Stock-Based Compensation and Stock Options (Tables)

3 Months Ended

Jun. 30, 2021

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, 2021 and 2020 using the Black-Scholes option-pricing model:

	Three Months Ended
	June 30, 2021		June 30, 2020
Risk-free interest rate	0.81%		0.36%
Expected volatility	34%		34%
Expected dividend yield		0.00%		0.00%
Expected weighted average life of option in years	4.4 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, 2021 and 2020, respectively.

	Three Months Ended
	June 30, 2021			June 30, 2020
Cost of revenues	$	524,000		$	488,000
General and administrative		821,000			507,000
Total cost of stock-based compensation included in    income before income tax provision		1,345,000			995,000
Amount of income tax benefit recognized		(244,000	)		(239,000	)
Amount charged against net income	$	1,101,000		$	756,000
Effect on basic earnings per share	$	(0.06	)	$	(0.04	)
Effect on diluted earnings per share	$	(0.06	)	$	(0.04	)

Stock Options

The following table summarizes information for all stock options for the three months ended June 30, 2021 and 2020:

	Three Months Ended June 30, 2021					Three Months Ended June 30, 2020
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		937,158		$	64.28		1,029,103		$	54.87
Options granted		33,000			119.48		45,175			52.69
Options exercised		(118,756	)		49.17		(44,363	)		36.15
Options cancelled/forfeited		(4,777	)		72.97		(12,421	)		58.98
Options outstanding, ending		846,625		$	68.50		1,017,494		$	55.54

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at June 30, 2021:

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
$22.07 to $52.69		227,709		2.65	$	42.38		179,507	$	39.97
$52.70 to $70.24		215,188		2.54		60.35		112,512		59.80
$70.25 to $87.69		321,910		4.25		83.08		39,320		81.33
$87.70 to $119.48		81,818		4.39		105.25		6,670		88.22
Total		846,625		3.40	$	68.50		338,009	$	52.33

Outstanding Options

The following table summarizes the status of all outstanding options at June 30, 2021, 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, 2021
Options outstanding at April 1, 2021		937,158		$	64.28
Granted		33,000			119.48
Exercised		(118,756	)		49.17
Cancelled – forfeited		(4,689	)		73.02
Cancelled – expired		(88	)		70.24
Ending outstanding		846,625		$	68.50		3.40	$	55,710,460
Ending vested and expected to vest		681,064		$	69.06		3.54	$	51,692,094
Ending exercisable at June 30, 2021		338,009		$	52.33		2.60	$	27,706,387