Significant Accounting Policies (Policies)

9 Months Ended

Nov. 30, 2014

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by the Company, and reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting and Securities and Exchange Commission regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

Certain amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income, working capital or equity previously reported.

In the opinion of management, the consolidated financial statements reflect all adjustments (of a normal and recurring nature) which are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the nine months ended November 30, 2014 are not necessarily indicative of the results to be expected for the entire fiscal year.

These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2014.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

On January 13, 2015, the Company announced that its Board of Directors has authorized the repurchase of up to $3.0 million of the Company’s outstanding common stock in the open market, or in private transactions, whenever deemed appropriate by management. The Company also announced that its Board of Directors has declared a fourth quarter FY2015 cash dividend of $0.12 per common share outstanding. The cash dividend will be payable March 13, 2015 to shareholders of record at the close of business February 27, 2015. The fourth quarter FY2015 cash dividend of $0.12 represents a 9 percent increase over the previous cash dividend of $0.11 per share.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation

At November 30, 2014, the Company had stock-based compensation plans for employees and non-employee directors that authorized the granting of stock awards, including stock options and restricted stock units.

The Company recognized $166,842 and $548,008 of stock-based compensation expense during the three and nine-month periods ended November 30, 2014, respectively, compared to $166,664 and $435,126 during the three and nine-month periods ended November 30, 2013, respectively. Compensation costs related to stock-based compensation are generally amortized over the vesting period.

The following table summarizes stock option transactions for common stock during the nine months ended November 30, 2014 and 2013:

	Nine Months Ended
	November 30,
	2014			2013
Outstanding stock options as of February 28:		155,880			270,945
Granted		-			-
Exercised		(142,944	)		(2,000	)
Cancelled/forfeited		-			(88,725	)
Outstanding stock options as of November 30:		12,936			180,220

Weighted average exercise price	$	14.70		$	7.93
Weighted average remaining contractual term (in years)		1.29			.67

The following table summarizes non-vested restricted stock unit transactions for common stock during the nine months ended November 30, 2014 and 2013:

	Nine Months Ended
	November 30,
	2014			2013
Outstanding non-vested restricted stock units as of February 28:		295,040			57,030
Granted		-			280,900
Vested		(56,199	)		(41,390	)
Cancelled/forfeited		-			(1,500	)
Outstanding non-vested restricted stock units as of November 30:		238,841			295,040

Weighted average grant date fair value	$	12.14		$	12.09
Weighted average remaining vesting period (in years)		4.33			5.24

During the nine months ended November 30, 2014, the Company issued 4,000 fully vested, unrestricted shares of stock to non-employee directors compared with 4,000 fully vested, unrestricted shares of stock to non-employee directors in the nine months ended November 30, 2013.

There were no unrestricted shares of stock issued during the three-month periods ended November 30, 2014 or November 30, 2013. In connection with these non-employee director stock issuances, the Company recognized $47,480 and $48,400

of stock-based compensation expense during the nine-month periods ended November 30, 2014 and 2013, respectively.

During the three and nine month periods ended November 30, 2014, the Company recognized $166,843 and $500,528, respectively, of stock-based compensation expense related to non-vested, non-forfeited restricted stock unit grants. The restricted stock unit grants generally vest between 17% and 20% annually over a period of five to six years. During the three and nine month periods ended November 30, 2014, 0 and 56,199 restricted stock units vested and were issued as common stock, respectively compared with 0 and 41,390 issued in the three and nine month periods ended November 31, 2013, respectively. Total unrecognized compensation expense of non-vested, non-forfeited shares granted as of November 30, 2014 was $2,647,333, which is expected to be recognized over the weighted-average period of 4.3 years.

The Company recognized $0 and $152,518 of stock-based compensation expense for U-Swirl during the three and nine months ended November 30, 2014, respectively, compared with $11,987 and $53,512 recognized during the three and nine month months ended November 30, 2013, respectively.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

In May 2014, FASB issued ASU No. 2014-09, “

Revenue from Contracts with Customers

,” which supersedes the revenue recognition requirements in “

Revenue Recognition (Topic 605)

,” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the new standard.

In August 2014, the FASB issued ASU 2014-15,

“Presentation of Financial Statements—Going Concern.”

This guidance requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity's ability to continue as a going concern. If such conditions or events exist, disclosures are required that enable users of the financial statements to understand the nature of the conditions or events, management's evaluation of the circumstances and management's plans to mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. We will be required to perform an annual assessment of our ability to continue as a going concern when this standard becomes effective for us in the first quarter of our fiscal year ended February 28, 2017. The adoption of this guidance is not expected to impact our financial position, results, operations or cash flows.