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Note 8 - Stockholders' Equity

3 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 8. Stockholders' Equity

Public Offerings of Common Stock

On June 12, 2020, we completed the sale and issuance of 600,000 shares of our common stock and on June 19, 2020, our underwriters exercised in full their option to purchase an additional 90,000 shares of our common stock. The offering price to the public was $225.00 per share. The total proceeds we received from the offering, net of underwriting discounts and commissions and other offering expenses that we initially paid was $145,935.

Stock-Based Compensation

Amounts recognized related to stock-based compensation are as follows:

		*Three Months Ended June 30,*
		*2020*				*2019*
Stock-based compensation expense		$	1,268			$	868
Amount of income tax (benefit) recognized in earnings			(925	)			(540	)
Stock-based compensation expense, net of tax		$	343			$	328

Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Income.

The following is a summary of stock option award activity for the three months ended June 30, 2020 (shares in thousands):

		*Stock Options*
		*Shares Subject to Options*				*Weighted- Average Exercise Price per Share*
Outstanding at March 31, 2020			286			$	107.72
Awards granted			36				226.72
Awards forfeited or expired			(10	)			112.93
Awards exercised			(23	)			78.31
Outstanding as of June 30, 2020			289			$	124.74

The stock options granted during the three months ended June 30, 2020 vest in equal installments on each of the first three anniversaries of the grant date.

The following is a summary of restricted stock unit ("RSU") award activity for the three months ended June 30, 2020 (shares in thousands):

		*Time-Based Restricted Stock Units*								*Performance-Based Restricted Stock Units*
		*Number of Shares*				*Weighted- Average Grant Date Fair Value per Share*				*Number of Shares*				*Weighted- Average Grant Date Fair Value per Share*
Nonvested at March 31, 2020			28			$	180.15				22			$	204.68
Awards granted			19				225.28				-				-
Awards forfeited or expired			(1	)			191.65				(1	)			199.50
Awards distributed			(4	)			180.59				-				-
Nonvested as of June 30, 2020			42			$	200.68				21			$	204.80

The majority of the time-based RSUs granted during the three months ended June 30, 2020 vest and settle in shares of our common stock, on a one-for-one basis, in equal installments on each of the first three anniversaries of the grant date. Time-based RSUs issued to non-employee directors vest after a one-year period from the grant date. We recognize the expense relating to these units, net of estimated forfeitures, on a straight-line basis over the vesting period.

Performance-based RSUs vest upon completion of the service period described in the award agreement and based on achievements of the financial targets described in the award agreements. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the financial targets, on a straight-line basis over the service period.