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Stock-Based Compensation and Stock Options (Tables) | 6 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Fair Value of Options Granted | The following assumptions were used to estimate the fair value of stock options granted during the three months ended September 30, 2025 and 2024, using the Black-Scholes option-pricing model:
|  | Three Months Ended
|  | September 30, 2025 |  | September 30, 2024
Risk-free interest rate |  | 4.23% |  | 3.89%
Expected volatility |  | 31% |  | 35%
Expected dividend yield |  | 0.00% |  | 0.00%
Expected weighted average life of option in years |  | 9.2 years |  | 9.2 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 all stock options during the three and six months ended September 30, 2025 and 2024, respectively.
|  | Three Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
Cost of revenues |  | $ | 667,000 |  |  | $ | 723,000 |
General and administrative |  |  | 731,000 |  |  |  | 759,000 |
Total cost of stock-based compensation included in income before income tax provision |  |  | 1,398,000 |  |  |  | 1,482,000 |
Amount of income tax benefit recognized |  |  | (311,000 | ) |  |  | (273,000 | )
Amount charged against net income |  | $ | 1,087,000 |  |  | $ | 1,209,000 |
Effect on basic earnings per share |  | $ | (0.02 | ) |  | $ | (0.02 | )
Effect on diluted earnings per share |  | $ | (0.02 | ) |  | $ | (0.02 | )
|  | Six Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
Cost of revenues |  | $ | 1,349,000 |  |  | $ | 1,438,000 |
General and administrative |  |  | 1,466,000 |  |  |  | 1,114,000 |
Total cost of stock-based compensation included in income before income tax provision |  |  | 2,815,000 |  |  |  | 2,552,000 |
Amount of income tax benefit recognized |  |  | (635,000 | ) |  |  | (528,000 | )
Amount charged against net income |  | $ | 2,180,000 |  |  | $ | 2,024,000 |
Effect on basic earnings per share |  | $ | (0.04 | ) |  | $ | (0.04 | )
Effect on diluted earnings per share |  | $ | (0.04 | ) |  | $ | (0.04 | )
Stock Options | The following table provides a summary of information for all stock option activity for the three and six months ended September 30, 2025 and 2024:
|  | Three Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |
Options outstanding, beginning |  |  | 1,174,393 |  |  | $ | 54.23 |  |  |  | 1,407,501 |  |  | $ | 45.34 |
Options granted |  |  | 7,500 |  |  |  | 85.56 |  |  |  | 18,750 |  |  |  | 102.27 |
Options exercised |  |  | (103,482 | ) |  |  | 29.49 |  |  |  | (139,215 | ) |  |  | 31.01 |
Options cancelled/forfeited |  |  | (6,925 | ) |  |  | 70.09 |  |  |  | (1,209 | ) |  |  | 55.95 |
Options outstanding, ending |  |  | 1,071,486 |  |  | $ | 56.73 |  |  |  | 1,285,827 |  |  | $ | 47.71 |
|  | Six Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |
Options outstanding, beginning |  |  | 1,185,727 |  |  | $ | 51.07 |  |  |  | 1,469,181 |  |  | $ | 43.13 |
Options granted |  |  | 53,000 |  |  |  | 106.57 |  |  |  | 63,000 |  |  |  | 93.71 |
Options exercised |  |  | (158,371 | ) |  |  | 30.21 |  |  |  | (238,050 | ) |  |  | 31.34 |
Options cancelled/forfeited |  |  | (8,870 | ) |  |  | 71.54 |  |  |  | (8,304 | ) |  |  | 55.25 |
Options outstanding, ending |  |  | 1,071,486 |  |  | $ | 56.73 |  |  |  | 1,285,827 |  |  | $ | 47.71 |
Stock Options Outstanding and Exercisable | The following table provides summary information for all stock options outstanding and exercisable at September 30, 2025:
Range of Exercise Price |  | Outstanding Options – Number of Outstanding Options |  |  | 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 |
$14.44 to $39.83 |  |  | 269,513 |  |  |  | 2.17 |  |  | $ | 25.39 |  |  |  | 269,513 |  |  | $ | 25.39 |
$39.84 to $52.00 |  |  | 282,940 |  |  |  | 2.37 |  |  |  | 50.99 |  |  |  | 190,093 |  |  |  | 50.77 |
$52.01 to $66.85 |  |  | 312,864 |  |  |  | 2.76 |  |  |  | 62.37 |  |  |  | 191,808 |  |  |  | 61.39 |
$66.86 to $110.18 |  |  | 206,169 |  |  |  | 4.78 |  |  |  | 97.04 |  |  |  | 37,556 |  |  |  | 83.05 |
Total |  |  | 1,071,486 |  |  |  | 2.90 |  |  | $ | 56.73 |  |  |  | 688,970 |  |  | $ | 45.56 |
Outstanding Options | The following table provides summary information regarding all stock options outstanding at September 30, 2025, 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, 2025 |
Options outstanding at July 1, 2025 |  |  | 1,174,393 |  |  | $ | 54.23 |  |  |  |  |  |  |
Granted |  |  | 7,500 |  |  |  | 85.56 |  |  |  |  |  |  |
Exercised |  |  | (103,482 | ) |  |  | 29.49 |  |  |  |  |  |  |
Cancelled – forfeited |  |  | (6,775 | ) |  |  | 69.65 |  |  |  |  |  |  |
Cancelled – expired |  |  | (150 | ) |  |  | 90.08 |  |  |  |  |  |  |
Ending outstanding |  |  | 1,071,486 |  |  | $ | 56.73 |  |  |  | 2.90 |  |  | $ | 26,352,436 |
Ending vested and expected to vest |  |  | 978,489 |  |  | $ | 56.19 |  |  |  | 2.93 |  |  | $ | 24,598,698 |
Ending exercisable at September 30, 2025 |  |  | 688,970 |  |  | $ | 45.56 |  |  |  | 2.51 |  |  | $ | 22,230,281 |

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