Stock-Based Compensation and Stock Options (Tables)

3 Months Ended

Jun. 30, 2024

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 June 30, 2024 using the Black-Scholes option-pricing model:

	Three Months Ended
	June 30, 2024
Risk-free interest rate	4.40%
Expected volatility	32%
Expected dividend yield	0.00%
Expected weighted average life of option in years	4.0 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-based compensation expense for time-based options and performance-based options during the three months ended June 30, 2024 and 2023, respectively.

	Three Months Ended
	June 30, 2024			June 30, 2023
Cost of revenues	$	715,000		$	668,000
General and administrative		355,000			644,000
Total cost of stock-based compensation included in    income before income tax provision		1,070,000			1,312,000
Amount of income tax benefit recognized		(246,000	)		(290,000	)
Amount charged against net income	$	824,000		$	1,022,000
Effect on basic earnings per share	$	(0.05	)	$	(0.06	)
Effect on diluted earnings per share	$	(0.05	)	$	(0.06	)

Stock Options

The following table summarizes information for all stock options for the three months ended June 30, 2024 and 2023:

	Three Months Ended June 30, 2024					Three Months Ended June 30, 2023
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		489,727		$	129.39		651,857		$	108.10
Options granted		14,750			270.25		—			—
Options exercised		(32,945	)		95.37		(39,471	)		75.79
Options cancelled/forfeited		(2,365	)		165.39		(485	)		149.26
Options outstanding, ending		469,167		$	136.02		611,901		$	110.10

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at June 30, 2024:

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 $87.69		159,616		2.25	$	68.87		153,912	$	68.39
$87.70 to $155.99		152,606		3.03		142.01		65,992		132.74
$156.00 to $200.55		125,295		3.91		186.80		31,641		180.83
$200.56 to $270.25		31,650		4.99		244.79		—		—
Total		469,167		3.13	$	136.02		251,545	$	99.42

Outstanding Options

The following table summarizes the status of all outstanding options at June 30, 2024, 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 June 30, 2024
Options outstanding at April 1, 2024		489,727		$	129.39
Granted		14,750			270.25
Exercised		(32,945	)		95.37
Cancelled – forfeited		(2,365	)		165.39
Cancelled – expired		—			—
Ending outstanding		469,167		$	136.02		3.13	$	55,713,513
Ending vested and expected to vest		405,530		$	129.54		3.11	$	50,816,052
Ending exercisable at June 30, 2024		251,545		$	99.42		2.45	$	38,952,201