Stock Options and Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Weighted Average Assumptions

 The following weighted average assumptions were used for fiscal years ended March 31, 2013, 2014 and 2015:

	Fiscal 2013		Fiscal 2014		Fiscal 2015
Expected volatility		47%		47%		45%
Risk free interest rate		0.6% to 0.8%		0.7% to 1.5%		1.3% to 1.7%
Dividend yield		0.0%		0.0%		0.0%
Weighted average option life		4.5 years		4.4 to 4.5 years		4.4 to 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, 2013, 2014 and 2015.

	Fiscal 2013		Fiscal 2014		Fiscal 2015
Cost of revenue	$	461,000	$	672,000	$	1,021,000
General and administrative		536,000		1,468,000		1,188,000
Total cost of stock-based compensation included in income before income tax		997,000		2,140,000		2,209,000
Amount of income tax benefit recognized		395,000		835,000		862,000
Amount charged to net income	$	602,000	$	1,305,000	$	1,347,000
Effect on basic earnings per share	$	0.03	$	0.06	$	0.07
Effect on diluted earnings per share	$	0.03	$	0.06	$	0.06

Stock Options

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

	Fiscal 2013			Fiscal 2014			Fiscal 2015
Options outstanding – beginning of the year		1,502,046			1,100,952			1,115,984
Options granted		246,200			441,550			241,625
Options exercised		(348,090	)		(310,729	)		(111,758	)
Options cancelled/forfeited		(299,204	)		(115,789	)		(82,672	)
Options outstanding – end of year		1,100,952			1,115,984			1,163,179
During the year, weighted average exercise price of:
Options granted	$	23.04		$	33.06		$	37.64
Options exercised	$	12.80		$	15.31		$	17.27
Options forfeited	$	21.26		$	23.33		$	32.31
At the end of the year:
Price range of outstanding options	$	7.78-$26.38		$	7.78-$45.55		$	7.78-$45.55
Weighted average exercise price per share	$	18.66		$	24.80		$	27.65
Options available for future grants		1,285,056			959,295			800,342
Exercisable options		557,924			430,294			559,168

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at March 31, 2015:

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
$7.78 to $21.87		278,100		2.91	$	15.75		251,199	$	15.13
$21.88 to $23.10		261,044		3.23		22.94		137,145		22.94
$23.11 to $34.78		346,323		3.29		29.65		143,601		25.96
$34.79 to $45.55		277,712		4.26		41.49		27,223		43.33
Total		1,163,179		3.42	$	27.65		559,168	$	21.20

Outstanding Options

A summary of the status for all outstanding options at March 31, 2015, 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, 2015
Options outstanding, March 31, 2014		1,115,984		$	24.80
Granted		241,625			37.64
Exercised		(111,758	)		17.27
Cancelled – forfeited		(44,854	)		37.78
Cancelled – expired		(37,818	)		26.20
Options outstanding, March 31, 2015		1,163,179		$	27.65		3.42	$	9,894,029
Options vested and expected to vest		1,046,818		$	26.70		3.33	$	9,750,025
Ending exercisable		559,168		$	21.20		2.78	$	7,636,110