Stock-Based Compensation and Stock Options (Tables)

6 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Fair Value of Options Granted

The following assumptions were used to estimate the fair value of options granted during the three months ended September 30, 2022 and 2021 using the Black-Scholes option-pricing model:

	Three Months Ended
	September 30, 2022	September 30, 2021
Risk-free interest rate	2.73%	0.72%
Expected volatility	36%	36%
Expected dividend yield	0.00%	0.00%
Expected weighted average life of option in years	4.3 years	4.3 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 and six months ended September 30, 2022 and 2021, respectively.

	Three Months Ended
	September 30, 2022			September 30, 2021
Cost of revenues	$	628,000		$	528,000
General and administrative		322,000			827,000
Total cost of stock-based compensation included in    income before income tax provision		950,000			1,355,000
Amount of income tax benefit recognized		(199,000	)		(266,000	)
Amount charged against net income	$	751,000		$	1,089,000
Effect on basic earnings per share	$	(0.04	)	$	(0.06	)
Effect on diluted earnings per share	$	(0.04	)	$	(0.06	)

	Six Months Ended
	September 30, 2022			September 30, 2021
Cost of revenues	$	1,208,000		$	1,052,000
General and administrative		1,121,000			1,649,000
Total cost of stock-based compensation included in    income before income tax provision		2,329,000			2,701,000
Amount of income tax benefit recognized		(492,000	)		(510,000	)
Amount charged against net income	$	1,837,000		$	2,191,000
Effect on basic earnings per share	$	(0.11	)	$	(0.12	)
Effect on diluted earnings per share	$	(0.10	)	$	(0.12	)

Stock Options

The following table summarizes information for all stock options for the three and six months ended September 30, 2022 and 2021:

	Three Months Ended September 30, 2022					Three Months Ended September 30, 2021
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		722,343		$	90.94		846,625		$	68.50
Options granted		35,600			163.61		27,250			154.97
Options exercised		(39,947	)		52.97		(67,915	)		56.83
Options cancelled/forfeited		(11,268	)		130.12		(26,978	)		79.26
Options outstanding, ending		706,728		$	96.14		778,982		$	72.17

	Six Months Ended September 30, 2022					Six Months Ended September 30, 2021
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		723,876		$	84.55		937,158		$	64.28
Options granted		80,200			155.42		60,250			135.53
Options exercised		(83,686	)		47.59		(186,671	)		51.95
Options cancelled/forfeited		(13,662	)		128.64		(31,755	)		78.31
Options outstanding, ending		706,728		$	96.14		778,982		$	72.17

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at September 30, 2022:

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
$33.16 to $59.32		182,608		2.38	$	49.94		166,104	$	49.64
$59.33 to $87.49		184,114		2.88		78.00		109,556		77.59
$87.50 to $148.89		212,914		3.41		105.95		52,901		94.41
$148.90 to $197.16		127,092		5.35		172.35		6,923		155.00
Total		706,728		3.35	$	96.14		335,484	$	68.00

Outstanding Options

The following table summarizes the status of all outstanding options at September 30, 2022, 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 September 30, 2022
Options outstanding at July 1, 2022		722,343		$	90.94
Granted		35,600			163.61
Exercised		(39,947	)		52.97
Cancelled – forfeited		(11,216	)		130.31
Cancelled – expired		(52	)		88.22
Ending outstanding		706,728		$	96.14		3.35	$	34,655,033
Ending vested and expected to vest		628,545		$	93.50		3.39	$	31,619,989
Ending exercisable at September 30, 2022		335,484		$	68.00		2.69	$	23,742,300