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Stock Options and Stock-Based Compensation (Tables) | 12 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Weighted Average Assumptions | The following weighted average assumptions were used for the fiscal years ended March 31, 2025, 2024 and 2023:
|  | Fiscal 2025 |  |  | Fiscal 2024 |  |  | Fiscal 2023 |
Expected volatility |  |  | 32 | % |  |  | 34 | % |  |  | 36 | %
Risk free interest rate |  | 3.89% to 4.59% |  |  | 3.91% to 4.65% |  |  | 2.73% to 4.36% |
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Weighted average option life |  | 3.9 to 4.0 years |  |  | 4.0 to 4.1 years |  |  | 4.2 to 4.3 years |
Stock Compensation Expense for Time Based Options and Performance Based Options | The table below shows the amounts recognized in the financial statements for the fiscal years ended March 31, 2025, 2024 and 2023.
|  | Fiscal 2025 |  |  | Fiscal 2024 |  |  | Fiscal 2023 |
Cost of revenue |  | $ | 2,794,000 |  |  | $ | 2,797,000 |  |  | $ | 2,566,000 |
General and administrative |  |  | 2,920,000 |  |  |  | 2,185,000 |  |  |  | 2,993,000 |
Total cost of stock-based compensation included in income before income taxes |  |  | 5,714,000 |  |  |  | 4,982,000 |  |  |  | 5,559,000 |
Amount of income tax benefit recognized |  |  | (1,256,000 | ) |  |  | (987,000 | ) |  |  | (1,210,000 | )
Amount charged to net income |  | $ | 4,458,000 |  |  | $ | 3,995,000 |  |  | $ | 4,349,000 |
Effect on basic earnings per share |  | $ | 0.09 |  |  | $ | 0.08 |  |  | $ | 0.08 |
Effect on diluted earnings per share |  | $ | 0.09 |  |  | $ | 0.08 |  |  | $ | 0.08 |
Stock Options | The following table summarizes informa tion for all stock options for the fiscal years March 31, 2025, 2024 and 2023:
|  | Fiscal 2025 |  |  | Fiscal 2024 |  |  | Fiscal 2023 |
Options outstanding – beginning of fiscal year |  |  | 1,469,181 |  |  |  | 1,955,571 |  |  |  | 2,171,628 |
Options granted |  |  | 115,225 |  |  |  | 179,700 |  |  |  | 504,900 |
Options exercised |  |  | (364,422 | ) |  |  | (603,879 | ) |  |  | (627,903 | )
Options cancelled/forfeited |  |  | (34,257 | ) |  |  | (62,211 | ) |  |  | (93,054 | )
Options outstanding – end of fiscal year |  |  | 1,185,727 |  |  |  | 1,469,181 |  |  |  | 1,955,571 |
During the fiscal year, weighted average exercise price of: |  |  |  |  |  |  |  |  |
Options granted |  | $ | 101.18 |  |  | $ | 68.92 |  |  | $ | 53.14 |
Options exercised |  | $ | 34.27 |  |  | $ | 26.77 |  |  | $ | 21.07 |
Options cancelled/forfeited |  | $ | 57.57 |  |  | $ | 52.61 |  |  | $ | 46.79 |
At the end of fiscal year: |  |  |  |  |  |  |  |  |
Price range of outstanding options |  | $11.05-$110.18 |  |  | $11.05-$78.45 |  |  | $11.05-$65.72 |
Weighted average exercise price per share |  | $ | 51.07 |  |  | $ | 43.13 |  |  | $ | 36.03 |
Options available for future grants |  |  | 1,775,459 |  |  |  | 1,856,427 |  |  |  | 1,973,916 |
Exercisable options |  |  | 740,454 |  |  |  | 807,759 |  |  |  | 959,109 |
Stock Options Outstanding and Exercisable | The following table summarizes the status of stock options outstanding and exercisable at March 31, 2025:
Range of Exercise Prices |  | 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 |  |  | 337,577 |  |  |  | 2.14 |  |  | $ | 22.42 |  |  |  | 337,577 |  |  | $ | 22.42 |
$29.24 to $52.00 |  |  | 358,978 |  |  |  | 2.53 |  |  |  | 48.86 |  |  |  | 219,751 |  |  |  | 47.56 |
$52.01 to $66.85 |  |  | 330,661 |  |  |  | 3.23 |  |  |  | 62.32 |  |  |  | 169,138 |  |  |  | 61.84 |
$66.86 to $110.18 |  |  | 158,511 |  |  |  | 5.05 |  |  |  | 93.60 |  |  |  | 13,988 |  |  |  | 74.20 |
Total |  |  | 1,185,727 |  |  |  | 2.95 |  |  | $ | 51.07 |  |  |  | 740,454 |  |  | $ | 39.87 |
Outstanding Options | The following table summarizes the status of all outstanding options at March 31, 2025, and changes during the fiscal year then ended:
|  | Number of Options |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value as of March 31, 2025 |
Options outstanding, March 31, 2024 |  |  | 1,469,181 |  |  | $ | 43.13 |  |  |  |  |  |  |
Granted |  |  | 115,225 |  |  |  | 101.18 |  |  |  |  |  |  |
Exercised |  |  | (364,422 | ) |  |  | 34.27 |  |  |  |  |  |  |
Cancelled – forfeited |  |  | (32,523 | ) |  |  | 58.05 |  |  |  |  |  |  |
Cancelled – expired |  |  | (1,734 | ) |  |  | 48.09 |  |  |  |  |  |  |
Options outstanding, March 31, 2025 |  |  | 1,185,727 |  |  | $ | 51.07 |  |  |  | 2.95 |  |  | $ | 72,213,987 |
Options vested and expected to vest |  |  | 1,094,300 |  |  | $ | 50.12 |  |  |  | 2.94 |  |  | $ | 67,679,221 |
Ending exercisable |  |  | 740,454 |  |  | $ | 39.87 |  |  |  | 2.43 |  |  | $ | 53,389,590 |

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