Stock-Based Compensation and Stock Options (Tables)

6 Months Ended

Sep. 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 September 30, 2014 and 2015 using the Black-Scholes option-pricing model:

	Three Months Ended September 30,
	2014			2015
Risk-free interest rate		1.66	%		1.61	%
Expected volatility		46	%		44	%
Expected dividend yield		0.00	%		0.00	%
Expected forfeiture rate		12.46	%		12.28	%
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 and six months ended September 30, 2014 and 2015, respectively.

	Three Months Ended
	September 30, 2014			September 30, 2015
Cost of revenues	$	255,000		$	321,000
General and administrative		190,000			167,000
Total cost of stock-based compensation included in income before income tax provision	$	445,000		$	488,000
Amount of income tax benefit recognized		(169,000	)		(188,000	)
Amount charged against net income	$	276,000		$	300,000
Effect on diluted net income per share	$	(0.01	)	$	(0.01	)
	Six Months Ended
	September 30, 2014			September 30, 2015
Cost of revenues	$	494,000		$	633,000
General and administrative		668,000			471,000
Total cost of stock-based compensation included in income before income tax provision	$	1,162,000			1,104,000
Amount of income tax benefit recognized		(442,000	)		(425,000	)
Amount charged against net income	$	720,000		$	679,000
Effect on diluted net income per share	$	(0.03	)	$	(0.03	)

Stock Options

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

	Three Months Ended September 30, 2014					Three Months Ended September 30, 2015
	Shares			Average Price		Shares			Average Price
Options outstanding, beginning		1,118,530		$	25.60		1,167,042		$	28.15
Options granted		48,650			40.57		47,300			33.15
Options exercised		(30,957	)		18.75		(59,804	)		16.91
Options cancelled		(150	)		24.24		(18,952	)		36.25
Options outstanding, ending		1,136,073		$	26.42		1,135,586		$	28.81
	Six Months Ended September 30, 2014					Six Months Ended September 30, 2015
	Shares			Average Price		Shares			Average Price
Options outstanding, beginning		1,115,984		$	24.80		1,163,179		$	27.65
Options granted		86,050			42.43		87,000			33.85
Options exercised		(56,950	)		18.41		(95,641	)		17.75
Options cancelled		(9,011	)		29.32		(18,952	)		36.25
Options outstanding, ending		1,136,073		$	26.42		1,135,586		$	28.81

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at September 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
$9.05 to $23.00		285,254		3.30	$	17.66		255,802	$	17.15
$23.01 to $24.64		289,600		2.26		23.56		181,902		23.60
$24.65 to $34.78		290,581		3.89		33.19		63,311		29.23
$34.79 to $45.55		270,151		3.71		41.51		62,775		43.15
Total		1,135,586		3.28	$	28.81		563,790	$	23.48

Outstanding Options

A summary of the status for all outstanding options at September 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 September 30, 2015
Options outstanding at July 1, 2015		1,167,042		$	28.15
Granted		47,300			33.15
Exercised		(59,804	)		16.91
Cancelled – forfeited		(18,952	)		36.25
Cancelled – expired		—			—
Ending outstanding		1,135,586		$	28.81		3.28	$	6,975,029
Ending vested and expected to vest		1,028,863		$	28.08		3.20	$	6,911,556
Ending exercisable at September 30, 2015		563,790		$	23.48		2.78	$	5,708,498