Stock-Based Compensation and Stock Options (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2023, using the Black-Scholes option-pricing model:

	Three Months Ended
		December 31, 2023
Risk-free interest rate		4.65%
Expected volatility		36%
Expected dividend yield		0.00%
Expected weighted average life of option in years		4.2 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 and nine months ended December 31, 2024 and 2023, respectively.

	Three Months Ended
	December 31, 2024			December 31, 2023
Cost of revenues	$	685,000		$	731,000
General and administrative		1,138,000			345,000
Total cost of stock-based compensation included in    income before income tax provision		1,823,000			1,076,000
Amount of income tax benefit recognized		(416,000	)		(254,000	)
Amount charged against net income	$	1,407,000		$	822,000
Effect on basic earnings per share	$	(0.03	)	$	(0.02	)
Effect on diluted earnings per share	$	(0.03	)	$	(0.02	)

	Nine Months Ended
	December 31, 2024			December 31, 2023
Cost of revenues	$	2,123,000		$	2,078,000
General and administrative		2,253,000			1,612,000
Total cost of stock-based compensation included in    income before income tax provision		4,376,000			3,690,000
Amount of income tax benefit recognized		(938,000	)		(799,000	)
Amount charged against net income	$	3,438,000		$	2,891,000
Effect on basic earnings per share	$	(0.07	)	$	(0.06	)
Effect on diluted earnings per share	$	(0.07	)	$	(0.06	)

Stock Options

The following table summarizes information for all stock options for the three and nine months ended December 31, 2024 and 2023:

	Three Months Ended
	December 31, 2024					December 31, 2023
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		1,285,827		$	47.71		1,725,789		$	38.77
Options granted		—			—		129,000			66.85
Options exercised		(48,108	)		42.82		(73,998	)		31.59
Options cancelled/forfeited		(6,894	)		68.49		(10,569	)		49.81
Options outstanding, ending		1,230,825		$	47.79		1,770,222		$	41.05

	Nine Months Ended
	December 31, 2024					December 31, 2023
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding, beginning		1,469,181		$	43.13		1,955,571		$	36.03
Options granted		63,000			93.71		178,500			68.86
Options exercised		(286,158	)		33.27		(344,739	)		26.44
Options cancelled/forfeited		(15,198	)		61.26		(19,110	)		49.45
Options outstanding, ending		1,230,825		$	47.79		1,770,222		$	41.05

Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at December 31, 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
$11.05 to $29.23		365,172		2.25	$	22.64		365,172	$	22.64
$29.24 to $52.00		411,330		2.64		47.97		212,598		45.52
$52.01 to $66.85		346,896		3.46		62.40		116,964		60.29
$66.86 to $102.27		107,427		5.41		85.38		12,009		74.09
Total		1,230,825		3.00	$	47.79		706,743	$	36.63

Outstanding Options

The following table summarizes the status of all outstanding options at December 31, 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 December 31, 2024
Options outstanding at October 1, 2024		1,285,827		$	47.71
Granted		—			—
Exercised		(48,108	)		42.82
Cancelled – forfeited		(6,894	)		68.49
Cancelled – expired		—			—
Ending outstanding		1,230,825		$	47.79		3.00	$	78,123,656
Ending vested and expected to vest		1,074,012		$	46.12		3.04	$	69,960,809
Ending exercisable at December 31, 2024		706,743		$	36.63		2.53	$	52,746,881