Note 18 - Employee Benefits

12 Months Ended

Mar. 31, 2016

Compensation and Employee Benefit Plans [Text Block]

18.	EMPLOYEE BENEFITS

The Company has a

401

(k) defined contribution plan covering domestic employees and an

1165

(E) defined contribution plan covering Puerto Rico based employees (“Plans”). All employees of the Company are immediately eligible to participate in the Plans. The Company

’s contribution to the Plans for the years ended

March 31, 2016

and

2015

was approximately

$376,000

and

$299,000,

respectively and was recorded in general and administrative expenses in the consolidated statements of income.

The Company, in each of the past

three

years, has paid a discretionary profit sharing bonus in which all employees have participated. Profit sharing expense in fiscal

2016

and

2015

was approximately

$1,748,000

and

$1,150,000,

respectively, and was recorded in general and administrative expenses in the consolidated statements of income.

In addition, Delphax has a defined contribution salary deferral plan covering substantially all U.S. employees under Section

401

(k) of the Internal Revenue Code. The plan allows eligible employees to make contributions up to the maximum amount provided under the Code. Delphax contributes an amount equal to

50%

of the participants

’ before-tax contributions up to

of base salary. The employer contribution vests after the employee has completed

three

years of eligible service. The contribution made by Delphax during the period from

November 24, 2015

through

March 31, 2016

was

$15,000.

Delphax also has a defined contribution plan covering substantially all Canadian employees. Canadian employees contribute

of gross salary to the plan, and Delphax makes a contribution to the plan of

of gross salary depending on employee classification. The employer contribution vests over

two

years. The contribution made by Delphax during the period from

November 24, 2015

through

March 31, 2016

was

$41,000.