Stock-Based Compensation and Stock Options (Tables)

3 Months Ended

Jun. 30, 2015

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

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, 2014 and 2015 using the Black-Scholes option-pricing model:

	Three Months Ended June 30,
	2014			2015
Risk-free interest rate		1.62	%		1.56	%
Expected volatility		46	%		44	%
Expected dividend yield		0.00	%		0.00	%
Expected forfeiture rate		12.40	%		11.60	%
Expected weighted average life of option in years		4.4 years			4.4 years

Stock Compensation Expense for Time Based Options and Performance Based Options

The table below shows the amounts recognized in the consolidated financial statements for stock compensation expense for time-based options and performance-based options during the three months ended June 30, 2014 and 2015, respectively.

	Three Months Ended
	June 30, 2014			June 30, 2015
Cost of revenues	$	239,000		$	311,000
General and administrative		478,000			305,000
Total cost of stock-based compensation included in income before income tax provision		717,000			616,000
Amount of income tax benefit recognized		(276,000	)		(234,000	)
Amount charged against net income	$	441,000		$	382,000
Effect on diluted net income per share	$	(0.02	)	$	(0.02	)

Stock Options

Summarized information for all stock options for the three months ended June 30, 2014 and 2015 follows:

	Three Months Ended June 30, 2014					Three Months Ended June 30, 2015
	Shares			Average Price		Shares			Average Price
Options outstanding, beginning		1,115,984		$	24.80		1,163,179		$	27.65
Options granted		37,550			44.86		39,700			34.67
Options exercised		(25,993	)		17.99		(35,837	)		19.16
Options cancelled		(9,011	)		29.32		—			—
Options outstanding, ending		1,118,530		$	25.60		1,167,042		$	28.15

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at June 30, 2015:

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
$7.78 to $22.07		292,151		3.30	$	16.49		252,127	$	15.65
$22.08 to $24.24		325,780		2.49	$	23.45		197,068	$	23.47
$24.25 to $35.77		304,149		3.68	$	33.02		71,783	$	28.24
$35.78 to $45.55		244,962		3.94	$	42.25		42,613	$	43.74
Total		1,167,042		3.31	$	28.15		563,591	$	22.12

Outstanding Options

A summary of the status for all outstanding options at June 30, 2015, and changes during the three months then ended, is presented in the table below:

	Number of Options			Weighted Average Exercise Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of June 30, 2015
Options outstanding at April 1, 2015		1,163,179		$	27.65
Granted		39,700			34.67
Exercised		(35,837	)		19.16
Cancelled – forfeited		—			—
Cancelled – expired		—			—
Ending outstanding		1,167,042		$	28.15		3.31	$	7,718,352
Ending vested and expected to vest		1,038,437		$	27.29		3.23	$	7,526,529
Ending exercisable at June 30, 2015		563,591		$	22.12		2.69	$	6,136,513