Note 4 - Stock-based Compensation

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note

4:

Stock-Based Compensation

The Company records compensation expense associated with restricted stock in accordance with ASC Topic

718

(

“Share Based Payment”

) (ASU

2016

-

09

). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses. The Company had

972,175

restricted common shares issued under the

2006

Employee Equity Compensation Restricted Stock Plan (

“2006

Employee Plan”),

85,600

restricted common shares issued under the

2016

Employee Equity Compensation Restricted Stock Plan (

“2016

Employee Plan” and collectively referred to with the

2006

Employee Plan as the “Employee Plans”),

272,000

restricted common shares issued under the

2006

Outside Director Equity Compensation Restricted Stock Plan (

“2006

Director Plan”), and

97,500

restricted common shares issued under the

2015

Outside Director Equity Compensation Restricted Stock Plan (

“2015

Director Plan”, and collectively referred to with the

2006

Director Plan as the “Director Plans”) at

September 30, 2018,

all shares of which were issued subject to a restriction or forfeiture period that lapses ratably on the first, second, and

third

anniversaries of the date of grant, and the fair value of which is being amortized over the

three

-year restriction period.

In

July 2018,

the Board of Directors approved the issuance of

47,450

restricted shares to certain employees of the Company under the

2016

Employee Plan, with a fair value of

$35.43

per share. In

July 2018,

the Board of Directors approved the issuance of

37,500

restricted shares to directors of the Company under the

2015

Director Plan, with a fair value of

$35.43

per share. For the quarters ended

September 30, 2018

and

2017,

the Company recognized

$781,000

and

$652,000,

respectively, of compensation expense related to the Employee and Director Plans. For the

six

months ended

September 30, 2018

and

2017,

the Company recognized

$1.5

million and

$1.1

million, respectively, of compensation expense related to the Employee and Director Plans. At

September 30, 2018

and

2017,

there was

$5.5

million and

$6.0

million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next

three

years. At

September 30, 2018

and

2017,

there were approximately

191,000

and

236,000

non-vested restricted shares, respectively.