assumptions were used for fiscal years ended March 31, 2011, 2012 and 2013:

	Fiscal 2011	Fiscal 2012	Fiscal 2013
Expected volatility	46% to 47%	46% to 47%	47%
Risk free interest rate	1.5% to 2.2%	0.7% to 1.9%	0.6% to 0.8%
Dividend yield	0.0%	0.0%	0.0%
Weighted average option life	4.8 to 5.0 years	4.6 to 5.0 years	4.5 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, 2011, 2012 and 2013.

	Fiscal 2011		Fiscal 2012		Fiscal 2013
Cost of revenue	$	608,000	$	484,000	$	461,000
General and administrative		1,936,000		1,792,000		536,000
Total cost of stock-based compensation included in income before income tax		2,544,000		2,276,000		997,000
Amount of income tax benefit recognized		986,000		897,000		395,000
Amount charged to net income	$	1,558,000	$	1,379,000	$	602,000
Effect on basic earnings per share	$	0.13	$	0.12	$	0.05
Effect on diluted earnings per share	$	0.13	$	0.12	$	0.05

Fair value of options granted

Summarized information for all stock options for the past three fiscal years follows:

	Fiscal 2011			Fiscal 2012			Fiscal 2013
Options outstanding — beginning of the year		1,065,403			813,662			751,023
Options granted		207,325			149,075			123,100
Options exercised		(371,057	)		(173,064	)		(174,045	)
Options cancelled/forfeited		(88,009	)		(38,650	)		(149,602	)
Options outstanding — end of year		813,662			751,023			550,476
During the year, weighted average exercise price of:
Options granted	$	42.40		$	50.43		$	46.08
Options exercised	$	20.16		$	25.00		$	25.59
Options forfeited	$	17.53		$	34.09		$	42.52
At the end of the year:
Price range of outstanding options	$	11.00-$47.70		$	15.50-$52.76		$	15.55-$52.76
Weighted average exercise price per share	$	29.26		$	34.19		$	37.31
Options available for future grants		726,410			616,026			642,528
Exercisable options		374,141			388,154			278,962

Stock options outstanding and exercisable

The following table summarizes the status of stock options outstanding and exercisable at March 31, 2013:

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
$15.55 to $26.85		132,822		2.50	$	20.92		121,623	$	20.72
$26.86 to $40.16		148,000		2.71		33.67		117,870		32.77
$40.17 to $46.70		138,981		4.69		44.66		28,292		45.42
$46.71 to $52.76		130,673		4.18		50.28		11,177		50.55
Total		550,476		3.51	$	37.31		278,962	$	29.51

Outstanding options

A summary of the status for all outstanding options at March 31, 2013, and changes during the fiscal year then ended is presented in the table below:

	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of March 31, 2013
Options outstanding, March 31, 2012		751,023		$	34.19
Granted		123,100			46.08
Exercised		(174,045	)		25.59
Cancelled — forfeited		(77,909	)		42.54
Cancelled — expired		(71,693	)		42.49
Options outstanding, March 31, 2013		550,476		$	37.31		3.51	$	6,871,264
Options vested and expected to vest		488,743		$	36.00		3.35	$	6,722,829
Ending exercisable		278,962		$	29.51		2.64	$	5,585,463