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Stock-Based Compensation and Stock Options (Tables)

6 Months Ended

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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