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Stock-Based Compensation and Stock Options (Tables) | 3 Months Ended
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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 |

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