Stock-Based Compensation and Stock Options (Tables)

3 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased 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, 2020 and 2019 using the Black-Scholes option-pricing model:

	Three Months Ended
	June 30, 2020		June 30, 2019
Risk-free interest rate	0.36%		2.33%
Expected volatility	34%		32%
Expected dividend yield		0.00%		0.00%
Expected weighted average life of option in years	4.5 years		4.5 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 months ended June 30, 2020 and 2019, respectively.

	Three Months Ended
	June 30, 2020			June 30, 2019
Cost of revenues	$	488,000		$	485,000
General and administrative		507,000			740,000
Total cost of stock-based compensation included in    income before income tax provision		995,000			1,225,000
Amount of income tax benefit recognized		(239,000	)		(265,000	)
Amount charged against net income	$	756,000		$	960,000
Effect on basic earnings per share	$	(0.04	)	$	(0.05	)
Effect on diluted earnings per share	$	(0.04	)	$	(0.05	)

Stock Options

The following table summarizes information for all stock options for the three months ended June 30, 2020 and 2019:

	Three Months Ended June 30, 2020					Three Months Ended June 30, 2019
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		1,029,103		$	54.87		1,058,411		$	45.17
Options granted		45,175			52.69		47,025			70.24
Options exercised		(44,363	)		36.15		(100,955	)		38.01
Options cancelled/forfeited		(12,421	)		58.98		(3,651	)		51.43
Options outstanding, ending		1,017,494		$	55.54		1,000,830		$	47.05

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at June 30, 2020:

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
$20.08 to $45.90		299,748		2.02	$	34.99		274,388	$	34.27
$45.91 to $57.75		327,027		3.29		53.95		138,692		53.86
$57.76 to $77.93		314,669		3.84		68.97		46,683		62.68
$77.94 to $88.22		76,050		5.28		87.76		—		—
Total		1,017,494		3.23	$	55.54		459,763	$	43.07

Outstanding Options

The following table summarizes the status of all outstanding options at June 30, 2020, 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, 2020
Options outstanding at April 1, 2020		1,029,103		$	54.87
Granted		45,175			52.69
Exercised		(44,363	)		36.15
Cancelled – forfeited		(10,951	)		61.34
Cancelled – expired		(1,470	)		41.44
Ending outstanding		1,017,494		$	55.54		3.23	$	17,853,276
Ending vested and expected to vest		865,307		$	48.31		2.90	$	14,950,515
Ending exercisable at June 30, 2020		459,763		$	43.07		2.39	$	12,792,666