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Note 7 - Stock-based Compensation
 9 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note
7
-
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
3
1
,
    
Nine
Months E
nded
December
3
1
,
  
   
201
7
    
201
6
    
201
7
    
201
6
  
Total cost of stock-based compensation charged against (
loss) income before income taxes
   $
438
     $
380
     $
1,423
     $
1,221
  
Amount of income tax
(expense) benefit recognized in earnings
   
(99
 )    
328
      
893
      
1,027
  
Amount charged against net
(loss) income
  $
537
     $
52
     $
530
     $
194
  
Impact on net
(loss) income per common share:
                               
Basic
   $
0.14
     $
0.01
     $
0.14
     $
0.05
  
Diluted
    
0.14
      
0.01
     $
0.14
      
0.05
  
 
Stock-based compensation expense is
included in cost of revenues, selling, and general and administrative expense in the accompanying condensed consolidated statements of operations.
 
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, 2017:
 
   
Number of
Shares
    
Weighted-
A
verage Exercise
Price per Share
    
Weighted-
A
verage
Remaining
Contractual
Term
    
Aggregate
Intrinsic Value
(000s)
  
Outstanding at March 31, 2017
    
510,361
     $
75.78
      
5.0
     $
23,956
  
Stock o
ptions granted
   
95,605
      
123.09
      
5.3
      
 
  
Stock o
ptions forfeited
   
(52,833
 )    
95.29
      
4.8
      
 
  
Stock o
ptions expired
   
(964
 )    
79.87
      
3.1
      
 
  
Stock o
ptions exercised
   
(51,496
 )    
61.27
      
--
      
 
  
Outstanding at
December 31, 2017
    
500,673
      
84.24
      
4.5
     $
20,092
  
                                 
Exercisable at
December 31, 2017
    
164,475
      
60.13
      
3.8
     $
10,554
  
 
The total intrinsic value of
stock options exercised was
$4,243,000
and
$4,701,000
for the
nine
months ended
December 31, 2017
and
2016,
respectively.
 
A
summary of the status of our unvested stock option shares as of
December 31, 2017,
is as follows:
 
 
   
Number of
Shares
    
Weighted-
A
verage
Grant-Date
Fair Value
  
Unvested at March 31, 201
7
    
373,766
     $
22.49
  
Stock o
ptions granted
   
95,605
      
39.00
  
Stock o
ptions forfeited
   
(52,833
 )    
27.42
  
Stock o
ptions vested
   
(80,340
 )    
20.85
  
Unvested at
December 31, 2017
    
336,198
      
28.47
  
 
As of
December 31, 2017,
we have issued
8,
400
shares of restricted stock, with vesting periods ranging from
five
to
seven
years.
No
shares have vested as of
December 31, 2017.
 
As of
December 31, 2017,
there was
$7,513,000
of total unrecognized compensation expense related to unvested stock options and shares of restricted stock. As of
December 31, 2017,
we have
749,608
shares available for future grants.