Stock-Based Compensation and Stock Options (Tables)

6 Months Ended

Sep. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following assumptions were used to estimate the fair value of options granted during the three months ended September 30, 2016 and 2017 using the Black-Scholes option-pricing model:

	Three Months Ended September 30,
	2016		2017
Risk-free interest rate		1.03%		1.79%
Expected volatility		42%		40%
Expected dividend yield		0.00%		0.00%
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 unaudited consolidated financial statements for stock compensation expense for time-based options and performance-based options during the three and six months ended September 30, 2016 and 2017, respectively.

	Three Months Ended
	September 30, 2016			September 30, 2017
Cost of revenues	$	395,000		$	411,000
General and administrative		217,000			196,000
Total cost of stock-based compensation included in income before income tax provision		612,000			607,000
Amount of income tax benefit recognized		(234,000	)		(185,000	)
Amount charged against net income	$	378,000		$	422,000
Effect on basic earnings per share	$	(0.02	)	$	(0.02	)
Effect on diluted earnings per share	$	(0.02	)	$	(0.02	)

	Six Months Ended
	September 30, 2016			September 30, 2017
Cost of revenues	$	732,000		$	893,000
General and administrative		396,000			636,000
Total cost of stock-based compensation included in income before income tax provision		1,128,000			1,529,000
Amount of income tax benefit recognized		(432,000	)		(466,000	)
Amount charged against net income	$	696,000		$	1,063,000
Effect on basic earnings per share	$	(0.04	)	$	(0.06	)
Effect on diluted earnings per share	$	(0.04	)	$	(0.06	)

Stock Options

The following table summarizes information for all stock options for the three and six months ended September 30, 2016 and 2017:

	Three Months Ended September 30, 2016					Three Months Ended September 30, 2017
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		1,074,521		$	31.56		1,151,722		$	33.24
Options granted		45,600			43.32		73,650			48.35
Options exercised		(14,593	)		20.61		(145,911	)		25.60
Options cancelled/forfeited		(2,609	)		39.33		(10,958	)		38.39
Options outstanding, ending		1,102,919		$	32.17		1,068,503		$	35.28

	Six Months Ended September 30, 2016					Six Months Ended September 30, 2017
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		1,115,465		$	28.81		1,143,928		$	32.02
Options granted		90,500			44.52		151,050			47.11
Options exercised		(91,216	)		21.87		(211,832	)		25.93
Options cancelled/forfeited		(11,830	)		36.36		(14,643	)		39.28
Options outstanding, ending		1,102,919		$	32.17		1,068,503		$	35.28

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at September 30, 2017:

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
$12.71 to $29.27		217,809		2.10	$	20.29		217,809	$	20.29
$29.28 to $34.67		215,769		3.98	$	32.67		36,344	$	33.83
$34.68 to $38.70		242,022		3.04	$	35.40		56,847	$	34.98
$38.71 to $48.35		392,903		4.17	$	45.35		140,320	$	21.71
Total		1,068,503		3.37	$	35.28		451,320	$	30.42

Outstanding Options

The following table summarizes the status of all outstanding options at September 30, 2017, and changes during the three months then ended:

	Number of Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of June 30, 2017
Options outstanding at July 1, 2017		1,151,722		$	33.24
Granted		73,650			48.35
Exercised		(145,911	)		25.60
Cancelled – forfeited		(10,866	)		38.63
Cancelled – expired		(92	)		33.16
Ending outstanding		1,068,503		$	35.28		3.37	$	20,430,746
Ending vested and expected to vest		1,068,503		$	35.28		3.37	$	20,430,746
Ending exercisable at September 30, 2017		451,320		$	30.42		2.48	$	10,821,153