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Note 5 - Stock-based Compensation
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 5 -
Stock-B
ased 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 E
nded
June 30
,
 
 
 
2016
 
 
2015
 
Total cost of stock-based compensation charged against
income before income taxes
   $ 429     $ 327  
Amount of income tax benefit recognized in earnings
    47       72  
Amount charged against net income
  $ 382     $ 255  
Impact on net income per common share:
               
Basic
  $ 0.10     $ 0.07  
Diluted
    0.10       0.07  
 
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, 2016:
 
 
 
Number of
Shares
 
 
Weighted-
A
verage Exercise Price per Share
 
 
Weighted-
A
verage Remaining Contractual Term
 
 
Aggregate Intrinsic Value (000s)
 
Outstanding at March 31, 2016
     515,720     $ 64.32       5.2     $ 16,561  
Stock options granted
    109,740       97.85       5.8          
Stock options forfeited
    (2,398 )     79.64       5.8          
Stock options expired
    (142 )     89.70       5.8          
Stock options exercised
    (34,357 )     55.68                  
Outstanding at June 30, 2016
     588,563       71.01       5.2       30,601  
                                 
Exercisable at June 30, 2016
     200,313       49.01       3.9       14,821  
 
The total intrinsic value of stock options exercised was $2,242,938 and $1,815,449 for the three months ended June 30, 2016 and 2015, respectively.
 
A summary of the status of our unvested stock option shares as of June 30, 2016 is as follows:
  
 
 
Number of
Shares
 
 
Weighted-
A
verage
Grant-Date
Fair Value
 
Unvested at March 31, 2016
     358,263     $ 19.46  
Stock options granted
    109,740       27.77  
Stock options forfeited
    (2,398 )     21.72  
Stock options vested
    (77,355 )     17.01  
Unvested at June 30, 2016
     388,250       22.29  
 
As of June 30, 2016, there was $6,662,312 of total unrecognized compensation expense related to unvested stock options. As of June 30, 2016, we have 815,158 shares available for future stock option grants.