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Note 5 - Stock-based Compensation
 9 Months Ended
Dec. 31, 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
December 31
,
 
 
Nine Months E
nded
December 31
,
 
 
 
2016
 
 
2015
 
 
2016
 
 
2015
 
Total cost of stock-based compensation charged against
income before income taxes
   $
380
    $
344
     $
1,221
    $
1,001
  
Amount of income tax benefit recognized in earnings
   
62
      
85
      
227
      
266
  
Amount charged against net income
  $
318
    $
259
     $
994
     $
735
  
Impact on net income per common share:
                               
Basic
  $
0.09
     $
0.07
     $
0.27
     $
0.20
  
Diluted
   
0.08
      
0.07
     $
0.26
      
0.20
 
 
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
nine
months ended
December
31,
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
   
111,955
      
98.31
      
5.3
      
 
  
Stock options forfeited
   
(17,924
 )    
82.35
      
5.4
      
 
  
Stock options expired
   
(862
 )    
39.17
      
--
      
 
  
Stock options exercised
   
(71,848
 )    
56.72
      
--
      
 
  
Outstanding at December 31, 2016
    
537,041
      
71.86
      
4.8
      
27,330
 
                                 
Exercisable at December 31, 2016
    
169,115
      
47.7
      
3.6
      
12,690
  
 
The total intrinsic value of stock options exercised was
$4,701,000
and
$4,264,000
for the
nine
months ended
December
31,
2016
and
2015,
respectively.
 
A summary of the status of our unvested stock option shares as of
December
31,
2016,
is as follows:
  
 
 
Number of
Shares
 
 
Weighted-
Average
Grant-Date
Fair Value
 
Unvested at March 31, 2016
    
358,263
     $
19.46
  
Stock options granted
   
111,955
      
27.94
  
Stock options forfeited
   
(17,924
 )    
22.17
  
Stock options vested
   
(84,368
 )    
16.95
  
Unvested at December 31, 2016
    
367,926
      
22.49
  
 
As of
December
31,
2016,
there was
$5,490,000
of total unrecognized compensation expense related to unvested stock options. As of
December
31,
2016,
we have
835,062
shares available for future stock option grants.