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Stock-Based Compensation and Stock Options (Tables)
 6 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [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, 2020 and 2019 using the Black-Scholes option-pricing model:

 

 

 

Three Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

Risk-free interest rate

 

0.21%

 

 

1.54%

 

Expected volatility

 

34%

 

 

31%

 

Expected dividend yield

 

 

0.00%

 

 

 

0.00%

 

Expected weighted average life of option in years

 

4.4 years

 

 

4.4 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, 2020 and 2019, respectively.

 

 

 

Three Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

Cost of revenues

 

$

506,000

 

 

$

518,000

 

General and administrative

 

 

732,000

 

 

 

680,000

 

Total cost of stock-based compensation included in

   income before income tax provision

 

 

1,238,000

 

 

 

1,198,000

 

Amount of income tax benefit recognized

 

 

(255,000

)

 

 

(249,000

)

Amount charged against net income

 

$

983,000

 

 

$

949,000

 

Effect on basic earnings per share

 

$

(0.05

)

 

$

(0.05

)

Effect on diluted earnings per share

 

$

(0.05

)

 

$

(0.05

)

 

 

 

Six Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

Cost of revenues

 

$

994,000

 

 

$

1,002,000

 

General and administrative

 

 

1,239,000

 

 

 

1,421,000

 

Total cost of stock-based compensation included in

   income before income tax provision

 

 

2,233,000

 

 

 

2,423,000

 

Amount of income tax benefit recognized

 

 

(492,000

)

 

 

(528,000

)

Amount charged against net income

 

$

1,741,000

 

 

$

1,895,000

 

Effect on basic earnings per share

 

$

(0.10

)

 

$

(0.10

)

Effect on diluted earnings per share

 

$

(0.10

)

 

$

(0.10

)

 
Stock Options

The following table summarizes information for all stock options for the three and six months ended September 30, 2020 and 2019:

 

 

 

Three Months Ended September 30, 2020

 

 

Three Months Ended September 30, 2019

 

 

 

Shares

 

 

Weighted

Average

Exercise Price

 

 

Shares

 

 

Weighted

Average

Exercise Price

 

Options outstanding, beginning

 

 

1,017,494

 

 

$

55.54

 

 

 

1,000,830

 

 

$

47.05

 

Options granted

 

 

41,650

 

 

 

79.49

 

 

 

50,450

 

 

 

87.49

 

Options exercised

 

 

(80,455

)

 

 

38.66

 

 

 

(55,993

)

 

 

33.72

 

Options cancelled/forfeited

 

 

(2,772

)

 

 

54.70

 

 

 

(5,223

)

 

 

51.52

 

Options outstanding, ending

 

 

975,917

 

 

$

57.97

 

 

 

990,064

 

 

$

49.84

 

 

 

 

Six Months Ended September 30, 2020

 

 

Six Months Ended September 30, 2019

 

 

 

Shares

 

 

Weighted

Average

Exercise Price

 

 

Shares

 

 

Weighted

Average

Exercise Price

 

Options outstanding, beginning

 

 

1,029,103

 

 

$

54.87

 

 

 

1,058,411

 

 

$

45.17

 

Options granted

 

 

86,825

 

 

 

65.55

 

 

 

97,475

 

 

 

79.17

 

Options exercised

 

 

(124,818

)

 

 

37.77

 

 

 

(156,948

)

 

 

36.48

 

Options cancelled/forfeited

 

 

(15,193

)

 

 

57.09

 

 

 

(8,874

)

 

 

51.24

 

Options outstanding, ending

 

 

975,917

 

 

$

57.97

 

 

 

990,064

 

 

$

49.84

 

 
Stock Options Outstanding and Exercisable

The following table summarizes the status of stock options outstanding and exercisable at September 30, 2020:

 

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

 

$21.87 to $48.35

 

 

285,745

 

 

 

2.28

 

 

$

37.55

 

 

 

256,481

 

 

$

36.58

 

$48.36 to $57.75

 

 

262,904

 

 

 

3.04

 

 

 

55.07

 

 

 

110,308

 

 

 

55.48

 

$57.76 to $77.93

 

 

309,586

 

 

 

3.60

 

 

 

69.07

 

 

 

46,812

 

 

 

63.03

 

$77.94 to $88.22

 

 

117,682

 

 

 

5.59

 

 

 

84.83

 

 

 

12,662

 

 

 

87.49

 

Total

 

 

975,917

 

 

 

3.30

 

 

$

57.97

 

 

 

426,263

 

 

$

45.88

 
Outstanding Options

 

The following table summarizes the status of all outstanding options at September 30, 2020, 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, 2020

 

Options outstanding at July 1, 2020

 

 

1,017,494

 

 

$

55.54

 

 

 

 

 

 

 

 

 

Granted

 

 

41,650

 

 

 

79.49

 

 

 

 

 

 

 

 

 

Exercised

 

 

(80,455

)

 

 

38.66

 

 

 

 

 

 

 

 

 

Cancelled – forfeited

 

 

(263

)

 

 

64.07

 

 

 

 

 

 

 

 

 

Cancelled – expired

 

 

(2,509

)

 

 

47.92

 

 

 

 

 

 

 

 

 

Ending outstanding

 

 

975,917

 

 

$

57.97

 

 

 

3.30

 

 

$

26,974,518

 

Ending vested and expected to vest

 

 

838,745

 

 

$

47.03

 

 

 

2.97

 

 

$

24,141,622

 

Ending exercisable at September 30, 2020

 

 

426,263

 

 

$

45.88

 

 

 

2.58

 

 

$

16,882,794