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Note 5 - Stock-Based Compensation
 3 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 5 - Stock-Based Compensation


Amounts recognized in the condensed consolidated financial statements related to stock-based compensation are as follows (in thousands, except per share data):


   

Three Months Ended

June 30,

 
   

2014

   

2013

 

Total cost of stock-based compensation charged against income before income taxes

  $ 279     $ 149  

Amount of income tax benefit recognized in earnings

    98       57  

Amount charged against net income

  $ 181     $ 92  

Impact on net income per common share:

               

Basic

  $ 0.05     $ 0.03  

Diluted

    0.05       0.03  

Stock-based compensation expense is included in cost of revenues, selling, and general and administrative expense in the accompanying condensed consolidated statements of income.


The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model (“Black-Scholes”). We use historical data to estimate the expected price volatility, the expected stock option life and expected forfeiture rate. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the stock option. The dividend yield is calculated based upon the dividend payments made during the prior four quarters as a percent of the average stock price for that period.


The following is a summary of stock option activity for the three months ended June 30, 2014:


   

Number of
Shares

   

Weighted- Average Exercise Price per Share

   

Weighted- Average Remaining Contractual Term

   

Aggregate Intrinsic Value (000s)

 

Outstanding at March 31, 2014

    398,172     $ 38.75       4.4     $ 20,505  

Stock options granted

    141,900       89.59       7.8          

Stock options forfeited

    (7,279 )     58.08                  

Stock options expired

    --       --                  

Stock options exercised

    (15,803 )     35.55                  

Outstanding at June 30, 2014

    516,990       52.39       5.2       17,046  
                                 

Exercisable at June 30, 2014

    221,035       30.76       3.5       11,759  

The total intrinsic value of stock options exercised was $826,000 and $329,000 for the three months ended June 30, 2014 and 2013, respectively.


A summary of the status of our unvested stock option shares as of June 30, 2014 is as follows:


   

Number of
Shares

   

Weighted-Average
Grant-Date
Fair Value

 

Unvested at March 31, 2014

    257,347     $ 11.86  

Stock options granted

    141,900       24.81  

Stock options forfeited

    (7,279 )     15.72  

Stock options vested

    (96,013 )     10.04  

Unvested at June 30, 2014

    295,955       18.52  

As of June 30, 2014, there was $4,194,000 of total unrecognized compensation expense related to unvested stock options. As of June 30, 2014, we have 76,267 shares available for future stock option grants.