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Stock Options and Stock-Based Compensation (Tables)

12 Months Ended

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 information 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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