Stock Based Compensation And Stock Options (Tables)
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3 Months Ended |
Jun. 30, 2013
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Stock Based Compensation and Stock Options [Abstract] |
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Fair value of options granted |
The following assumptions were used to estimate the fair value of options granted during the three months ended June 30,2012 and 2013 using the
Black-Scholes option-pricing model:
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Three Months Ended June 30, |
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2012 |
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2013 |
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Risk-free interest rate
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0.62 |
% |
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0.66 |
% |
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Expected volatility
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47 |
% |
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47 |
% |
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Expected dividend yield
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0.00 |
% |
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0.00 |
% |
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Expected forfeiture rate
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11.70 |
% |
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12.84 |
% |
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Expected weighted average life of option in years
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4.6 years |
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4.5 years |
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Stock compensation expense for time based options and performance based options |
The table below shows the amounts recognized in the financial statements for stock compensation expense
for time based options and performance based options during the three months ended June 30, 2012 and 2013, respectively.
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Three Months Ended |
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June 30, 2012 |
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June 30, 2013 |
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Cost of revenues
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$ |
113,000 |
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$ |
136,000 |
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General and administrative
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184,000 |
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269,000 |
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Total cost of stock-based compensation included in income before income tax provision
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297,000 |
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405,000 |
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Amount of income tax benefit recognized
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(119,000 |
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(157,000 |
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Amount charged against net income
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$ |
178,000 |
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$ |
248,000 |
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Effect on diluted net income per share
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$ |
(0.01 |
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$ |
(0.01 |
) |
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Stock options |
Summarized information for all stock options for the three months
ended June 30, 2012 and 2013 follows:
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Three Months Ended June 30, 2012 |
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Three Months Ended June 30, 2013 |
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Shares |
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Average Price |
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Shares |
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Average Price |
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Options outstanding, beginning
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1,502,046 |
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$ |
17.10 |
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1,100,952 |
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$ |
18.65 |
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Options granted
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22,300 |
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20.54 |
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191,900 |
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23.46 |
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Options exercised
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(131,146 |
) |
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12.73 |
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(64,976 |
) |
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13.40 |
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Options cancelled
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(89,394 |
) |
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21.47 |
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(28,246 |
) |
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23.36 |
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Options outstanding, ending
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1,303,806 |
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$ |
17.30 |
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1,199,630 |
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$ |
19.60 |
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Stock options outstanding and exercisable |
The following table summarizes the status of stock options outstanding and exercisable at June 30, 2013:
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Range of Exercise Price |
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Number of Outstanding Options |
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Weighted Average Remaining Contractual Life |
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Outstanding Options – Weighted Average Exercise Price |
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Exercisable Options – Number of Exercisable Options |
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Exercisable Options
– Weighted Average Exercise Price |
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$7.78 to $15.00
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329,834 |
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2.50 |
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$ |
11.72 |
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310,691 |
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$ |
11.74 |
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$15.01 to $22.07
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310,713 |
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4.13 |
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$ |
19.87 |
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142,877 |
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$ |
18.67 |
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$22.08 to $23.35
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300,534 |
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4.04 |
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$ |
23.09 |
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39,270 |
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$ |
23.11 |
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$23.36 to $29.27
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258,549 |
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4.00 |
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$ |
25.26 |
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23,673 |
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$ |
25.26 |
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Total
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1,199,630 |
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3.63 |
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$ |
19.60 |
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516,511 |
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$ |
15.14 |
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Outstanding options |
A summary of the status for all outstanding options at June 30, 2013, and changes during the three months then ended, is presented in the table below:
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Number of Options |
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Weighted Average Exercise Per Share |
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Weighted Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value as of June 30, 2013 |
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Options outstanding at April 1, 2013
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1,100,952 |
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$ |
18.66 |
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Granted
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191,900 |
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23.46 |
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Exercised
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(64,976 |
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13.40 |
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Cancelled – forfeited
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(26,815 |
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23.55 |
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Cancelled – expired
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(1,431 |
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19.76 |
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Ending outstanding
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1,199,630 |
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$ |
19.60 |
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3.63 |
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$ |
11,602,070 |
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Ending vested and expected to vest
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1,048,483 |
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$ |
18.99 |
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3.49 |
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$ |
10,775,566 |
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Ending exercisable at June 30, 2013
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516,511 |
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$ |
15.14 |
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2.57 |
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$ |
7,298,354 |
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