Stock Options and Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Weighted Average Assumptions

The following weighted average assumptions were used for the fiscal years ended March 31, 2021, 2020 and 2019:

	Fiscal 2021			Fiscal 2020			Fiscal 2019
Expected volatility		34	%		33	%		34	%
Risk free interest rate	0.21% to 0.46%			1.42% to 2.33%			2.46% to 2.96%
Dividend yield		0.0	%		0.0	%		0.0	%
Weighted average option life	4.4 to 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, 2021, 2020 and 2019.

	Fiscal 2021		Fiscal 2020		Fiscal 2019
Cost of revenue	$	2,020,000	$	2,028,000	$	1,896,000
General and administrative		2,958,000		2,457,000		2,453,000
Total cost of stock-based compensation    included in income before income taxes		4,978,000		4,485,000		4,349,000
Amount of income tax benefit recognized		1,057,000		985,000		1,048,000
Amount charged to net income	$	3,921,000	$	3,500,000	$	3,301,000
Effect on basic earnings per share	$	0.22	$	0.19	$	0.18
Effect on diluted earnings per share	$	0.22	$	0.19	$	0.17

Stock Options

The following table summarizes information for all stock options for the fiscal years March 31, 2021, 2020 and 2019:

	Fiscal 2021			Fiscal 2020			Fiscal 2019
Options outstanding – beginning of fiscal year		1,029,103			1,058,411			1,064,439
Options granted		234,175			271,575			290,300
Options exercised		(278,094	)		(235,932	)		(250,604	)
Options cancelled/forfeited		(48,026	)		(64,951	)		(45,724	)
Options outstanding – end of fiscal year		937,158			1,029,103			1,058,411
During the fiscal year, weighted average exercise    price of:
Options granted	$	81.12		$	79.49		$	57.27
Options exercised	$	44.17		$	38.34		$	36.44
Options cancelled/forfeited	$	61.26		$	59.87		$	36.71
At the end of fiscal year:
Price  range  of outstanding options	$21.87-$103.31			$20.08-$88.22			$12.71-$62.31
Weighted average exercise price per share	$	64.28		$	54.87		$	45.17
Options available for future grants		880,542			316,691			523,415
Exercisable options		421,964			468,107			440,386

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at March 31, 2021:

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
$21.87 to $49.40		253,107		2.18	$	39.70		226,736	$	38.65
$49.41 to $59.32		247,080		2.86		57.14		122,803		57.97
$59.33 to $87.49		263,715		4.11		77.66		65,983		76.49
$87.50 to $103.31		173,256		4.52		89.97		6,442		88.22
Total		937,158		3.34	$	64.28		421,964	$	50.95

Outstanding Options

The following table summarizes the status of all outstanding options at March 31, 2021, and changes during the fiscal year then ended:

	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of March 31, 2021
Options outstanding, March 31, 2020		1,029,103		$	54.87
Granted		234,175			81.12
Exercised		(278,094	)		44.17
Cancelled – forfeited		(43,436	)		62.99
Cancelled – expired		(4,590	)		44.93
Options outstanding, March 31, 2021		937,158		$	64.28		3.34	$	35,924,719
Options vested and expected to vest		772,156		$	52.45		3.33	$	33,914,366
Ending exercisable		421,964		$	50.95		2.48	$	21,790,325