Note 19 - Employee Benefits

12 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

19. 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, 2018

and

2017

was approximately

$559,000

and

$529,000,

respectively, and was recorded in the consolidated statements of income (loss).

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

2018

and

2017

was approximately

$1,188,000

and

$390,000,

respectively, and was recorded in general and administrative expenses in the consolidated statements of income (loss). The profit sharing expense in fiscal

2018

included approximately

$602,000

related to Air T, and approximately

$536,000

related to Contrail.

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

2%

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

3%

or

4%

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

two

years. The contribution made by Delphax during fiscal

2018

and

2017

was

$0

and

$78,000

respectively.